PS3 | Updated to version 4.85 issue

Solution 1:

See if you can goto the recovery menu. Hold down the PS3 power button until you hear 2 consecutive beeps then let it go. Then goto system reformat and go through that process. If that doesn't work. Pop in another Hard drive and then boot up again and it will ask you to reinstall. If that doesn't work, you have a bricked system which does happen after a PS3 update. I've seen it happen at my repair shop many times and there's nothing you can do about it except getting another system. The culprit sometimes comes from the DVD drive or some other part of the system not working then a firmware updates and checks if these parts are working and if not, it will brick the system. It's a security measure by sony to make sure you aren't modding your system.

Solution 2:

Update:

So I brought my PS3 to a console repair shop and tested it and it seems that the chip for HDMI output got busted. He replaced it and it's working again.

Based on his experience, the problem is somewhat common and most PS3 owners that have the same problem is keeping their PS3 plugged on the power even though it's not in use. Only thing we can think of is static electricity.