Swedish ASIC miner company kncminer.com

[Zelek Uther]

At the same time: Accel Investing In KnCMiner – 16nm tape-out completed

In 2013 KnCMiner got their start from people here on BCT who backed them with pre-orders. Not that I'm a fan of pre-orders (or KnCMiner), but just saying, we funded their startup.

Now we're completely left out of the loop, they haven't even offered their 16nm product to us! Not that I'm up for another pre-order, I'm waiting for a decent manufacturer like Spond or Bitmain to bring out their next-gen products as an in-stock order.

[1714835232]

1714835232

[RealMalatesta]

At the same time: Accel Investing In KnCMiner – 16nm tape-out completed

In 2013 KnCMiner got their start from people here on BCT who backed them with pre-orders. Not that I'm a fan of pre-orders (or KnCMiner), but just saying, we funded their startup.

Now we're completely left out of the loop, they haven't even offered their 16nm product to us! Not that I'm up for another pre-order, I'm waiting for a decent manufacturer like Spond or Bitmain to bring out their next-gen products as an in-stock order.

My guess: Nevertheless, people will still place their pre-orders in the future :bump:

[Searing]

At the same time: Accel Investing In KnCMiner – 16nm tape-out completed

In 2013 KnCMiner got their start from people here on BCT who backed them with pre-orders. Not that I'm a fan of pre-orders (or KnCMiner), but just saying, we funded their startup.

Now we're completely left out of the loop, they haven't even offered their 16nm product to us! Not that I'm up for another pre-order, I'm waiting for a decent manufacturer like Spond or Bitmain to bring out their next-gen products as an in-stock order.

My guess: Nevertheless, people will still place their pre-orders in the future :bump:

there was an article (see belo) whrere  the main thrust was KNC was out of the consumer miner business....they seem to want the perception
that they will be a consumer company w/o any of the issues involved in actually being a consumer friendly company....

so anyway with the knc announcement https://www.kncminer.com/news/news-124

looks like you will not have to worry about the 'temptation' of pre-orders (not that anyone is tempted anymore) in that it seems to be all data hall all the way
so no need to worry yourself about any 'further' KNC pre-orders (unless you got some big IPO money in the data hall ..waiting for your miner stuff ..heh
moving on to richer and more clueless 'marks' then ourselves...

(kinda explains why they suddenly started to release the bonus neptunes..they are gonna need the room don't ya know )

edit: here is one of the articles where they are spreading the hype

sept 5th 2014

http://insidebitcoins.com/news/kncminer-denies-abandoning-customers-though-admits-it-will-mine-for-its-own-benefit-possible-lawsuits-loom/25700


here is the other one

http://blogs.wsj.com/venturecapital/2014/09/05/for-kncminer-time-to-forget-selling-bitcoin-machines-to-at-home-miners/



above oct 25th 2014

and of course the one today (in previous posts) of 15 million dollars of further investment

I think I read someplace? that sam cole wants to have at least 40% of all the bitcoin mining to be from KNC.......sheesh...

(anyway moving on as soon as my knc titan hits doorstop status...www.coinbase.com is then my friend...I'm in to 'attic mining" in other
words the 5K of crap from 40yrs in my attic I should be selling on ebay and putting into BTC .....although boring to do don't ya know....

anyway sam cole seems to be (at this time) having a fine time with life....(gets voodoo doll and pins) we will see......

[faetos]

These will always be King of Suck imho. Here's something to chew on - knowing how greedy Scam Hole really is, if KfC were making money hand over fist why would they need anyone else's money? They're obviously not making enough to sustain themselves and have found a much larger pool of fools to con.

I don't know if there will be any kind of justice served in the future after the long con runs out with these clowns. If you look at the other hardware groups that scammed us all silly not much justice got served there. Maybe there will be a reckoning one day long in the future, i dunno.

What saddens me most about the whole thing is the loss of innovation in this space now. That was the fun part and now it's been closed off to us. I keep looking at bitmain and sponds to do something groundbreaking and keep hoping there will be someone that takes this to a new innovative level, but I just don't see it.

