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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3012009 times)
DPoS
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February 13, 2014, 04:37:41 PM
 #29881

They are just starting and already mining 5BTC every few hours - exactly how much a Neptune will mine in it's entire lifetime starting on 1st July  Grin

every few hours???  better look at that again..much more frequent

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The Avenger
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February 13, 2014, 04:44:03 PM
 #29882

They are just starting and already mining 5BTC every few hours - exactly how much a Neptune will mine in it's entire lifetime starting on 1st July  Grin

every few hours???  better look at that again..much more frequent
Oh yeah, so it is.

I think this explains why they are taking 7-10 days to give BTC refunds - they have to mine them first  Cheesy Then they essentially get to keep the money the customer paid and pass them some mined coins instead.

The major question in my mind is whether KNC are paying tax on their mining profits? If they aren't and they get audited by the Swedish taxman - that'll be the end of the bitcoin empire in the arctic circle.

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DPoS
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February 13, 2014, 04:49:57 PM
 #29883


The major question in my mind is whether KNC are paying tax on their mining profits? If they aren't and they get audited by the Swedish taxman - that'll be the end of the bitcoin empire in the arctic circle.

I think the whole miner world would like to know how they will report (expenses, deductions...  cost basis...)

Did any major mining farm from last year post their own guidance?   It is still an area of much debate and specualtion

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The Avenger
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February 13, 2014, 04:58:19 PM
 #29884


The major question in my mind is whether KNC are paying tax on their mining profits? If they aren't and they get audited by the Swedish taxman - that'll be the end of the bitcoin empire in the arctic circle.

I think the whole miner world would like to know how they will report (expenses, deductions...  cost basis...)

Did any major mining farm from last year post their own guidance?   It is still an area of much debate and specualtion

Googled. Funnily enough, this seemed to coincide quite neatly with when KNC suddenly decided to stop selling hardware to us:

http://www.bloomberg.com/news/2014-01-21/bitcoin-becomes-art-as-swedish-taxman-rejects-creative-currency.html

Swedish tax authority are treating bitcoin as assets.

So the tens if not hundreds of thousands of bitcoin KNC have mined already are to be taxed as assets, they probably owe multi-millions in tax. Hmm... another use for the Neptune pre-order money? Wink

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February 13, 2014, 05:16:01 PM
 #29885


The major question in my mind is whether KNC are paying tax on their mining profits? If they aren't and they get audited by the Swedish taxman - that'll be the end of the bitcoin empire in the arctic circle.

I think the whole miner world would like to know how they will report (expenses, deductions...  cost basis...)

Did any major mining farm from last year post their own guidance?   It is still an area of much debate and specualtion

Googled. Funnily enough, this seemed to coincide quite neatly with when KNC suddenly decided to stop selling hardware to us:

http://www.bloomberg.com/news/2014-01-21/bitcoin-becomes-art-as-swedish-taxman-rejects-creative-currency.html

Swedish tax authority are treating bitcoin as assets.

So the tens if not hundreds of thousands of bitcoin KNC have mined already are to be taxed as assets, they probably owe multi-millions in tax. Hmm... another use for the Neptune pre-order money? Wink

and the miner question still looms large up there as well ...

"Swedish tax authorities are also looking into how to treat Bitcoin miners -- programmers who unlock new Bitcoins by using ever-faster computers to solve complex mathematical problems. Wallin said the question is whether they should be taxed as businesses, a classification that would allow them to deduct some equipment from taxes.

The challenge remains tracking a new market whose size and scope can be hard to gauge, even for regulators.

“I don’t think there are that many,” Wallin said. “But they have been calling us for answers.”

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February 13, 2014, 05:59:04 PM
 #29886

I'm not done mining quite yet.  I'll keep all of my existing preorders, really just because I want to geek out on them.  But I'm done buying any new mining gear, preorder or in-hand.  I will continue to let my current gear run until they become unprofitable and then unplug them.  And then I'm done.

Ding!  +1

Best post in this thread for a super long time
I do not know how to scroll fast enough the enormous fud and muddy crap which is posted in between some post like these.
Ding Ding +10
The Avenger
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February 13, 2014, 06:17:16 PM
 #29887

Ooh, guy from Cloudhashing selling his Jupiters. Something afoot in the world of cloud hashing?  Tongue

http://www.ebay.com/itm/KNC-Jupiter-Bitcoin-Miner-550-GH-s-1YR-HOSTING-POWER-INCLUDED-/301095722210


"I am not The Avenger"
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February 13, 2014, 06:23:32 PM
 #29888

I'm not done mining quite yet.  I'll keep all of my existing preorders, really just because I want to geek out on them.  But I'm done buying any new mining gear, preorder or in-hand.  I will continue to let my current gear run until they become unprofitable and then unplug them.  And then I'm done.

