It sounds to me like you bought miners that belonged to old customers that refused shipment due to a lawsuit. Don't be shocked if contacted by the lawyers lol.
a lot was new a lot was mix and match...and doubtful....they would not have sold them with the bankruptcy lawyers unless they did the old "all vendors with issues/
payment liens etc contact us by this or that date' ..the usual lawyer cover your butt stuff
Naw they are bankrupt and gone.....all redress with KNC proper is now moot and in the wind
we bid accordingly.....and were correct 20% damage and broke rate due to temp workers and crummy shipping etc....but we pretty much expected that ...so
at least we had that much sense
Searing your story is that KnC had enough left over parts to create 160 or so miners. Does that really make sense to you? Seriously? Would you let 160 units worth of parts sit on a shelf when you could easily assemble them and mine? I doubt it. Having a dozen or so backup cubes would be standard practice for replacement hardware, not 160 full 400mh/s units.
KnC told people that refused shipment due to the lawsuit that they would hold the units in storage until the buyer wanted them. Those units have since disappeared..........and you magically were able to buy units no longer produced.
What Searing says is true. And yes it all makes sense.
The Titan project was canceled mid second batch. Not all Titans offered for sale in 1st batch were sold when they stopped offering it and offered the second batch. Not all of the 2nd batch was sold when they stopped offering it. The parts for both batches and extra parts would have been ordered from fabrication. As you may know the chip yield was not as good as originally anticipated. This would have used up some of the parts of unsold units, but there would have been more that a normal supply of Titan parts stock. If you think about it the months during and after the Titan shipping LTC went nowhere but down. Meanwhile KNC was putting all it efforts into the BTC DCs, and the Titan RMAs, firmware glitches, Lawsuits were a distraction from getting the DC's up and running, KNC no longer wanted to sell equipment directly to customers, so they pulled the plug on the Titan project mid stream(no additional sales, just assembling units already sold, and warranty service.) even prior the delivery of the first Titan to a customer.
Regarding the units we received we found about 20 cubes with no thermal pads installed. We also found that sometimes the wrong size, and not all the same size screws were used for the cooler hold down creating uneven pressure. Also some had bent cooler hold downs.
We talked to another guy who got some of the Titans at one of the other auction, and none of his had the thermal pads. This all supports the fact that these titans were newly assembled, and probably by temps under the supervision of a few remaining KNC staff.
I first started communication with KNC Staff about Titans & Titan parts on May 27th 2016. I was initially informed that they were trying to liquidate other larger assets (Bitcoin DCs) prior to the titans and parts. But it turns out that just prior to halving is not a good time to try and liquidate Bitcoin producing assets. I was later forwarded to the Bankruptcy Estate Trustee Nils Åberg Advokat Partner with
Advokatfirman Carler.
I received a list of what was available and made a offer for the 24 newly assembled 5 cube batch 2 Titans and it turns out I was the high bidder. At the time I did not know there were other bidders. The subsequent sales a more outlined bidding process. I did bid in all 4 auctions, but was not able to purchase anything else as the competition was growing, and whales with deep pockets were there.
This transaction was the first sale of any KNC asset from the Bankruptcy Estate.
The 24 Titan 5 cube batch 2 units Searing and I purchased were newly assembled. I confirmed this by personally speaking to Anna Jagdhar Head of DC operations at KNC.
The Bankruptcy Estate Liquidation regarding the Titans consisted of 4 different sales/auctions:
1. July 7th 2016 including 24 newly assembled Titans.
2. July 31st 2016 160 newly assembled Titans. (attached bidding instructions)
3. August 4th 2016 25 Titans of new and RMA parts. (attached bidding instructions)
4. August 18th 2016 The rest the Titan components (attached bidding instructions)
Attached documentation:
(drawn by attorneys not miners, and translated from Swedish)
Sale 2:
KnC Miner – Bankruptcy sale
~160 Titan batch 2 miners – bidding procedure and sales terms
The bankruptcy estate is producing approximately 160 new Titan (batch 2) miners that will
most likely be ready for shipping within two weeks (provided that nothing unexpected
occurs). Each miner consist of 5 “cubes”, one controller card and flat cables (jointly: one
“Miner”).