I miss that excitement and the adventure that this whole thing spawned. I hope we see it again someday.

[jelin1984]

still wait
titan batch 2

awful@@@@@@@@@@@@@@@@@@@@@22

[The Avenger]

KNC don't have a gaggle of lawyers, they have one guy and he really doesn't seem to know what he's doing.

According to the Wall Street Journal article I just read here http://blogs.wsj.com/venturecapital/2015/02/03/bitcoin-mining-company-kncminer-gets-15-million-amid-lawsuits :
“KnCMiner disputes, and will continue to dispute, all refund claims regarding the Titan miners. We believe that there are very strong legal grounds for KnCMiner’s position,” wrote Per Widman in an email to VentureWire. Mr. Widman, an attorney with Advokaterina Liman & Partners AB, represents KnCMiner in the lawsuits."

http://www.limanpartners.se/index.php?pageid=3&subpageid=65
Per Widman specialises in employment law and dispute resolution. He also has extensive experience within the fields of contract & company law, procurement law and insolvency law.

Sic'em Ms Lin!

[The Avenger]

These will always be King of Suck imho. Here's something to chew on - knowing how greedy Scam Hole really is, if KfC were making money hand over fist why would they need anyone else's money? They're obviously not making enough to sustain themselves and have found a much larger pool of fools to con.

From same article as above:
"Mr. Kotting said KnCMiner is generating substantial cash flows, but much of it is being reinvested into upgrading its equipment, and maintaining its data center. "

[retro72]

KNC don't have a gaggle of lawyers, they have one guy and he really doesn't seem to know what he's doing.

According to the Wall Street Journal article I just read here http://blogs.wsj.com/venturecapital/2015/02/03/bitcoin-mining-company-kncminer-gets-15-million-amid-lawsuits :
“KnCMiner disputes, and will continue to dispute, all refund claims regarding the Titan miners. We believe that there are very strong legal grounds for KnCMiner’s position,” wrote Per Widman in an email to VentureWire. Mr. Widman, an attorney with Advokaterina Liman & Partners AB, represents KnCMiner in the lawsuits."

http://www.limanpartners.se/index.php?pageid=3&subpageid=65
Per Widman specialises in employment law and dispute resolution. He also has extensive experience within the fields of contract & company law, procurement law and insolvency law.

Sic'em Ms Lin!

So we're going by what what Mr Widman has said about himself on his company website.  I'm guessing it wasn't going to say:
Per Widman specialises in scratching his bollocks and dangle berry picking. He also has extensive experience within the fields of dandruff procurement and flatulence.

As I said I have read his defence and it is pretty laughable. But we'll just have to wait and see what a judge makes of it.

From same article as above:
"Mr. Kotting said KnCMiner is generating substantial cash flows, but much of it is being reinvested into upgrading its equipment, and maintaining its data center. "

By the same token I wouldn't expect Mr Kotting to say:
KNCMiner is generating so little cash flows they had to come pan handling to me for money, and much of it is being  reinvested into equipment instead of shipping miners to their customers so now they're in a legal minefield.

I'm not saying those quotes aren't true but we probably need to look for more objective sources than KNC employees.

[The Avenger]

From same article as above:
"Mr. Kotting said KnCMiner is generating substantial cash flows, but much of it is being reinvested into upgrading its equipment, and maintaining its data center. "

By the same token I wouldn't expect Mr Kotting to say:
KNCMiner is generating so little cash flows they had to come pan handling to me for money, and much of it is being  reinvested into equipment instead of shipping miners to their customers so now they're in a legal minefield.

I'm not saying those quotes aren't true but we probably need to look for more objective sources than KNC employees.

That is not a knc employee. That guys is from Accel, the people who just invested $15million. They obviously have seen kfc's books and know exactly who much they are making. If they are willing to invest $15million, then the cash flow has got to look good.

kfc's biggest outgoing is the $450,000 electricity bill each month. Also, they have to replace miners which break down and replace them with new ones every so often. But that isn't too expensive - you just clean the dust off them and send the broken ones out to customers waiting for their bonus rigs

[kingscrown]

which NEPTUNE firmware version are u guys using that works best?

i foud non Titan actually older version is better than newest one. i Wonder if its like that on Neptune too

[jelin1984]

I have raspberry 2 put it at Titan miner
But does not work

Any solution?..

