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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3012022 times)
Gator-hex
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March 12, 2014, 10:28:56 PM
 #30821

I'm not sure I understand the complaints about mining farms undermining non-centralization.  That was from the days of mining using Bitcoin-QT, with the CPU both maintaining a current record of the blockchain and mining.  

The point was that there were copies of the entire blockchain on every computer using Bitcoin-QT or bitcoind.  That was what needed to not be centralized.

Our miners do not maintain a blockchain with all the blocks.  The pools do tho and some who solo mine might, don't know.

There are two things you do not understand about decentralizing the mining.

1) It makes it hard for those who hate Bitcoin to close us down.
2) It makes transactions more secure. If a farm/pool has enough share to complete 10 transactions in a row it means you cannot know they didn't cheat until you get 10+ confirmations and the integrity of the blockchain is confirmed by another farm/pool.

You will find the biggest ASIC makers both run the biggest farms and pools. It becomes a conflict of interest. You trust these people with you wealth?

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March 13, 2014, 02:38:50 AM
 #30822

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

Your credit union should be able to provide you with the information from what's called their correspondent bank so that you can get the wire transfer sent to you, then credited to your account. You'll probably need to get with an officer of the credit union as the tellers and "front facing" clerks generally can't get the required information about the credit union's account with a bank that you'll need.

Basically your credit union has an account at a bank that they use for processing transactions through the ACH and fed wire transfer systems, and SWIFT. That's the account that will need to receive the wire transfer from KnC, then once received credit the amount to your credit union account.

Good luck.

I did talk to an officer at the bank and provided KNC with the exact information. Funds are received by a US correspondence bank (JP Morgan) Swift code #1. From there the funds get sent to the Benificiary Bank in Canada, swift code#2 and account number of my beneficiary bank (local branch) this is where I have a transit #, Payee Name, Payee Acct # and Payee address.

KNC's Response to my legit info:

I can confirm that order 125XX has 1 miner and the price you paid 10,166 USD The bank details are not clear for us as you are providing with two bank accounts, two SWIFT codes and there is no routing/clearing number. The fields that we have in our banking system to fill in for transactions are:

Full name of account holder - The full name of the bank - The complete address of your bank - The routing/clearing number - The account number - SWIFT - Payment Comments: Please specify details, as in case if we type them wrong, there is possibility for payment not to reach the account.

it took me a month to get a refund I ran into the same situation as you my bank needed a settlement bank for USD funds, so I provided my bank swift code and the settlement bank swift code to them, the first refund request was rejected but I was never notified..., 2 weeks later I emailed support again to see what happen then they told me the info was wrong, I checked with the bank multiple times about the wire instructions info so I gave them the same info to KNC then it was rejected again, so 3 weeks passed still no refund, the only solution that I got to go around this is to take out the settlement bank info and receive the funds in the currency of your country instead of USD
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March 13, 2014, 02:40:17 AM
 #30823

since we are on the subject, here's a tidbit from someone who knows a thing or two.

I got some info I have to follow up on that a couple of private farms just brought large multi petihash farms online in the last couple weeks. If I get this verified I will post about it.

The "Unknown" category has grown at Blockchain.info's Hashrate Distribution report. I know it's not entirely accurate, but the Unknown category has either benefitted enormously from a bout of luck or it has expanded greatly.

KNC moved it's private farm (2-3+ PH/s now I believe) off Eligius and went solo mining in the last week or two (hard to remember, Bitcoin time doesn't feel like real time).  So that added a big chunk to 'Unknown'.
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March 13, 2014, 03:24:38 AM
 #30824

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

Your credit union should be able to provide you with the information from what's called their correspondent bank so that you can get the wire transfer sent to you, then credited to your account. You'll probably need to get with an officer of the credit union as the tellers and "front facing" clerks generally can't get the required information about the credit union's account with a bank that you'll need.