BIDDING RULES:
* All bids must be in USD (not including shipping, VAT or additional costs – see below)
* Bids are submitted through email to both the following addresses:
nils.aberg@carler.se and
peter.eriksson@carler.se* Bids must state: A) price for each Miner; and B) the maximum number of Miners that
the bid applies to.
* A bidder may submit several bids with different prices (and maximum numbers). If several
bids are submitted by the same bidder, the bidder may also state an aggregate maximum
number of Miners.
* All bids will be communicated to all interested parties (by communicating a ranking list, see
below) anonymously - by stating a number that will be assigned to each bidder - which only
the bidder is aware of.
* Bids will be ranked by the highest price per Miner
* Bids that have equal price per Miner will amongst themselves be ranked by the bids’
maximum numbers of Miners (bigger number ranks higher).
* The ranking will be continuously updated and communicated to all other interested parties
when new bids arrive.
* The deadline for making/adjusting bids is 6 PM CET on 31 July 2016.
* When the deadline has passed, the final number of available Miners for sale (which may be
less than 160 or possibly slightly more) will be distributed amongst the bidders in accordance
with the last ranking list. This means that some bidders might be assigned a number of
Miners less than their stated maximum number of Miners and that some bidders might not be
assigned any Miners at all (if too low on the ranking list).
SALES TERMS:
* The Miners are sold without any guarantees, with the exception that each Miner will be
tested before delivery to make sure that each Miner, during those specific tests, can produce
400 MHash/s (screenshots will be saved and sent to the buyer as proof).
* If Swedish VAT should be applicable (when in doubt: contact us first), this will be added to
the price.
* Full payment is required before delivery. The payment is made to a client account held by
the bankruptcy estate in a Swedish bank.
* The goods are sold Ex Works, but with possibility to arrange shipping through UPS, the
cost of which will then be added to the price with full transparency for the buyer.
* The buyer will solely be responsible for any customs, import/exports charges or taxes or
other similar charges, if applicable.
* Swedish law is applicable on the sale. Any dispute arising out of the agreement should be
resolved by Swedish public courts, with the District court of Stockholm as first instance.
* By submitting bids, the bidders accept the terms above.
Sale 3:
KnC Miner – Bankruptcy sale
25 Titan batch 2 miners (RMA) + 5 Titan batch 2 miners (new but
suboptimal) – bidding procedure and sales terms
The bankruptcy estate is selling 25 Titan (batch 2) miners (built mostly of RMA parts) and 5
newly produced Titan (batch 2) miners which are ready for shipping directly. Each miner
consist of 5 “cubes”, one controller card and flat cables (jointly: one “Miner”). The miners are
sold in packs of 5 (one “Pack”). Thus one Pack consists of 5 Miners = 25 cubes. At this
moment there are 6 Packs for sale.
The tested hash rate for each Pack is state below, which has been documented by five
respective screen shots from the testing station testing each Miner in the Pack.
Please observe that this only states the test results on the time of the test. There is no
guarantee whatsoever that the hashing rate going forward is consistent with the test results,
therefore it may change – this in particular applies to Packs 1-5. None of the Miners are
expected to work at full capacity (i.e. 400+ MHs), this is because not all dies are expected to
be working.
Total Hashrate Av. Hashrate (per Miner)
Pack 1 (RMA) 1672 334,4
Pack 2 (RMA) 1668 333,6
Pack 3 (RMA) 1668 333,6
Pack 4 (RMA) 1666 333,2
Pack 5 (RMA) 1672 334,4
Pack 6 (New parts) 1515 303,0
BIDDING RULES:
* All bids must be in USD (not including shipping, VAT or additional costs – see below)
* Bids are submitted through email to both the following addresses:
nils.aberg@carler.se and
peter.eriksson@carler.se* Bids must state: A) which Pack the bid concerns; and B) the bid in USD
* A bidder may submit several bids on different Packs with same or different prices
* All bids will be communicated to all interested parties (by communicating a ranking list, see
below) anonymously - by stating a number that will be assigned to each bidder - which only
the bidder is aware of.
