Swedish ASIC miner company kncminer.com

[ElGabo]

I'm concerned that the company has all this hashing power in their data center to give out.  They just promised to offer hashing power of their 28nm equipment to all preorder customers.  Call it 3600 units at 3th/s each, or 10,800 th/s or mining power.

Originally, KnC's company mission was to only mine with 5% of what they produced for their customers.  That would mean that the company, after selling about 7,000th/s of mining power in 28nm chips, should have only about 5% or 350th/s on site in their data center....

Even if you assume the company delivered the entire network in hashing power, 18,000 th/s at 5% is only 900th/s on site at their data center.  How does a company that promised to only have 5% of their customer's orders hashing for themselves, have the equivalent of 10,800th/s mining in their data center to give out to customers....

Despite the fact the 5% promise is still in the FAQs on the website, i suspect KnC no longer feel bound to it.

Anyway, if they want to be tricky and still stick with the 5% promise, they can just sell 10PH to Byteminer - a CUSTOMER of KnC - with favourable terms for leasing back hash-rate for their 'Plan-B'

It would go something like this:

KnC: "OHAI Byteminer - i hear you want to buy loads of cheap 28nm miners!?"

Byteminer: "oh yes please, person whom I have never met before and who definitely isn't a shareholder in Byteminer" *wink*

KnC: "Well you know i have this pesky 5% limit on my own hash, but look at all these 28nm miners i have lying around. So how about we sell you a metric fuckload of 28nm miners for a bargain basement price, and you guarantee we can borrow some hash in July for our Neptune suckers *cough cough* i mean valued customers"

*both giggle*

Byteminer: "Well jees, that sounds swell - by the way, what kind of champagne do you think we should serve at the byteminer shareholders meeting? You bring the cheese ok? And don't forget to invite Mum and Dad"

Fuck LOL 

A true story )))))

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[cap1]

Yes I am completing a refund for 2 now.

Good luck all 

[2tights]

where does it say batch 2 neptunes are nonrefundable?

read the terms. They stopped refund availability after batch 1.

[timmmers]

where does it say batch 2 neptunes are nonrefundable?

read the terms. They stopped refund availability after batch 1.

..and now we know why.

Hope things work out better than they look for their faithful customers and funders from the start.
What a massive stab in the back. Reputation destroyed. Sad.

[vesperwillow]

I'm concerned that the company has all this hashing power in their data center to give out.  They just promised to offer hashing power of their 28nm equipment to all preorder customers.  Call it 3600 units at 3th/s each, or 10,800 th/s or mining power.

Originally, KnC's company mission was to only mine with 5% of what they produced for their customers.  That would mean that the company, after selling about 7,000th/s of mining power in 28nm chips, should have only about 5% or 350th/s on site in their data center....

Even if you assume the company delivered the entire network in hashing power, 18,000 th/s at 5% is only 900th/s on site at their data center.  How does a company that promised to only have 5% of their customer's orders hashing for themselves, have the equivalent of 10,800th/s mining in their data center to give out to customers....

Speculation: For conscience sake perhaps the company itself only lists on paperwork that it "owns/mines" with 5%, but provided a bunch more to its "founding employees" as part of their employment, which lets them "mine with it". This would let them say that they only mine 5%, while still letting them use a butt-tonne more hash.

[The Avenger]

where does it say batch 2 neptunes are nonrefundable?

Spot the difference (clue: bullet points):

https://web.archive.org/web/20131212133634/https://www.kncminer.com/categories/miners
https://www.kncminer.com/categories/miners

But hey, if knc are such a reputable company with customers interests at the heart of their business - ask for a refund and see what happens, even if you are batch 2.

This statement was in their newsletter yesterday "blah blah .... completely unacceptable to us as a company and everything we stand for".

Ask them for a refund... and see what they actually stand for.

[5craziest]

It seems like the days of the solo miner are quickly disappearing.  The big money has moved in, and the hardware companies are either failing or changing their business plan to the detriment of the individual miner

[DPoS]

After these two boards I will have sent 4 boards back for RMA in the space of a month. these are October's though.

GREAT SERVICE

YMMV..  I RMA'ed a board and got one back that had an on and off again die..  and now stays off..  and between the two extra modules I bought, one had a dead die that hardly ever comes back on..

perhaps if a few more dies die it will make the shipping worth it since it was a waste on the RMA one

[Biffa]

So I asked them.  I emailed them some questions and this is the response. I received the response from Keith Gurnett

Now before anyone goes off on one, I know some of the answers seem vague, so I have asked for clarity specifically on the 3rd question.

