Swedish ASIC miner company kncminer.com

[dropt]

Impossible...3600 BTC a day at $450 will be just $1.62mil total market output. Cannot be $3 mil/day.

Look at the date of the article.  Then consider that the quote wasn't taken on the day the article was published.  Then consider that the difficulty and exchange rate of BTC was not then, what it is now.

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[jimmothy]

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

thanks

"" We are serving more than three million dollars a day to resell the bitcoin we break ourselves," said Sam Cole , founder and vice president of KNC Miner with 80 employees and offices on West Higgins Road in central Stockholm. "

Impossible...3600 BTC a day at $450 will be just $1.62mil total market output. Cannot be $3 mil/day.

Its not 3 million USD its 3 million SEK and the article is old. They are mining around 360 btc per day.

[The Avenger]

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

thanks

"" We are serving more than three million dollars a day to resell the bitcoin we break ourselves," said Sam Cole , founder and vice president of KNC Miner with 80 employees and offices on West Higgins Road in central Stockholm. "

Impossible...3600 BTC a day at $450 will be just $1.62mil total market output. Cannot be $3 mil/day.

"tre miljoner kronor"

Swedish kronor

3,000,000.00 SEK = 458,525.01 USD

[dropt]

But dumping 100% of the mined coins is extremely stupid. Why would they do it? I don't buy it.

  They want money.  They don't want to speculate on BTC, they just want the f'ing money.

How could anyone be surprised?  Not only did all of the KnC buyers give them the power (unknowingly I'll admit), but then they heralded Plan B as the greatest thing ever with all that free cloud hashing power the Neptune owners were going to get.   Well, it's almost Q2 time and not a single Neptune purchaser is getting cloud hashing.  No, instead they -- who don't give a shit about Bitcoin -- are fucking everyone by upping the difficulty and putting continued sell pressure on the market where normals miners wouldn't.

Anyone want to place bets on a time frame until a governmental agency puts the clamps on KnC and subverts their farm?  At least Bitfury had the decency to keep selling hardware and setup mines in vastly different geological locations under control of different people while he/they fucked everybody else 

[joeventura]

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

logical error.

if NO ONE can afford to mine, why should the difficulty stay at 5 billion?

if NO ONE can afford to mine, no one WILL mine. and if no one will mine difficulty goes down to 1.

logic ftw my friend.

And how long is that difficulty going to take to drop if it is at 5 billion and 75% off the hashrate disappears. Going to take a long time to the next retarget.

Difficulty will be at 6 billion (that's 6,000,000,000) next week.

That's a loooooooong way to fall from.

[dropt]

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

logical error.

if NO ONE can afford to mine, why should the difficulty stay at 5 billion?

if NO ONE can afford to mine, no one WILL mine. and if no one will mine difficulty goes down to 1.

logic ftw my friend.

And how long is that difficulty going to take to drop if it is at 5 billion and 75% off the hashrate disappears. Going to take a long time to the next retarget.

Difficulty will be at 6 billion (that's 6,000,000,000) next week.

That's a loooooooong way to fall from.

Too many idiots bought hardware that will never ROI to think that they're accutely aware of what their earnings are comparative to their overhead.  They may also keep mining at a loss today on speculation that BTC will be worth more tomorrow.  Knowing what you know now, would you have quit mining at a loss when bitcoin reward halved?  If you took the risk of mining anyways, that would have been very profitable looking at how things played out.

[padrino]

I had the same problem with my CU, so I had thought until my refund showed up yesterday

Did you just give them the routing and account number and they did it, or did you give them a SWIFT code as an intermediate bank?

[RoadStress]

But dumping 100% of the mined coins is extremely stupid. Why would they do it? I don't buy it.

  They want money.  They don't want to speculate on BTC, they just want the f'ing money.

How could anyone be surprised?  Not only did all of the KnC buyers give them the power (unknowingly I'll admit), but then they heralded Plan B as the greatest thing ever with all that free cloud hashing power the Neptune owners were going to get.   Well, it's almost Q2 time and not a single Neptune purchaser is getting cloud hashing.  No, instead they -- who don't give a shit about Bitcoin -- are fucking everyone by upping the difficulty and putting continued sell pressure on the market where normals miners wouldn't.

Anyone want to place bets on a time frame until a governmental agency puts the clamps on KnC and subverts their farm?  At least Bitfury had the decency to keep selling hardware and setup mines in vastly different geological locations under control of different people while he/they fucked everybody else 

Why not keep 10% of the coins for example? It's free money for them after all. 10% would mean around 50k$ per day which i'm sure means nothing considering the rest of the 450k$. They can win a lot more by holding a small amount of BTCs than what they win if they don't hold any.

