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We may see new Xbox hardware sooner than expected. Microsoft will be at Gamescom in Germany next month, and it's bringing some surprises. On Xbox Live director of programming Larry "Major Nelson" Hyrb's blog, he wrote that there will be "all-new Xbox hardware and accessories."
Microsoft first hinted at the next generation of Xbox devices at E3 2018. It's reportedly being developed under the codename of Scarlett, and may be a family of devices rather than just a new console. Most rumors point at a release in 2020, so it's a bit early for most details.
It's possible that the new hardware will just be new peripherals--many have been waiting for a new Xbox Elite controller--but it's also possible that it will start shedding new light on its new console at this event. We'll find out when Microsoft holds its event on August 21 at 7:30am PT.
The Xbox One first launched in November 2013, and has gone through several models, including the Xbox One S with support for 4K video playback and upscaling games from 1080p to 4K. In 2017, the Xbox One X with upgraded specs and the ability to play games in 4K, debuted. If you don't count the staggered feature launches with new hardware, that would make this generation of console for Xbox last seven years.