Sony has posted a troubleshooting guide for the blinking blue light PS4 issue. blue blinking light ps4 Here are some of the symptoms associated with blinking blue lights issue:

  • blue indicator light blinking
  • no video/audio output to television
  • console powering off after blinking blue

This blinking light issue could indicate any number of causes including but not limited to:

  1. TV compatibility
  2. Issues with PS4 power supply
  3. Issues with PS4 hard drive
  4. Issues with other PS4 hardware

http://community.us.playstation.com/t5/PlayStation-4-Support/INFO-Blinking-Blue-Light-PS4-Issues/td-p/42154071