Swedish ASIC miner company kncminer.com

[davewr2013]

Not sure if this is real, but it looks like it: http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft  - sorry, more OT, but it has a huge impact on everyone if true.

Worth looking at CoinDesk.
http://www.coindesk.com/mt-gox-trading-halts-bitcoin-businesses-move-assure-investors/

Not sure what is going on.

[1713451964]

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[Puppet]

It is actually quite complicated equation. One have to consider what other miners will do. I am pretty sure that at BTC 100, we will lose 50% of the network, hence difficulty will go down.

Keep dreaming!
No one is gong to shut down an asic that earns more in mining than it costs in electricity and we are not nearly there yet.
Most asics are somewhere between 1 and 2W per GH at the wall. Even with residential electricity prices, say $0.2/KWH, thats $0.0072 per day per GH.
At current difficulty a GH yields 0.00016069 BTC per day. $0.0072/0.00016069 = ~$44. Thats the point the least efficient miners are no longer operationally profitable (note: no chance of ever earning back your investement then, but a miner wouldnt turn off his gear he already paid for).

OF course the bulk of the hashrate lives in datacenters with far lower electricity costs.  Up to 10x lower:
http://bitcoinasichosting.com/pricing/

So those asics will not be turned off before bitcoin drops below $4. Or difficulty goes up ~100x at todays price.

[Searing]

Sigh... I just asked for a refund on my last of 3 Neptunes from the customer appreciation batch. I had order number 11093 too 

why are you sad about that..that you did it? or that you had to do it?

me I plan on dumping my Neptunes here this week as well

(unless I'm missing something it seems the right move...just buy btc instead)

wondering

Searing

[merv77]

KNC would now be saying to themselves why oh why didn't we just sell all these jupiters to our loyal customers and make an extra 50 million dollars instantly.

now they are going to left with a multi million dollar mining farm and with tens of thousands BTC already mined in their wallets which could be potentially be worthless.
 
I love to be a fly on the wall in KNC's office right about now.

it's going to be an interesting 2 to 4 weeks coming.   

[Searing]

KNC would now be saying to themselves why oh why didn't we just sell all these jupiters to our loyal customers and make an extra 50 million dollars instantly.

now they are going to left with a multi million dollar mining farm and with tens of thousands BTC already mined in their wallets which could be potentially be worthless.
 
I love to be a fly on the wall in KNC's office right about now.

it's going to be an interesting 2 to 4 weeks coming.   

yeah they could double my hash rate on the two neptunes and I'd still likely refund at this point....we will get an announcement that they can't do refunds
due to the fact all their $$$ were in gox

yeah right

well i'll let you know how it goes....my 2nd batch Neptune is gone for sure...my first batch one I'm waivering... yet

Searing

[Biffa]

It is interesting that $10K will buy you just under 3TH of Antminers delivered in the next few days.

Much higher power usage than even a Jupiter but you do start earning faster.

But with the drop of BTC value its a bit of a crap-shoot what to do.

I'm holding for now.. hodling.. hodoring..

[ElGabo]

Sigh... I just asked for a refund on my last of 3 Neptunes from the customer appreciation batch. I had order number 11093 too 

why are you sad about that..that you did it? or that you had to do it?

me I plan on dumping my Neptunes here this week as well

(unless I'm missing something it seems the right move...just buy btc instead)

wondering

Searing

I've refunded since this whole bullshit came trough.

And I have 41 ants mining since than....

just do the math

[squish]

Received my refund today.

- 14th Feb made a request
- 14th Feb same day response asking for bank details
- 15th Feb I sent my details
- 17th Feb they confirmed and said details had been passed to finance team
- 25th Feb payment arrives

It's very sad, I love KNC, had an order for Neptune in the first hour or so, but their announcements combined with bitcoin price dropping makes refund the only thing to do. 

[pvnamk19]

I do hope that KnC is not affected severely from the MtGox insolvency.
Anyway, we will see a long period that network hashrate will not increase like crazy now.

[pedrosoft]

I do hope that KnC is not affected severely from the MtGox insolvency.
Anyway, we will see a long period that network hashrate will not increase like crazy now.

I don't aks for refund of Neptune. I'm a believer

[Tigggger]

It's very sad, I love KNC, had an order for Neptune in the first hour or so, but their announcements combined with bitcoin price dropping makes refund the only thing to do. 

The only thing keeping me hanging on to my order is the geek in me wants one of the very first machines delivered, if I had a later order it would have been refunded for sure, but as each day passes I'm getting closer and closer to a refund.

KNC, if you do actually care about your customers

1. Produce some Jupiters very quickly and sell them to existing customers (Ideally your 1-500 customers first !!!).
2. Issue a proper statement about what neptune buyers are going to get and when, not vague comments that tell us nothing
3. Offer us something to make it worthwhile waiting, as I can buy almost 3TH TODAY and have it delivered in a couple of days for the $10k

Number 3 is the killer and is the reason most people are jumping ship, I love KNC and don't want to leave but I need to hear something soon

[WastedLTC]

Received my refund today.

- 14th Feb made a request
- 14th Feb same day response asking for bank details
- 15th Feb I sent my details
- 17th Feb they confirmed and said details had been passed to finance team
- 25th Feb payment arrives

It's very sad, I love KNC, had an order for Neptune in the first hour or so, but their announcements combined with bitcoin price dropping makes refund the only thing to do. 