Basically your credit union has an account at a bank that they use for processing transactions through the ACH and fed wire transfer systems, and SWIFT. That's the account that will need to receive the wire transfer from KnC, then once received credit the amount to your credit union account.

Good luck

I did talk to an officer at the bank and provided KNC with the exact information. Funds are received by a US correspondence bank (JP Morgan) Swift code #1. From there the funds get sent to the Benificiary Bank in Canada, swift code#2 and account number of my beneficiary bank (local branch) this is where I have a transit #, Payee Name, Payee Acct # and Payee address.

KNC's Response to my legit info:

I can confirm that order 125XX has 1 miner and the price you paid 10,166 USD The bank details are not clear for us as you are providing with two bank accounts, two SWIFT codes and there is no routing/clearing number. The fields that we have in our banking system to fill in for transactions are:

Full name of account holder - The full name of the bank - The complete address of your bank - The routing/clearing number - The account number - SWIFT - Payment Comments: Please specify details, as in case if we type them wrong, there is possibility for payment not to reach the account.

it took me a month to get a refund I ran into the same situation as you my bank needed a settlement bank for USD funds, so I provided my bank swift code and the settlement bank swift code to them, the first refund request was rejected but I was never notified..., 2 weeks later I emailed support again to see what happen then they told me the info was wrong, I checked with the bank multiple times about the wire instructions info so I gave them the same info to KNC then it was rejected again, so 3 weeks passed still no refund, the only solution that I got to go around this is to take out the settlement bank info and receive the funds in the currency of your country instead of USD

KNC agreed to refund in a different currency than USD? How did they do the conversion rate?

Thanks!
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March 13, 2014, 03:33:49 AM
 #30825


So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

I just had two neptunes refunded, it took around 3 days, I had the advantage of a bank account with an international bank (HSBC) and an account denominated in USD (even through resident in Oz). Reducing the number of middlemen banks sped this up dramatically. KnC look to be banking with a major bank so they can transfer and clear directly with other major banks around the world. Smaller banks do not directly deal with each other so the larger banks act as intermediaries, should the details not match exactly there are more points along the way where they are checked and rejected. They can be rejected on simple grounds of the account name not matching, i.e. the account name being Alice & Bob and the refund being only in the name of Alice.

It can take 2 weeks for the banking messages to flow back down the line from point of failure.

Gendal did a great article last year about how bank transfers work and after reading it I could see why I've had problems with international transfers in the past, things got a lot easier when I opened USD denominated accounts because they are only offered by the bigger banks, these accounts are free but you need to keep some funds in them.

http://gendal.wordpress.com/2013/11/24/a-simple-explanation-of-how-money-moves-around-the-banking-system/
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March 13, 2014, 03:58:14 AM
 #30826

It would be nice if they would just refund in BTC since there are so many problems. Just get it done!
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March 13, 2014, 04:08:44 AM
 #30827

I got my refund in about 5 business days.

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March 13, 2014, 06:34:24 AM
 #30828

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

go to a comerical bank or very large banks (they have SWIFT codes) your bank is probably correct you do NOT need a swift code to recieve $$$

BUT the Swedish banks seem to think you need them both ways savings and loans don't have them etc

so shop around commercial bank etc get a bank that either has a SWIFT  code or has run into this problem themselves like my NEW bank does
and has a work around through an account with a big bank that is my advice

worked for me (my old bank which i have a checking account with yet STILL claims i'm full of it they we're very annoyed when i told them I got
my 2nd refund thru the new bank because they don't know what they are talking about



NOTE

also  seems i remember some people were isolated in usa in areas w/o their banks having a clue ...give knc all the above info they DID make exceptions and pay in bitcoin for those pain in the ass banks with issues if i remember correctly may not be ideal...but they may be getting sick of playing tag on wire xfers not working to usa accounts and do so out of frustration i'd ask on that as an option

all i got good luck

Searing

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March 13, 2014, 08:33:05 AM
 #30829