Hope this helps.

Q1. Do you still feel confident to launch Neptune on time?
A1. At the moment things are going ahead as planned, we will provide more information as work progresses.

Q2. If so do you think it will be closer to the end of Q1, Q2 or later?
A2. Similar to above, we are currently on target and will provide more details as soon as we can.

Q3. Have you been manufacturing 28nm Miners all the time since you stopped the last batch of November Jupiters?
A3. No, we are creating the data center now for "Plan B" as a back up to be used if there are any delays with the Neptune production.

Q4. If so, have you been mining with the 28nm miners manufactured since November?
A4. We are mining, but we have not exceeded the 5% of the hash rate which has been released.

Q5. Do you plan on manufacturing any upgrade boards for the Mercury and Saturn customers?
A5.  We are looking at the possibility of releasing upgrade modules, however our management team have not yet decided on the final details. We will provide further information as soon as possible.


Q6. What date will you start offering compensatory hosted hash-rate, and how much will be given?
A6. Plan B will only come in to action if there are any delays with the Neptune production, as stated previously we will provide further updates as soon as we can.

Q7. What date will you start offering to convert non-delivered Neptunes into hosted 28nm, and how much will be exchanged?
A7. Like above, if there are any delays customers will be provided with the hosted hash rate.

[ASIC-K]

just fyi, my neptune refund came in today.

[Tigggger]

just fyi, my neptune refund came in today.

They'd be a lot quicker if only there was some means of transferring funds instantly for low cost, I dunno something like a crypto currency, someone should look at starting one could be revolutionary

[raskul]

just fyi, my neptune refund came in today.

They'd be a lot quicker if only there was some means of transferring funds instantly for low cost, I dunno something like a crypto currency, someone should look at starting one could be revolutionary

dude, you just invented the term 'cryptocurrency' 

[Biffa]

just fyi, my neptune refund came in today.

They'd be a lot quicker if only there was some means of transferring funds instantly for low cost, I dunno something like a crypto currency, someone should look at starting one could be revolutionary

Nah its a pipe dream, it'll never catch on.

ASIC-K how long did it take?

[ASIC-K]

just fyi, my neptune refund came in today.

They'd be a lot quicker if only there was some means of transferring funds instantly for low cost, I dunno something like a crypto currency, someone should look at starting one could be revolutionary

Nah its a pipe dream, it'll never catch on.

ASIC-K how long did it take?

i think it took about a week and a half.

[krampus]

So I asked them.  I emailed them some questions and this is the response. I received the response from Keith Gurnett

If you read carefully, I think you'll find that he answered almost none of your questions.

[MrPresident]

So I asked them.  I emailed them some questions and this is the response. I received the response from Keith Gurnett

If you read carefully, I think you'll find that he answered almost none of your questions.

Hmm, yep.... It sure looks like a verbatim of the news.
ROFL Tigger ...good idea.  

The secrecy and wording makes me re-evaluate the timeline...
1. Cloudhashing offer possibly as soon as in June....
2. Need I go on?

[soy]

It seems like the days of the solo miner are quickly disappearing.  The big money has moved in, and the hardware companies are either failing or changing their business plan to the detriment of the individual miner

Ah, the way of the world.  I think FDIC followed the great crash and depression, insurance against banks failing.  But under Bush the rules about failing banks changed to have certain risky bank investments paid off by FDIC before individual savings account holders get to get any, and those risky investments of a volume to break FDIC so essentially an individual savings account holder would get squat if the bank failed.

[Phoenix1969]

I just received an invoice for the first Neptune via E-mail, in PDF form

[jelin1984]

What email you had cancel the Neptune

[Phoenix1969]

No, I had 5 Neptune orders, and had refunded the two 13k (Gen Batch 1), and kept the 3 "CA Batch" Neptunes, which were sold  here in this thread to two members.  I got a single invoice, for the first neptune... "Out of the blue", no I did not ask for the invoice. It was meant to be informative in the possibility everyone who has the Neptune orders may get some invoices, that's all. An invoice is a receipt.(someone pm'd me not knowing)  I emailed them back asking about the other two orders, but since it's the very 1st Neptune, they probably haven't had time to do the rest yet. (It's like 11pm there also) Please don't read anything more or less into the statement. 5 pm's in as many minutes makes it difficult to share such a simple statement.... no worries tho.