Microsoft has announced two new Xbox consoles. One will be available this year while a higher version will be available next year.

Forbes reported that Microsoft has unveiled a brand new Xbox One named the Xbox One S. The upcoming console is said to be "slimmer, sleeker and more powerful" than its predecessor.

Aside from its physical merits, the Xbox One S is also equipped with High Dynamic Range capabilities and 4K video capacity. This will result to a better gaming experience for players.

The Xbox One S will be launched in early August. It is priced at $399 with a 2TB hard drive.

Two standard versions will be available after the console's launch. The $299 version, the smallest and cheapest, will come with a 500GB hard drive while the 1TB edition will cost $349.

Microsoft also announced an even more powerful console for next year. The Xbox One Scorpio is "much faster and more powerful" than Xbox One.

The publication noted that Microsoft's confirmation of two new Xbox consoles is a mistake. This is because the news could turn potential Xbox One S buyers to Xbox One Scorpio customers instead.

According to Eurogamer, the Xbox One Scorpio could be part of Microsoft's efforts to reclaim their place at the high ground of technology. In the website's analysis, it was revealed that the upcoming console will be 40 percent faster than the PS4K Neo.

"Removing barriers... Innovation and the latest technology... delivering the world's most powerful console is something we absolutely want to do," Microsoft pitched at E3 for Project Scorpio. "The most powerful graphics processor that's been put into a game console... the highest res... the best frame-rate... no compromises... we can render at 60Hz... we can render fully uncompressed quality pixels... the best quality pixels... true 4K gaming..."

Meanwhile, Microsoft has partnered with Los Angeles startup Kind Financial to develop technology and tools that can track marijuana plants from "seed to sale," The New York Times reported. This comes after the legalization of the plant has been approved in some states.