Did anyone got one of those that is willing to share?
http://forum.kncminer.com/forum/news-and-anouncments/31229-phishing-scam-email-warning
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March 13, 2014, 01:43:16 PM
 #30830

Well seems many people outside and inside europe have to learn the new SEPA ( swift/bic ) system
Every bank in europe uses them and does no longer accept simple 9 to 10 number back numbers.
We have to use the freaking new swift/bic which is very hard to remember
The only way to make it easy is to allways carry a new bankcard in your wallet so you can read it on your card.
Sweden uses the same system so banks in other countries should be able to handle them, if they don't they are freakign far behind with adopting it.
Or they never do international orders, its know for what 8 years that sepa would become standard in the eu banking so they had time enough to change the way they handle eu transfers.
If you got such a damn lazy bank its not knc who to blame
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March 13, 2014, 04:02:48 PM
 #30831

Well seems many people outside and inside europe have to learn the new SEPA ( swift/bic ) system
Every bank in europe uses them and does no longer accept simple 9 to 10 number back numbers.
We have to use the freaking new swift/bic which is very hard to remember
The only way to make it easy is to allways carry a new bankcard in your wallet so you can read it on your card.
Sweden uses the same system so banks in other countries should be able to handle them, if they don't they are freakign far behind with adopting it.
Or they never do international orders, its know for what 8 years that sepa would become standard in the eu banking so they had time enough to change the way they handle eu transfers.
If you got such a damn lazy bank its not knc who to blame

KNC is to blame because they refuse to refund small orders in BTC.   Pretty simple really.
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March 13, 2014, 06:14:36 PM
 #30832

Well seems many people outside and inside europe have to learn the new SEPA ( swift/bic ) system
Every bank in europe uses them and does no longer accept simple 9 to 10 number back numbers.
We have to use the freaking new swift/bic which is very hard to remember
The only way to make it easy is to allways carry a new bankcard in your wallet so you can read it on your card.
Sweden uses the same system so banks in other countries should be able to handle them, if they don't they are freakign far behind with adopting it.
Or they never do international orders, its know for what 8 years that sepa would become standard in the eu banking so they had time enough to change the way they handle eu transfers.
If you got such a damn lazy bank its not knc who to blame

KNC is to blame because they refuse to refund small orders in BTC.   Pretty simple really.

^-- Agreed, especially since they already broke their word concerning not refunding any amount in bitcoin, but have done it at random for both small and large orders.

This is one of the issues KNC has had growing over the past few months.. consistency.

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March 13, 2014, 06:56:10 PM
 #30833


This is one of the issues KNC has had growing over the past few months.. consistency.

"All Dude wanted is [to get] his rug back."

All i wanted since learning about bitcoin mining is to be involved in the process.
Jupiter was not available, so i had to decide between KnC and unknown entity-cointerra.
I put money on KnC and it was most likely a mistake. Even bigger mistake was to see a note regarding Jupiter's in December and waiting and waiting and waiting.
That was kind of low blow and almost everybody agrees on that.

Finally, I decided to order Antminer a week ago-it is noisy, only 180gh, but it cost me just $640, was delivered in 5 days, set up in a relatively few hours (due to my general inexperience), and it is hashing now and I feel...happy.
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March 13, 2014, 07:19:58 PM
 #30834

When I saw the antminers dropping below 1btc, I was pretty excited. I'd love to grab a couple, but have decided to hold off because it doesn't appear they'll make back their investment cost. Not knocking them though.

As to noise, change out the fan. Is it a 120 or 140? I think it's 140 isn't it? I suggest you take a look at the Prolimatech Vortex fans, they're silent and push good air:

http://www.amazon.com/gp/product/B0045FE3V8/ref=wms_ohs_product?ie=UTF8&psc=1

http://www.amazon.com/gp/product/B00B1WQ4VA/ref=wms_ohs_product?ie=UTF8&psc=1

Edit: Since noise levels are subjective, let me put it this way. I have about 70 of these in a room, and the noise level is absolutely negligible when compared to silence.