Ding!  +1

Best post in this thread for a super long time
I do not know how to scroll fast enough the enormous fud and muddy crap which is posted in between some post like these.
Ding Ding +10

GONG! * 3.14159265358^2

I'll keep mining until not profitable and that includes keeping my preorders, but not to just geek out on them as I want to make money (or as the Swedish tax authority says, art) from them. Done buying any new mining gear as well. After mining no longer profitable, arb is the new order of the days going forward.
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February 13, 2014, 06:28:09 PM
 #29889

keeping my preorders....

..... I want to make money


does not compute unless you used someone elses money for those preorders

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DPoS
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February 13, 2014, 06:31:07 PM
 #29890

Ooh, guy from Cloudhashing selling his Jupiters. Something afoot in the world of cloud hashing?  Tongue

http://www.ebay.com/itm/KNC-Jupiter-Bitcoin-Miner-550-GH-s-1YR-HOSTING-POWER-INCLUDED-/301095722210



BTC sub $600 scaring the hell out of him probably

~~BTC~~GAMBIT~~BTC~~Play Boardgames for Bitcoins!!~~BTC~~GAMBIT~~BTC~~ Something I say help? Donate BTC! 1KN1K1xStzsgfYxdArSX4PEjFfcLEuYhid
The Avenger
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February 13, 2014, 06:32:47 PM
 #29891

Ooh, guy from Cloudhashing selling his Jupiters. Something afoot in the world of cloud hashing?  Tongue

http://www.ebay.com/itm/KNC-Jupiter-Bitcoin-Miner-550-GH-s-1YR-HOSTING-POWER-INCLUDED-/301095722210



BTC sub $600 scaring the hell out of him probably
And he obviously knows how much hashrate cloudhashing are bringing online and when, hence the sale? Read it as Cloudhashing getting that 2PH online within a week or so?

And then this guy:
http://www.ebay.com/itm/261397866066

12 Jupiters for sale in one lot  Shocked




 Grin Grin

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February 13, 2014, 06:35:23 PM
 #29892

keeping my preorders....

..... I want to make money


does not compute unless you used someone elses money for those preorders

At today's speculation by some about the future rise in the difficulty, no it doesn't. Take the difficulty rise in the past, the present rate, and calculate the percent increases and project that over successive two week periods to the end of the year, then take into account how many TH/s the miners will do and yes, it's still projected to be profitable to the end of the year.

I don't work on emotional speculation. I work with hard numbers. Those hard numbers tell me it's not time to dump the mining gear, in hand and working or preorders. That may change over the next several increases in the difficulty but as of today it hasn't.

Also it's not other people's money, it's mine.
chrono030
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February 13, 2014, 06:46:03 PM
 #29893

keeping my preorders....

..... I want to make money


does not compute unless you used someone elses money for those preorders

At today's speculation by some about the future rise in the difficulty, no it doesn't. Take the difficulty rise in the past, the present rate, and calculate the percent increases and project that over successive two week periods to the end of the year, then take into account how many TH/s the miners will do and yes, it's still projected to be profitable to the end of the year.

I don't work on emotional speculation. I work with hard numbers. Those hard numbers tell me it's not time to dump the mining gear, in hand and working or preorders. That may change over the next several increases in the difficulty but as of today it hasn't.

Also it's not other people's money, it's mine.

You should also be considering the amount of BTC you could buy with the funds that you have locked up in pre-orders.  if that exceeds the amount that you will gain from having the mining, then it is obviously a better idea to get a refund & buy BTC.
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February 13, 2014, 06:55:11 PM
 #29894

keeping my preorders....

..... I want to make money


does not compute unless you used someone elses money for those preorders

At today's speculation by some about the future rise in the difficulty, no it doesn't. Take the difficulty rise in the past, the present rate, and calculate the percent increases and project that over successive two week periods to the end of the year, then take into account how many TH/s the miners will do and yes, it's still projected to be profitable to the end of the year.

I don't work on emotional speculation. I work with hard numbers. Those hard numbers tell me it's not time to dump the mining gear, in hand and working or preorders. That may change over the next several increases in the difficulty but as of today it hasn't.

