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greenmedic88 on 18 November 2013
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Official Playstation Support guide

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

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:
TV compatibility
Issues with PS4 power supply
Issues with PS4 hard drive
Issues with other PS4 hardware

TV Compatibility/HDMI Troubleshooting:

Some users have indicated that updating the firmware on their televisions has resolved some cases of no audio/video being displayed. Newer televisions (particularly those with embedded internet connectivity) may have firmware updates that can affect HDMI settings and device compatibility.
Also be sure to check the HDMI ports on both your television and PS4 for any abnormalities. Additionally, you may want to inspect your HDMI cord for any damage or test alternate HDMI cords to see if that affects your HDMI signal.

Power Supply Troubleshooting:

1) Turn PS4 off completely
Touch the power button on the front of the PS4 for at least 7 seconds (until the system beeps twice).

2) Disconnect PS4 AC power cord from electrical outlet
Only disconnect the plug of the AC power cord from the electrical outlet when the power indicator is turned off. If you disconnect it while the power indicator is lit or blinking, data might be lost or corrupted, and the system might be damaged.

3) Check parts A, E, and F for any conspicuous damage or anomalies
You can try using another compatible AC cord (like a power cord from a PS3) to see if that resolves the issue

 

Hard Drive Troubleshooting 

 

1) Turn PS4 off completely

  • Touch the power button on the front of the PS4 for at least 7 seconds (until the system beeps twice).

2) Disconnect PS4 AC power cord from electrical outlet

  • Only disconnect the plug of the AC power cord from the electrical outlet when the power indicator is turned off. If you disconnect it while the power indicator is lit or blinking, data might be lost or corrupted, and the system might be damaged.

3) After removing the plug for AC power cord from the electrical outlet, detach the other cables from the PS4.

 

4) Slide the HDD bay cover in the direction of the arrow to remove it.

 

5) Inspect the harddrive to make sure it is properly seated in the HDD bay.  A loose hard drive connection can prevent the PS4 from powering on completely.  A single screw keeps the assembly in place as shown below.

 

Software Installation Troubleshooting;

 

1) If your hard drive and power supply appear in good shape, you can try to booting your PS4 into Safe Modehttps://support.us.playstation.com/app/answers/detail/a_id/5044

  • The following options are available in Safe Mode:
  1. Restart System - Ends Safe Mode and restarts the PlayStation 4 normally.
  2. Change Resolution - Changes the screen resolution to 480p when the PlayStation 4 is restarted.
  3. Update System Software - Allows the PlayStation 4 to update the system software via Internet, USB Drive, or Disc.
  4. Restore Default Settings - Restores the PlayStation 4 to the default factory settings.
  5. Rebuild Database - Scans the drive and creates a new database of all content.This operation may take a long time depending on the type and number of data items.
  6. Initialize PS4 - IMPORTANT: All data and settings will be lost by performing this step. Deletes all user data and restores the PS4 to as if it just came out of the box. This option is the same as [Initialize PS4 ] in the (Settings) menu. System software (firmware) is not deleted.
  7. Initialize PS4 (Reinstall System Software) - IMPORTANT: Deletes all information on the HDD, including the System Software. A message that states a USB storage device containing the System Software must be connected, is displayed. Then you can confirm the selection. (You will need the full system update installer from http://us.playstation.com/support/systemupdates/ps4/pc_update/index.htm with this option)

 

For additional service/replacement options please try contacting support: 

https://support.us.playstation.com/app/contact_options

Due to the volume of contacts, we would suggest trying Live Chat rather than the phone line as the wait times will be shorter.