* Bids will be ranked by the highest price per respective Pack
* The ranking will be continuously updated and communicated to all other interested parties
when new bids arrive.
* The deadline for making/adjusting bids is 6 PM CEST (Swedish time) on 4 August.
* If there are new bids placed for a certain Pack within 10 minutes before the deadline, the
deadline for this Pack will be extended another 10 minutes from the time of communication
via-email.
* After 6 PM on 4 August and when no new bids have been received for a Pack, the bidding
will be closed for the Pack
* The bidding on the different Packs are separate, which means that the bidding on some
Packs might continue longer than other Packs.
SALES TERMS:
* The Miners are sold as is without any guarantees, with the exception that each Miner have
been tested before delivery to make sure that each Miner, during those specific tests, did
produce a hash rate that in aggregate per Pack did have the total hash rate stated above
(screenshots for each Miner will be saved and sent to the buyer as proof).
* If Swedish VAT should be applicable (when in doubt: contact us first), this will be added to
the price.
* Full payment is required before delivery. The payment is made to a client account held by
the bankruptcy estate in a Swedish bank.
* The goods are sold Ex Works, but with possibility to arrange shipping through UPS, the
cost of which will then be added to the price with full transparency for the buyer.
* The buyer will solely be responsible for any customs, import/exports charges or taxes or
other similar charges, if applicable.
* Swedish law is applicable on the sale. Any dispute arising out of the agreement should be
resolved by Swedish public courts, with the District court of Stockholm as first instance.
* By submitting bids, the bidders accept the terms above.
Sale 4
THE COMPONENTS:
No of ASIC’s Comment Name of category
14 Titan 3 die Cubes, not tested, no tops A1
25
Titan RMA Cubes 2/3/4 dies -
tested (see below)
A2 (5 clusters x 5 Asics =25)
69 Titan RMA cubes not tested. A3
76 RMA loose boards (no cube), not tested. A4
Note: No controller cards (Raspberry Pis) included in any category
BIDDING RULES:
* All bids must be in USD (not including shipping, VAT or additional costs – see below).
* Bids are submitted through email to both the following addresses:
nils.aberg@carler.se and
peter.eriksson@carler.se.
* Bids must state:
A) which category (A1-A4) that the bid concerns; and
B) the bid on all the components in the stated category, which the bid applies to.
* The deadline for making/adjusting bids is 5 PM CET on 18 august 2016.
* The bankruptcy estate reserves the right to choose if placed bids are to be disclosed to the
other bidders. If bids are disclosed, the information will be disclosed in a manner that the
bankruptcy finds appropriate (although without disclosing the names of the bidders).
* The bankruptcy estate reserves the right to choose freely which placed bid(s) that will be
accepted and to distribute the components amongst the bidders.
* By submitting bids the bidders accept the sales terms below.
SALES TERMS:
* The components are sold without any guarantees, with the exception that 25 of the ASIC’s
in Category A2 have been tested in clusters of five. During those specific tests these
clusters produced the number of MHash/s which is specified below (screenshots will be
saved and sent to the buyer as proof).
* If Swedish VAT should be applicable, this will be added to the price.
* Full payment is required before delivery. The payment is made to a client account held by
the bankruptcy estate in a Swedish bank.
* The goods are sold Ex Works
* The buyer will solely be responsible for any customs, import/exports charges or taxes or
other similar charges, if applicable.
* Swedish law is applicable on the sale. Any dispute arising out of the agreement should be
resolved by Swedish public courts, with the District court of Stockholm as first instance.
* Specification regarding test results in MHash/s for Category A2:
Cluster 1: 201 MH/s
Cluster 2: 214 MH/s
Cluster 3: 220 MH/s
Cluster 4: 227 MH/s
Cluster 5: 238 MH/s
I can provide much more documentation if you still doubt the story.
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