What version of the software are you using?

Are you using any third party applications (HiJack, etc.)?

Have you recently opened the unit/added new disks, etc.?

For the unit to run though a boot sequence and then start winking the LED seems to me to say that the unit is sleeping. Have you tried a button press to wake it (this is normal behaviour)?
_________________________
One of the few remaining Mk1 owners... #00015