I asked for details around refunds and was told customers do not have a choice between fiat and BTC and that all refunds must be made in BTC.    I then asked for the exchange rate and heard nothing back.

[Minor Miner]

I do hope that KnC is not affected severely from the MtGox insolvency.
Anyway, we will see a long period that network hashrate will not increase like crazy now.

I don't aks for refund of Neptune. I'm a believer

A believer in what?   Perhaps you should figure that out.
The purpose of your Neptune is to "produce" bitcoins for you.   If you can refund that miner and buy more bitcoins (or any close to the amount of bitcoins) that the miner will produce, you have reduced your risk substantially and achieved your end goal faster (getting the bitcoins).
For people that paid 10-12 bitcoins for their order and now can refund and go buy 20 bitcoins, this is a no brainer and a great trade.
3 TH/s in a market that will be 60,000 TH/s by the time you get your miners will take more than 6 months to get your 20 bitcoin.   Likely more than a year depending on network growth.   It is just the smart thing to do right now.   at $400, it is even better.    At $250, it is brilliant.   

[organofcorti]

I do hope that KnC is not affected severely from the MtGox insolvency.
Anyway, we will see a long period that network hashrate will not increase like crazy now.

No, I think it will continue to rise at the rate of 1200 blocks per week for at least the next three months, maybe longer.

[pedrosoft]

I do hope that KnC is not affected severely from the MtGox insolvency.
Anyway, we will see a long period that network hashrate will not increase like crazy now.

I don't aks for refund of Neptune. I'm a believer

A believer in what?   Perhaps you should figure that out.
The purpose of your Neptune is to "produce" bitcoins for you.   If you can refund that miner and buy more bitcoins (or any close to the amount of bitcoins) that the miner will produce, you have reduced your risk substantially and achieved your end goal faster (getting the bitcoins).
For people that paid 10-12 bitcoins for their order and now can refund and go buy 20 bitcoins, this is a no brainer and a great trade.
3 TH/s in a market that will be 60,000 TH/s by the time you get your miners will take more than 6 months to get your 20 bitcoin.   Likely more than a year depending on network growth.   It is just the smart thing to do right now.   at $400, it is even better.    At $250, it is brilliant.   

and so now they refund you with btc at the current exchange rate ?

[Cablez]

I do hope that KnC is not affected severely from the MtGox insolvency.
Anyway, we will see a long period that network hashrate will not increase like crazy now.

I don't aks for refund of Neptune. I'm a believer

A believer in what?   Perhaps you should figure that out.
The purpose of your Neptune is to "produce" bitcoins for you.   If you can refund that miner and buy more bitcoins (or any close to the amount of bitcoins) that the miner will produce, you have reduced your risk substantially and achieved your end goal faster (getting the bitcoins).
For people that paid 10-12 bitcoins for their order and now can refund and go buy 20 bitcoins, this is a no brainer and a great trade.
3 TH/s in a market that will be 60,000 TH/s by the time you get your miners will take more than 6 months to get your 20 bitcoin.   Likely more than a year depending on network growth.   It is just the smart thing to do right now.   at $400, it is even better.    At $250, it is brilliant.   

and so now they refund you with btc at the current exchange rate ?

That is one way for them to limit the bleeding.

[pedrosoft]

I do hope that KnC is not affected severely from the MtGox insolvency.
Anyway, we will see a long period that network hashrate will not increase like crazy now.

I don't aks for refund of Neptune. I'm a believer

A believer in what?   Perhaps you should figure that out.
The purpose of your Neptune is to "produce" bitcoins for you.   If you can refund that miner and buy more bitcoins (or any close to the amount of bitcoins) that the miner will produce, you have reduced your risk substantially and achieved your end goal faster (getting the bitcoins).
For people that paid 10-12 bitcoins for their order and now can refund and go buy 20 bitcoins, this is a no brainer and a great trade.
3 TH/s in a market that will be 60,000 TH/s by the time you get your miners will take more than 6 months to get your 20 bitcoin.   Likely more than a year depending on network growth.   It is just the smart thing to do right now.   at $400, it is even better.    At $250, it is brilliant.   

and so now they refund you with btc at the current exchange rate ?

That is one way for them to limit the bleeding.

in this case, I'll try to refund I just send an email for information about refund in btc at the current exchange rate

[Bitconorama]

and so now they refund you with btc at the current exchange rate ?

That is one way for them to limit the bleeding.

in this case, I'll try to refund I just send an email for information about refund in btc at the current exchange rate

It will depend on your order size. A single Neptune will be by a bank wire. I saw a response, from Kurt I think, on KnC's forum that said only large orders are refunded by BTC. When I asked about refunding my single Neptune, I was told it would be in USD.

[pedrosoft]

and so now they refund you with btc at the current exchange rate ?

That is one way for them to limit the bleeding.

in this case, I'll try to refund I just send an email for information about refund in btc at the current exchange rate

It will depend on your order size. A single Neptune will be by a bank wire. I saw a response, from Kurt I think, on KnC's forum that said only large orders are refunded by BTC. When I asked about refunding my single Neptune, I was told it would be in USD.

I'm waiting for a knc reply about this question. I have only 1 Neptune ordered.

[pedrosoft]

They replied to me.....

"Refund will only be processed in USD.
In order to process your refund we would need for you to provide us with the details as listed below. "