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March 13, 2014, 09:14:16 PM
 #30835

Edit: Since noise levels are subjective, let me put it this way. I have about 70 of these in a room, and the noise level is absolutely negligible when compared to silence.

Noise levels are objective. You can measure them, and if you like compare the intensities you find negligable to those that others find negligable. Most modern cheap (~$100) sound levels meters are sufficient for this type of use.

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March 13, 2014, 09:48:02 PM
 #30836

When I saw the antminers dropping below 1btc, I was pretty excited. I'd love to grab a couple, but have decided to hold off because it doesn't appear they'll make back their investment cost. Not knocking them though.

As to noise, change out the fan. Is it a 120 or 140? I think it's 140 isn't it? I suggest you take a look at the Prolimatech Vortex fans, they're silent and push good air:

http://www.amazon.com/gp/product/B0045FE3V8/ref=wms_ohs_product?ie=UTF8&psc=1

http://www.amazon.com/gp/product/B00B1WQ4VA/ref=wms_ohs_product?ie=UTF8&psc=1

Edit: Since noise levels are subjective, let me put it this way. I have about 70 of these in a room, and the noise level is absolutely negligible when compared to silence.

Thanks, but as far as investment cost is concerned, all that matters is that I spent $640.
If bitcoin stays at the same price, I should get ~1BTC in 3mo, plus miner will have some (albeit small ) residual value.
If bitcoin rises, i will have good ROI in $$.
If bitcoin falls, then I would have lost money anyway whether I bought a miner or bitcoin.
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March 14, 2014, 05:43:33 AM
 #30837

Better off these days just buying a bunch of bitcoin and storing them. All the shit you gotta go through to mine new rigs these days. And the newest stuff you have to re-wire your house and put in extra cooling. Just gets ugly.

Need help with your Newznab usenet indexer? http://www.newznabforums.com
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March 14, 2014, 09:27:08 AM
 #30838

When I saw the antminers dropping below 1btc, I was pretty excited. I'd love to grab a couple, but have decided to hold off because it doesn't appear they'll make back their investment cost. Not knocking them though.

As to noise, change out the fan. Is it a 120 or 140? I think it's 140 isn't it? I suggest you take a look at the Prolimatech Vortex fans, they're silent and push good air:

http://www.amazon.com/gp/product/B0045FE3V8/ref=wms_ohs_product?ie=UTF8&psc=1

http://www.amazon.com/gp/product/B00B1WQ4VA/ref=wms_ohs_product?ie=UTF8&psc=1

Edit: Since noise levels are subjective, let me put it this way. I have about 70 of these in a room, and the noise level is absolutely negligible when compared to silence.

Thanks, but as far as investment cost is concerned, all that matters is that I spent $640.
If bitcoin stays at the same price, I should get ~1BTC in 3mo, plus miner will have some (albeit small ) residual value.
If bitcoin rises, i will have good ROI in $$.
If bitcoin falls, then I would have lost money anyway whether I bought a miner or bitcoin.


yeah...if i get one it will be for "hobby mode" but the above is probably how to look at mining in general in the future..ie back to hobby mode of thought (the heady times of 1250 coin and my oct 18th jupiter 555gh alas)

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March 14, 2014, 11:57:37 AM
 #30839

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

Credit Union's work differently than banks when wiring transfers and receiving write transfers, to you and I we wouldn't know the difference as the customer. So KNC's bank likely won't wire transfers to Credit Union's requiring you to open a bank account. This isn't uncommon for banks to require another major bank to be receiver of wire moneys.

http://money.howstuffworks.com/personal-finance/banking/difference-between-bank-and-credit-union.htm

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March 14, 2014, 06:57:09 PM
 #30840

Are they allowing shipment of hosted miners? I think those contracts are expiring. If not, they should soon. Shipping @ 100-270ish

1968tcDq5kiChmByZPD4gdyCH9sN7mWY8x
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