Swedish ASIC miner company kncminer.com

[Kaliecious]

None of that matters. You simply do the math for when your miners will stop being profitable (when you'd stop mining), and instead buy btc and hold until that time. You will always end up more profitable that way than if you buy hardware to mine.
I didn't do this the first time and instead bought miners from KnC. I will now be lucky if I make half as much btc as I could have if I just bought it at the time I placed my order. The only true winners in the mining game are those who make the miners. The rest are just chumps regardless of how you try and spin it.

Except that i can spend 4000$ (5 BTC) to buy a miner that nets 15+ BTC over a few months

Also a friendly reminder that selling BTC will get your ass raped by the IRS as it is an automatically reported transaction on several levels. 

If the exchanges are getting geared for the rules they are going to have to follow they will have to give you annual reports of your gains or losses for tax purposes

[1714967291]

1714967291

[ecliptic]

None of that matters. You simply do the math for when your miners will stop being profitable (when you'd stop mining), and instead buy btc and hold until that time. You will always end up more profitable that way than if you buy hardware to mine.
I didn't do this the first time and instead bought miners from KnC. I will now be lucky if I make half as much btc as I could have if I just bought it at the time I placed my order. The only true winners in the mining game are those who make the miners. The rest are just chumps regardless of how you try and spin it.

Except that i can spend 4000$ (5 BTC) to buy a miner that nets 15+ BTC over a few months

Also a friendly reminder that selling BTC will get your ass raped by the IRS as it is an automatically reported transaction on several levels. 

Transactions under $10k here in the U.S. get reported to no one.
My coin seller does not have my SSN therefore there is no way the IRS has diddly so I will call your statement above (as it relates to me) crap.

It's like you think you're immune to structuring laws (hint : ALL transactions relating to bitcoins are flagged as suspeciouis and investigated, as they should be, vastly abused by tax evaders)

it's like you literally think you can withdrawl from an exchange to some sort of account that DOESN'T redflag and report everything you do

Reminder : localbitcoins is constnatly pushed by tax evaders because IT. IS. THE. ONLY. ACTUAL. WAY. TO. AVOID. TAXES.

You would do well to remember this, but you've probably already fucked up hard and sold your coins.  Or spent them!!!

Remember!~  Spending coins = TAXABLE. TRANSACTION.

Prepare.
For
Audits.

[davewr2013]

None of that matters. You simply do the math for when your miners will stop being profitable (when you'd stop mining), and instead buy btc and hold until that time. You will always end up more profitable that way than if you buy hardware to mine.
I didn't do this the first time and instead bought miners from KnC. I will now be lucky if I make half as much btc as I could have if I just bought it at the time I placed my order. The only true winners in the mining game are those who make the miners. The rest are just chumps regardless of how you try and spin it.

Except that i can spend 4000$ (5 BTC) to buy a miner that nets 15+ BTC over a few months

Also a friendly reminder that selling BTC will get your ass raped by the IRS as it is an automatically reported transaction on several levels.  

Transactions under $10k here in the U.S. get reported to no one.
My coin seller does not have my SSN therefore there is no way the IRS has diddly so I will call your statement above (as it relates to me) crap.

It's like you think you're immune to structuring laws (hint : ALL transactions relating to bitcoins are flagged as suspeciouis and investigated, as they should be, vastly abused by tax evaders)

it's like you literally think you can withdrawl from an exchange to some sort of account that DOESN'T redflag and report everything you do

Reminder : localbitcoins is constnatly pushed by tax evaders because IT. IS. THE. ONLY. ACTUAL. WAY. TO. AVOID. TAXES.

You would do well to remember this, but you've probably already fucked up hard and sold your coins.  Or spent them!!!

Remember!~  Spending coins = TAXABLE. TRANSACTION.

Prepare.
For
Audits.

Just because you are right does not mean that people will listen.

Track your expenses, run it like a business. Pay your taxes and stay out of jail.

If you do not believe this -- call a CPA/Tax Accountant in the USA or a CA/CGA in Canada. Only Lawyers can invoke attorney/client privilege though -- so if you intend to cheat -- stick to dealing with a lawyer.

Can you get away with cheating? -- probably for a while -- maybe even forever. But it is a gamble.

[merv77]

COOL, I just noticed they only mention a single model...."Neptune"
This will solve many of the issues selling smaller machines... and make Customer service a breeze!! I really hope that's what it means!...

Heh, I hope Neptune "IS" the smaller model

Not a bad idea really......!  
one easy size & model to deal with.....

smaller in size isn't a bad idea, but much much bigger/higher in hashing power I hope.

[monsieur]

anyone getting weird results/hash rate at eligius

I gave up on Eligius a day ago. Can't stand all the variance, and luck seems to be crappy lately. Switched to 7.5% fee BTC Guild PPS for now.

Hit mineb.tc for 5% PPS, rock solid pool.

Thanks, I'll check it out. If it really turns out to be 2.5% less than guild, my savings will be more than enough to cover all of my food expenses, for instance. Until difficulty jumps significantly, that is.

