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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3049421 times)
raskul
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May 28, 2014, 03:53:54 PM
 #34201

greedy bastards.

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
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May 28, 2014, 04:59:51 PM
 #34202

congradulations to all you who are up


I am certainly not

screwed over with a fucked super jup

and no compensation or any responsibility taken

-.-

some times are good but not my times right now

Were you not able to get any going?  Need some help?

got 2th up but the rest of my boards are stuffed Sad

have you tried the custom firmware?
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May 28, 2014, 06:15:43 PM
 #34203

Also, A/C's have an efficiency of ~30% which means it would take a 4000 watt unit to remove the heat from your 1260 watts worth of gridseed blades.

Um AC have an "efficiency" of 300% to 500%+.  They are heat pumps.  1W of electricity is sufficient to move 3 to 5W of heat.

 I feel like such an idiot!   Embarrassed Would you believe I am working night shifts right now?
 
I apologize, but a fan is about a thousand times more efficient in MOVING heat than any "Air-con".


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The Avenger
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May 28, 2014, 08:09:31 PM
 #34204

KNC sent me a hosted Juniper that I had with them. However 2 out of the 4 dies are dead. They have verified this after running the diagnostics. They now want me to pay for the return of the defective boards and then wait until they investigate the issue.

The miner did not work at all out of the box, was defective to begin with. Should I be required to pay for return shipping ? Is that how it works with manufacturers ?
Refer KNC to their own terms and conditions.
https://www.kncminer.com/pages/tandc

Quote
5. Returns

5.1  Returns are only accepted upon the prior approval of KnCMiner. In the event of a return, KnCMiner is entitled to make deductions due to any deficiencies. KnCMiner is entitled to request and require the Purchaser to grant KnCMiner opportunity to conduct inspection of the Products prior to accepting a return. Any return cost will be charged to the Purchaser, unless the return has been subject to the prior approval of KnCMiner.

If you have run their diagnostic tool and they acknowledge from the results the boards are damaged, their own T&C's dictate THEY are responsible to pay the return costs, not the customer.

Remind them of this and ask them to send you a pre-paid UPS label for the return shipping.

They can NOT ship you a faulty miner and expect YOU to pay to fix it.

It's pretty obvious if your miner was working 100% when hosted and has two broken boards out of the box that they put two used/faulty boards into it. Sounds disgusting, but it's how they roll these days. Even Spurt Kurt on the KNC forum admitted they shipped used goods to the frankenjup customers.

TL/DR Don't take any shit from them. Tell them their T&c's say they will cover the return costs (on the basis they accept the results of their diagnostic tool - what else is it for?). Ask for them to issue you a UPS label.

"I am not The Avenger"
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bkminer
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May 28, 2014, 08:56:04 PM
 #34205

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.
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May 28, 2014, 09:07:40 PM
 #34206

It was.

All is Mine!

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May 28, 2014, 09:30:53 PM
 #34207

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

I looked for the article but couldn't find it. Wasn't that in January or February? BTC price was a lot higher and difficulty was much lower. It's unlikely that they are still making that kind of money now.

Remember, they had to clear out 400 piles of junk to relieve themselves of the future obligation to ship out 400 Neptunes. It seems to me like a desperate attempt to balance their books. While at the same time, significantly reducing the hashing power or their datacenter.
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May 28, 2014, 09:36:46 PM
 #34208

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

I looked for the article but couldn't find it. Wasn't that in January or February? BTC price was a lot higher and difficulty was much lower. It's unlikely that they are still making that kind of money now.

Remember, they had to clear out 400 piles of junk to relieve themselves of the future obligation to ship out 400 Neptunes. It seems to me like a desperate attempt to balance their books. While at the same time, significantly reducing the hashing power or their datacenter.



Unless they are fully loaded , already, with Neptunes?

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May 28, 2014, 10:28:16 PM
 #34209

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

That was Dave at Megabigpower's farm,wasn't it,when BTC hit it's alltime high............it has since dropped its earnings ALOT  Wink

"If you run into an asshole in the morning, you ran into an asshole. If you run into assholes all day long, you are the asshole."  -Raylan Givens
Got GOXXED ?? https://www.youtube.com/watch?v=9KiqRpPiJAU&feature=youtu.be
"An ASIC being late is perfectly normal, predictable, and legal..."Hashfast & BFL slogan Smiley
The Avenger
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May 28, 2014, 11:00:22 PM
 #34210

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

The only article I remember was one on a Swedish website that reported knc were mining three million kronor a day, which I calculated at the time was
3,000,000.00 SEK = 458,525.01 USD

https://bitcointalk.org/index.php?topic=170332.msg6057284#msg6057284

They are still mining $1million+ each week, so I also find it hard to see them going bankrupt any time soon.

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May 29, 2014, 12:19:02 AM
 #34211

I forgot to mention, but I got my BTC refund for 3 Neptunes on the 20th May, just hours before the price started to rise. KNC couldn't have chosen a better time.
Original purchase price for 3 was around 30400USD and I got 66.5BTC back at 457USD exchange rate.
With the current exchange rate that is almost $8000 ahead.