[retro72]

That is not a knc employee. That guys is from Accel, the people who just invested $15million. They obviously have seen kfc's books and know exactly who much they are making. If they are willing to invest $15million, then the cash flow has got to look good.

kfc's biggest outgoing is the $450,000 electricity bill each month. Also, they have to replace miners which break down and replace them with new ones every so often. But that isn't too expensive - you just clean the dust off them and send the broken ones out to customers waiting for their bonus rigs

Kottings on the KNC board now. But I take your point about their books, but as you probably know, investments are made on a number of factors, cash flow/turnover being just one.  I would think the KNC data centre alone is worth much more than $15mil so investors have millions in assets not mention IP to liquidate if it hits the fan. Interestingly KNC have been quick to spout turnover figures but remain suspiciously quiet when asked about profit. There's a saying: Turnover for vanity, profit for sanity. Their annual report would be an interesting read.

[samsonn25]

They can always rent out the data hall site if all fails and btc mining really dies.

[s1gs3gv]

snip ... but as you probably know, investments are made on a number of factors, cash flow/turnover being just one.  I would think the KNC data centre alone is worth much more than $15mil so investors have millions in assets not mention IP to liquidate if it hits the fan. Interestingly KNC have been quick to spout turnover figures but remain suspiciously quiet when asked about profit. There's a saying: Turnover for vanity, profit for sanity. Their annual report would be an interesting read.

I agree with you. The terms of the investment aren't public. It will almost certainly be secured on a preferred basis, with board of director representation if not control.

Btw, don't forget the value of all that existing customer goodwill too LOL

[faetos]

 - you just clean the dust off them and send the broken ones out to customers waiting for their bonus rigs

FTFY - they won't bother to clean. That's imply respect for the customer. KnC ain't about that.

[Fatman3001]

They can always rent out the data hall site if all fails and btc mining really dies.

To who? Have you been in Boden? It's in the middle of nowhere. Actually it's a 4h drive from the middle of nowhere.

[Giulini]

while there are many people in this forum crying more or less hysterical about the past, KNC announces the future: 16nm tape-out completed https://www.kncminer.com/news/news-124
think by yourself about "our" prospects

[noddy2000]

while there are many people in this forum crying more or less hysterical about the past, KNC announces the future: 16nm tape-out completed https://www.kncminer.com/news/news-124
think by yourself about "our" prospects

Thanks for paying get us off the ground, fuck you now 'you monumental assholes', we have real investors now (that will stab them in the back, just you watch this space).

Again, centralising a decentralised system! What can go wrong!!!!!

[The Avenger]

I would think the KNC data centre alone is worth much more than $15mil so investors have millions in assets not mention IP to liquidate if it hits the fan.

I actually have been wondering about kfc's assets, if there came a day the VC's wanted to get their cash back.

kfc are renting the datorhall (unless they have bought it since last February, when the news was they were renting it).

So what assets do they have? 10,000 used PSU's, 10,000 beaglebones and 20-40,000 used arctic heatsinks. And lots of crappy metal shelves. The boards are worthless for anything but mining. And as we all know, even after a couple of months they depreciate massively as new tech comes out that surpasses them.

How much is all that worth? Assuming they are still renting the datorhall, I can't see their physical assets being worth much more than $1 - $2 million max?

So why are VC's investing $15million in a company they could asset strip for only $1 - $2 million?

Perhaps it'll be the VC's who end up serving justice to kfc, by stripping them bare of everything in court for their false promises.

My prediction is if bitcoin stays at $200 for the rest of 2015, kfc will be wiped out by December. Woohoo! Certainly the VC's will replace management and Scam Hoe will be gone back to the farm to look after his cows.

[samsonn25]

I think this is the outcome also.