[Searing]

So on the Neptune what are we looking at here ...assuming they ask for $$$ from the pre-existing customers on say DEC 1st 2013.. a consensus here guess of say
shipping started March 15th 2014? or so?

The other related "horror" of this scenario ..is that is 3.5 to 4 months say of $$$ tied up (likely around 10k) for all that time....and that is a lot of time to take pre-orders..so your miner and start mining  with everyone else dumped on network in 2 weeks or so from that backlog....at worst/best case scenario they'd be pumping out units big time the next 2 months (this is due to proven track record 20mm footprint and refund policy and credit card paypal up to shipping ..who would you buy from)...they will  have more orders then capacity imho it will be nuts!!!

I"ll probably buy the next unit..because I am somewhat bored of late and like playing at mining is fun in a scary "hey lets be an astronaut" kinda way.....but I should look at it like a "Bass Boat" and my dream of paying for it by "competitive Bass fishing tournament winnings" ..a pleasant dream but not very likely..of course the way my unit arrived from Sweden last time ..I could use this as an excuse to fly to Sweden (of course then I would have to come home....that would suck)

*shudders to think of ups/dhl handling a "lighter" 10k unit from Sweden to USA...........smaller more fun to toss and better distance DHL/UPS toy.....

silly hobby an't it (have to think of it as a hobby I start to think of this as "real money" I crap myself..oh well wine/women and song are overrated I hear)

Searing

[Wesly]

Transactions under $10k here in the U.S. get reported to no one.
My coin seller does not have my SSN therefore there is no way the IRS has diddly so I will call your statement above (as it relates to me) crap.

I am no tax expert, but I don't think you should under-estimate the length your government will do to get what they want especially your "hard-earned" money.  And it is naive to think that they will play by the rule.  Officially it is $10k, but it can be much less if you have multiple smaller activity/transactions (even in different banks) that add up to a large sum of money.

I am very interested in hearing how you have been or intended to laundering your bitcoin profits?  Even if you sell it locally for cash, how do you deposit that money into your banks without looking suspicious as to the origin of your money?  Are you using it to buy a car or house?  How do you explain to the IRS when you bought a $1 million house and/or $100,000 Tesla  all in cash when you are only making $50,000/yr?  I guess you must be running an Italian restaurant that has no paying customer as a front to launder your bitcoin money..  Or have rolls of hundreds under your mattress 

[johnyj]

I am very interested in hearing how you have been or intended to laundering your bitcoin profits?  Even if you sell it locally for cash, how do you deposit that money into your banks without looking suspicious as to the origin of your money?  Are you using it to buy a car or house?  How do you explain to the IRS when you bought a $1 million house and/or $100,000 Tesla  all in cash when you are only making $50,000/yr?  I guess you must be running an Italian restaurant that has no paying customer as a front to launder your bitcoin money..  Or have rolls of hundreds under your mattress 

It is very similar to a person that has a Swiss bank account. The consumption of that person is a stimulus for the economy, so government will welcome you (A rich foreign customer). They will charge the car or house dealer for income tax, but not you

I can see many problems with taxation when merchants all accept bitcoin payment, since their bitcoin income are not traceable in current accounting system. One woman on the senate hearing session raised this question, but it seems so far no one have an idea how is that going to be handled

[sickpig]

anyone getting weird results/hash rate at eligius

I gave up on Eligius a day ago. Can't stand all the variance, and luck seems to be crappy lately. Switched to 7.5% fee BTC Guild PPS for now.

Hit mineb.tc for 5% PPS, rock solid pool.

I've just checked since I have an unused account @mineb and I found out that a block that took 13hs to be solved was orphaned. a real pity. it happened to me also in other pools (e.g. slush), nonetheless a real pity.

[Minor Miner]

Hey I saw someone posted on the KNC site that the November Jupiters draw a lot more power.   Does anyone knew if this is true?   Could KNC tell us please since they are shipping they must have tested a few.    Or could the first people receiving through up a draw number at the wall?    It would be appreciated since I assume everyone ordered their PSU in advance and I used their recommendation of an 850W.

[Ghrindy]

Looks like Coindesk got the scoop from KnC.

http://www.coindesk.com/kncminer-pre-orders-next-asic/

...
Cole is taking the same approach with the new box, saying that its 2TH performance is a minimum figure.
...

The 20nm chips will be fabricated by the firm’s current ASIC fabrication partner, TSMC. He said that the non-recurring engineering (NRE) cost for the chips would be around three times that of the 28nm device (this came in with a total NRE of $4.7m, although not all of those costs were attributable to TSMC).

...

[Searing]

Hey I saw someone posted on the KNC site that the November Jupiters draw a lot more power.   Does anyone knew if this is true?   Could KNC tell us please since they are shipping they must have tested a few.    Or could the first people receiving through up a draw number at the wall?    It would be appreciated since I assume everyone ordered their PSU in advance and I used their recommendation of an 850W.

there are others on here that have more expertise that can chime in but to the best of my knowledge they draw more power because they are supposedly capbable of 650gh..now seeings how  KNC often "under estimates" what is what on GH if it was me I'd get at least a 1200w unit simply because you just "know" someone down the line when it is prudent is gonna have a hack to 'overclock" knc units

anyway that is my take on it..better safe then sorry

Searing

[AussieHash]

http://www.coindesk.com/kncminer-pre-orders-next-asic/

Existing customers will get a discount on the boxes, and they will also receive their products around two or three weeks earlier than the competition. There will be no trade-in program.

