Bitcoin Forum

KNC hasn't yet finished shipping their $13,000 Neptunes, yet now they're offering 3 tiers of cloud hosting (https://www.kncminer.com/news/news-102), including 3TH/s for less than $1,000 per month. (1/13 the cost of the Neptunes) Unlike the still shipping Neptunes, you don't have to pay for shipping or power costs.

Please discuss.

It is too bad that people paid $13,000 for KNC Neptunes that haven't started mining. It will mine around 10 BTC, which is worth less than half of that now.

BTW, even KNC's price of $1.79 assumes a pretty optimistic prediction for the rise in the difficulty. I wouldn't pay more than $1.50 per GH/s.

I'm not sure how you get 10BTC, but monthly you'll get a smidgen over 1.65BTC (http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=3000.00&p=700.00&pc=0.10&pf=0.00&d=27428630902.25790000&r=25.00000000&er=489.00000000&hc=0.00).

Whats even worse is that is only 6 month contracts...at least Cex.io lets you buy and sell for indefinite periods of time...

KNC is major scammers and people losts a lot of money on them. dont do business with any cloud hasing bs. the GHS price drops down almost every day and just keeps going down and down. unless bitcoin prices go back up your only going to lose money

I assume rising difficulty at the rate of 7% every 2016 blocks for the next year. Don't use the CoinWarz calculator. It assumes that the difficulty never changes. You might earn 1.4 BTC the first month, but you will earn much less in the following months. You will never earn 1.65 BTC monthly.



The falling GH/s value is not the fault of KNC. You can't blame them for the difficulty increases.

There s no way to reach ROI with this KNC cloud mining offer. Real do not understand who buys this? Guess people who flunked math in elementary school.

Phew, I don't know if this really qualifies as a scam, but it definitely has a very strange aftertaste if those accusations really are true! People who pre-ordered a Neptune for FIAT indeed have lost the gamble when it comes to the BTC they're about to mine and the current Bitcoin price!

Regardless, of the problems of pre-ordering, anyone who cares about Bitcoin should reframe from purchasing cloud hashing as it incentivizes bad behavior from ASIC manufacturers and doesn't address any problems with centralization.... plus its just stupid from an investment perspective... people should just buy bitcoins directly if they only care about making money.

This is a much better deal than the the Neptune, however, when i input 3TH into mining calculator, it gives 1.65 BTC per month.. so it  maybe better to directly buy Bitcoin with the money..
Just my opinion :)

Wow never thought the cexio scam could be topped

These guys are card-carrying thieves.  They used that $13,000 to build their data center while their customers got nothing.  Still no Neptune delivery.  All the while, they promised not to mine over 5% of what they sold to customers.  

On the day they announced the opening of this new Cloud Mining service, the promise not to mine over 5% was removed from the FAQ page of their website.  

Fucking Swedish Scum.  No less.

Now they hash at about 5% of the entire network - that is ALL the mining equipment EVERYONE made. 

Liars, cheaters and thieves. 

Wow... You're right. They did.

Don't use that mining calculator. It doesn't account for difficulty changes. 3 TH/s will never generate 1.65 BTC per month.

The electric costs for the GH/s at cex will soon exceed the revenue they produce unless they find more efficient miners or the rate difficulty is increasing decreases substantially very soon.

6 month contract?  :o
Even its infinity, hard to tell when we have BEP, now only for 6 month.

Invest just for losing money, its worst than ponzi game

I would never trust KNC again for whatever reason.

After recent events they trustworthy rating is not the greatest. I would like to see this project of theirs works first, check some people's opinions and then judge.

You are comparing the monthly cost of renting their hashpower to the overall cost of owning their machine. This is like comparing apples to oranges. It is not a fair comparison.

They are essentially trying to sell off excess miners that they were unable to sell.

I ran the numbers and you would be almost certain to not ROI at the rates KnC is offering.

KnCMiner is still in the process of shipping Neptune Bitcoin miners, but now offers cloud hosting. One cloud hosting package gives you 3TH/s for less than $1,000 per month and you do not need to pay for power. Neptunes cost pre-order customers $12,995 and also give you 3TH/s, but you pay for shipping costs, a PSU to power the unit, 16AWG cable upgrades, and power consumption for running the machine. Neptunes only recently started shipping and very simply, most Neptune customers lost five-figure sums of USD by pre-ordering instead of waiting.

http://www.cryptocoinsnews.com/news/kncminer-snubs-neptune-customers-cloud-hosting/2014/09/04

well they had to go out in style -

this game has been over for a long time.

Damn it they'll never ship the 2 for 1 Neptune

So we all compete with manufacturers:

Manufacturers sell their kit which generates income.
Manufacturers mine which generates income.
Manufacturers sell their GH as a Service (shall we call it GHaaS or THaaS) which generates income.
Manufacturers put your cloud hashing into their pool which generates income.

Anyone seen the increase in size of unknown of https://blockchain.info/pools?timespan=24hrs

The dawn of the age of industrial mining

I wish these ignorant people would stop preordering. They claim that it is all a scam because they lose money, even though it is their own fault.

When a customer preorders mining equipment, they are assuming the risk of a rising difficulty. If they don't understand that, then they have no business mining. If they do understand it, then they have no right to whine about it.

Yes , its their fault. The bitcoin paid should be held in multi-sig escrow and be returned if they fail to deliver as promised.

The dishonesty extends beyond idiots who cannot do math when figuring the rise in difficulty. What is wrong with raising your standards as to what we should expect from a merchant? Businesses practices which are deliberately misleading and repeated lies of omission need to be called out by the rest of society.

But first dishonesty must be demonstrated, and the falling price of hash rate is not dishonesty, it is reality.

I will be dissapointed, if ANYONE will buy Gh/s from them for such big price..
----
1995 USD for 1 TH/s (6 months) ≈ 1.99 USD/GHs - that what they offers.

It you do simple calculation, for 6 months, it will never produce bitcoins for 1995usd even with this diff.

what was they thinking.

and you can buy Ghs lifetime, with trade possibilities for same price in CEX