I am so glad I requested a refund Smiley

I guess the only way you can "profit" off of a refund in BTC is if you paid less for the bitcoin at the time of purchase, right? Or had it sitting in a wallet mined it for free, then anything over the price they charged would be %100 profit. Shit, not a bad deal. A blessing in disguise. Now, everyone with that profit go BUY some bitcoin!

Well, 2 of the Neptunes were paid in cash with USD transfer and the 3rd one was paid in BTC (10.3BTC) mined with Jupiters when the price was near 1000USD.
So from my point of view I invested ~$20300 + 10.33BTC AND got back 66.5BTC.
I consider that a good investment overall.

 Sounds like the refunds are going to bankrupt KNC!


their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

 I thought the mining farm was simply hosting for customer ASICs?  They said they would never mine with more than 5% of sales to customers!
Wait I'll see if I can find a link to the quote...
Here it is!  https://www.kncminer.com/pages/faq <-- see question #2
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May 29, 2014, 12:21:39 AM
 #34212

I thought the mining farm was simply hosting for customer ASICs?  They said they would never mine with more than 5% of sales to customers!
Wait I'll see if I can find a link to the quote...
Here it is!  https://www.kncminer.com/pages/faq <-- see question #2

Yeah, they didn't actually keep that promise.

Buy & Hold
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May 29, 2014, 12:26:29 AM
 #34213

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

The only article I remember was one on a Swedish website that reported knc were mining three million kronor a day, which I calculated at the time was
3,000,000.00 SEK = 458,525.01 USD

https://bitcointalk.org/index.php?topic=170332.msg6057284#msg6057284

They are still mining $1million+ each week, so I also find it hard to see them going bankrupt any time soon.

 That is terrible.  So they have driven the difficulty up using our per-order money to fund the operation and neutered our pre-ordered miners in the process while at the same time suppressing Bitcoin price by dumping them on the market as they are produced.  Did Sam not say they had a "Customer first" policy?!  Huh! Platinum member of the Bitcoin foundation to boot...


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May 29, 2014, 12:28:42 AM
 #34214

I thought the mining farm was simply hosting for customer ASICs?  They said they would never mine with more than 5% of sales to customers!
Wait I'll see if I can find a link to the quote...
Here it is!  https://www.kncminer.com/pages/faq <-- see question #2

Yeah, they didn't actually keep that promise.

 Wow!  That was a big promise to break.  I used that to determine whether it was a sound investment to purchase their miners.
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May 29, 2014, 12:28:53 AM
 #34215

Lol if they mine so much BTC price can easily go down to 400 or more when people realise they are simply putting money in KNC pockets.
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May 29, 2014, 12:36:15 AM
 #34216

BTW, one of the pictures is an absolute horror show with endless rows of Jupiter modules hashing.

As PsychoticBoy said, it's disgusting. It really is.

Not more than 5%? This datorhall is probably big enough to be 100%+ of what they shipped to customers.

All our earnings are disappearing because we are competing against this (I copied it to imgur so I could embed it):



Thanks knc - assholes Angry

Here - blast from the past - lest people forget what kind of MFs they are
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May 29, 2014, 12:41:42 AM
 #34217

Everyone here is greatly exaggerating how much KNC is mining.

Assuming http://organofcorti.blogspot.com/ is accurate, then KNC only has 5.5 ph/s or less than 7% of the network.

That would mean they only mine about 250btc per day and spend about 50btc on electricity. (10MW @ 0.1/kwh)

200btc per day is not really astronomical.
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May 29, 2014, 01:27:38 AM
 #34218

Everyone here is greatly exaggerating how much KNC is mining.

Assuming http://organofcorti.blogspot.com/ is accurate, then KNC only has 5.5 ph/s or less than 7% of the network.

Did you miss the part about "We will not mine with more than 5% of the hash rate we sell"? 7% of the network is many times greater than 5% of their sales. That's a huge broken promise.

Buy & Hold
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May 29, 2014, 02:08:01 AM
Last edit: May 29, 2014, 02:30:13 AM by 5craziest
 #34219

Everyone here is greatly exaggerating how much KNC is mining.

Assuming http://organofcorti.blogspot.com/ is accurate, then KNC only has 5.5 ph/s or less than 7% of the network.

That would mean they only mine about 250btc per day and spend about 50btc on electricity. (10MW @ 0.1/kwh)

200btc per day is not really astronomical.

this Swedish interview with Sam Cole was published on 3/24/14.

http://www.di.se/artiklar/2014/3/20/drar-in-en-halv-miljard-pa-bitcoin/?flik=senaste

 I don't speak Swedish, but translated, he says that they are mining 3 million Swedish krona daily.  The exchange rate on that date was 6.3977 krona/dollar, or $468,918USD/day.  The bitcoin exchange rate on that date was nearly identical to what it was today, approximately $575/bitcoin.

That would put the number of bitcoins mined on 3/24/14 in the range of 815/day
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May 29, 2014, 02:28:41 AM
 #34220

Did anyone learn anything from the BFL liars? never trust a asic company period Cheesy they say one thing do another...and it'll happen with every asic company too Tongue if you owned a asic company and was able to make knc dc, would you stick to your promise? hell no you wouldn't Tongue and if you said yes you should go work for BFL or any asic company hehe

Dreams of cyprto solving everything is slowly slipping away...Replaced by scams/hacks Sad
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