Pre-orders open today, Cole said, adding that all specifications given to CoinDesk are pre-release and subject to change.

[madsusies]

http://www.coindesk.com/kncminer-pre-orders-next-asic/

Existing customers will get a discount on the boxes, and they will also receive their products around two or three weeks earlier than the competition. There will be no trade-in program.

Pre-orders open today, Cole said, adding that all specifications given to CoinDesk are pre-release and subject to change.

Lol, i borrow 2500$ from bank to buy mercury in August (there wasn't Jupiter's opinion in summer)  and and now they ask 15k-20k $ it fuks, do you know my brothers and sisters why? Because in Europe the winter / springs means later April.

[Bitcoinorama]

Hey I saw someone posted on the KNC site that the November Jupiters draw a lot more power.   Does anyone knew if this is true?   Could KNC tell us please since they are shipping they must have tested a few.    Or could the first people receiving through up a draw number at the wall?    It would be appreciated since I assume everyone ordered their PSU in advance and I used their recommendation of an 850W.

It draws around 950w at the wall when pushing the cards currently. The suggestion to use 1200w PSUs I mentioned for a while back.

I'll have a more recommendations for you shortly, not crucial mods, but you can add them to the Nov boxes if you wish.

[sickpig]

Existing customers will get a discount on the boxes, and they will also receive their products around two or three weeks earlier than the competition. There will be no trade-in program.

Pre-orders open today, Cole said, ...

I'm happy to hear that early investors will get a discount but I'm less happy to learn it through  a third party what I'm supposed to learn by a proper communication sent directly by KnCminer.

Having said that, let's see what they have to offer  

[Minor Miner]

Hey I saw someone posted on the KNC site that the November Jupiters draw a lot more power.   Does anyone knew if this is true?   Could KNC tell us please since they are shipping they must have tested a few.    Or could the first people receiving through up a draw number at the wall?    It would be appreciated since I assume everyone ordered their PSU in advance and I used their recommendation of an 850W.

It draws around 950w at the wall when pushing the cards currently. The suggestion to use 1200w PSUs I mentioned for a while back.
I'll have a more recommendations for you shortly.

shit.    I wish they would have changed that one their website before I ordered the 850W that was listed.   While I appreciate the information you pass on here, it is REALLY hard to read through the multiple pages of back slapping, complaining, off topic stuff to find information.   This thread is more like a chat room than an info thread.    You basically have to search con's name and then read his post history to even find the really important stuff that he posts.
Thanks for letting me know since I will now try to get an RMA (right in front of black friday sales madness) and order different ones.

[Wesly]

____________________________________________
It's not what you believe, It's what you know.

Kaliecious, I love your tag!  It reminds me of another saying I heard "The more you know, the less you believe".

[Searing]

Existing customers will get a discount on the boxes, and they will also receive their products around two or three weeks earlier than the competition. There will be no trade-in program.

Pre-orders open today, Cole said, ...

I'm happy to hear that early investors will get a discount but I'm less happy to learn it through  a third party what I'm supposed to learn by a proper communication sent directly by KnCminer.

Having said that, let's see what they have to offer  

from what I can tell from their page they still take paypal is that true? I don't see anything for credit cards anymore of course that option still exists under paypal

[sickpig]

Looks good, but every hardware is different with respect to dud cores. Some is golden and some is scat.

ck, can you elaborate a little on the difference in behaviour & reporting between the 3.8.2 tuned and non-tuned on a KnC miner?

Reporting between the two is identical.

The tuned one simply changes the decision making process about when to turn a core off and back on. Firstly it turns all cores on every time it's starting. However it turns cores off very quickly instead of after many errors, but turns cores off in a staggered fashion a few seconds apart. Then it turns them back on after only a minute, but will only turn cores back on if no core on/off has happened for the last minute staggering them much more to turn them back on. My observations were that turning dud cores off always helps the hashrate so making it easier to turn cores off made sense, but with rapid changes to the number of cores on/off, the power going to the units changes wildly when in fact the device will be more stable if it only ever changes power requirements slowly, hence the changes. It also increases the duration cores are off every time they fail before disabling them permanently (for that run of cgminer).

Anyway I find the hashrate and consequently the hardware error rate keeps improving over time as only the decent cores are left hashing, and cores that are borderline turn on and off intermittently in a staggered way that doesn't change the power requirements dramatically.

I've to say that Slush really like cgminer-tune, despite the fact I get lower hashrate @cgminer interface, slush is telling that my 2 jups are minting at 1.12TH/s. With prev cgminer version I was barely able to get 1.09TH/s.


edit: fix a typo