Also it's not other people's money, it's mine.

You should also be considering the amount of BTC you could buy with the funds that you have locked up in pre-orders.  if that exceeds the amount that you will gain from having the mining, then it is obviously a better idea to get a refund & buy BTC.

I've considered that but with the day to day fluctuations in btc price one can't get a reliable determination day to day. One BTC is $637.16 as I write this, a couple of weeks ago it fluctuated between $800 and $900. A few weeks before that it was $900 to over $1000. Some poor trader actually sold some BTC on btc-e February 10th for $102, and that caused down spikes on the other exchanges, for example $530 on bitstamp. A method used to predict changes in the price of stocks on the NYSE and giving buy or sell signals, called exponential smoothing, should be used when including the BTC price in profitability calculations and you of course have to include the BTC price.
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February 13, 2014, 06:55:51 PM
 #29895

Ooh, guy from Cloudhashing selling his Jupiters. Something afoot in the world of cloud hashing?  Tongue

http://www.ebay.com/itm/KNC-Jupiter-Bitcoin-Miner-550-GH-s-1YR-HOSTING-POWER-INCLUDED-/301095722210



He had said somewhere that he has a large order from either CoinTerra of HashFast (or both) guess he's making room for the theoretical 2TH/s per box miners.
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February 13, 2014, 06:56:55 PM
 #29896

At today's speculation by some about the future rise in the difficulty, no it doesn't. Take the difficulty rise in the past, the present rate, and calculate the percent increases and project that over successive two week periods to the end of the year, then take into account how many TH/s the miners will do and yes, it's still projected to be profitable to the end of the year.

I don't work on emotional speculation. I work with hard numbers. Those hard numbers tell me it's not time to dump the mining gear, in hand and working or preorders. That may change over the next several increases in the difficulty but as of today it hasn't.

You've run hard numbers, projected through the end of the annum, and your equation showed it was still profitable?

Please, do share all of this information, because that's fascinating.

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February 13, 2014, 06:58:18 PM
 #29897

keeping my preorders....

..... I want to make money


does not compute unless you used someone elses money for those preorders

At today's speculation by some about the future rise in the difficulty, no it doesn't. Take the difficulty rise in the past, the present rate, and calculate the percent increases and project that over successive two week periods to the end of the year, then take into account how many TH/s the miners will do and yes, it's still projected to be profitable to the end of the year.

I don't work on emotional speculation. I work with hard numbers. Those hard numbers tell me it's not time to dump the mining gear, in hand and working or preorders. That may change over the next several increases in the difficulty but as of today it hasn't.

Also it's not other people's money, it's mine.

You should also be considering the amount of BTC you could buy with the funds that you have locked up in pre-orders.  if that exceeds the amount that you will gain from having the mining, then it is obviously a better idea to get a refund & buy BTC.
+1

you could buy 26 btc atm. you think your order will mine you that much with that 4 pth datacenter incoming?

Who wants to be a billionaire? Me!
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February 13, 2014, 07:00:30 PM
 #29898

you could buy 26 btc atm. you think your order will mine you that much with that 4 pth datacenter incoming?

Mota, he's run the hard numbers. He's got it in the bank pretty much already. Don't doubt him.

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February 13, 2014, 07:02:53 PM
 #29899

you could buy 26 btc atm. you think your order will mine you that much with that 4 pth datacenter incoming?

Mota, he's run the hard numbers. He's got it in the bank pretty much already. Don't doubt him.
this is just trolling ^^
why do some people think they can decide what is best for everybody?
if 1neptune wants to keep their order, then let them get on with it, it doesn't concern you in the slightest. don't be a dick your whole life.

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
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February 13, 2014, 07:09:05 PM
 #29900

you could buy 26 btc atm. you think your order will mine you that much with that 4 pth datacenter incoming?

Mota, he's run the hard numbers. He's got it in the bank pretty much already. Don't doubt him.
this is just trolling ^^
why do some people think they can decide what is best for everybody?
if 1neptune wants to keep their order, then let them get on with it, it doesn't concern you in the slightest. don't be a dick your whole life.

It's not trolling, it's kidding around. I'm as interested in seeing the numbers as anyone else. He's claimed he's proved the math that they will be profitable into 2015, and told us all to do the math. So I'd love to see the math myself since many of us did this math awhile back when BTC was @ $1k/USD and it still wasn't profitable then. Some of us used moving and smoothing averages too.

Even put some magic sprinkles on top.

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