Why would the gov put the clamp on KnC? They are making money and it's a win win situation.

[raskul]

But dumping 100% of the mined coins is extremely stupid. Why would they do it? I don't buy it.

  They want money.  They don't want to speculate on BTC, they just want the f'ing money.

How could anyone be surprised?  Not only did all of the KnC buyers give them the power (unknowingly I'll admit), but then they heralded Plan B as the greatest thing ever with all that free cloud hashing power the Neptune owners were going to get.   Well, it's almost Q2 time and not a single Neptune purchaser is getting cloud hashing.  No, instead they -- who don't give a shit about Bitcoin -- are fucking everyone by upping the difficulty and putting continued sell pressure on the market where normals miners wouldn't.

Anyone want to place bets on a time frame until a governmental agency puts the clamps on KnC and subverts their farm?  At least Bitfury had the decency to keep selling hardware and setup mines in vastly different geological locations under control of different people while he/they fucked everybody else 

Why not keep 10% of the coins for example? It's free money for them after all. 10% would mean around 50k$ per day which i'm sure means nothing considering the rest of the 450k$. They can win a lot more by holding a small amount of BTCs than what they win if they don't hold any.

Why would the gov put the clamp on KnC? They are making money and it's a win win situation.

This.

but what still irks me, they have the cloud capacity and capability; now. if plan b is truly the best thing since sliced bread... open it up to your customers!

[dropt]

But dumping 100% of the mined coins is extremely stupid. Why would they do it? I don't buy it.

  They want money.  They don't want to speculate on BTC, they just want the f'ing money.

How could anyone be surprised?  Not only did all of the KnC buyers give them the power (unknowingly I'll admit), but then they heralded Plan B as the greatest thing ever with all that free cloud hashing power the Neptune owners were going to get.   Well, it's almost Q2 time and not a single Neptune purchaser is getting cloud hashing.  No, instead they -- who don't give a shit about Bitcoin -- are fucking everyone by upping the difficulty and putting continued sell pressure on the market where normals miners wouldn't.

Anyone want to place bets on a time frame until a governmental agency puts the clamps on KnC and subverts their farm?  At least Bitfury had the decency to keep selling hardware and setup mines in vastly different geological locations under control of different people while he/they fucked everybody else  

Why not keep 10% of the coins for example? It's free money for them after all. 10% would mean around 50k$ per day which i'm sure means nothing considering the rest of the 450k$. They can win a lot more by holding a small amount of BTCs than what they win if they don't hold any.

Sure, so they could have sold the 10% as they went and been guaranteed fiat gains, or could have held on speculation and lost half what they could've had.

I don't think it's a very solid assumption to think that they're happy enough with $450k to the extend that they'd gamble with 10%, at least not after going out to create the largest private mining farm on the face of the earth.

Why would the gov put the clamp on KnC? They are making money and it's a win win situation.

Who's making money, the Gov?  The Gov isn't out to make money, it's out for Control.

[dropt]

but what still irks me, they have the cloud capacity and capability; now. if plan b is truly the best thing since sliced bread... open it up to your customers!

And that's a really good question, isn't it?  Why aren't they mining for the Neptune customers?  Why haven't they opened up Cloud Hashing sales?  Hell, they could open up sales and mine with the hardware themselves while it's not being rented out, but that isn't happening.  Why is that?

[Phoenix1969]

But dumping 100% of the mined coins is extremely stupid. Why would they do it? I don't buy it.

  They want money.  They don't want to speculate on BTC, they just want the f'ing money.

How could anyone be surprised?  Not only did all of the KnC buyers give them the power (unknowingly I'll admit), but then they heralded Plan B as the greatest thing ever with all that free cloud hashing power the Neptune owners were going to get.   Well, it's almost Q2 time and not a single Neptune purchaser is getting cloud hashing.  No, instead they -- who don't give a shit about Bitcoin -- are fucking everyone by upping the difficulty and putting continued sell pressure on the market where normals miners wouldn't.

Anyone want to place bets on a time frame until a governmental agency puts the clamps on KnC and subverts their farm?  At least Bitfury had the decency to keep selling hardware and setup mines in vastly different geological locations under control of different people while he/they fucked everybody else 

just a minor correction... it IS Q2 time, as of April 1st.

[dropt]

But dumping 100% of the mined coins is extremely stupid. Why would they do it? I don't buy it.

  They want money.  They don't want to speculate on BTC, they just want the f'ing money.

How could anyone be surprised?  Not only did all of the KnC buyers give them the power (unknowingly I'll admit), but then they heralded Plan B as the greatest thing ever with all that free cloud hashing power the Neptune owners were going to get.   Well, it's almost Q2 time and not a single Neptune purchaser is getting cloud hashing.  No, instead they -- who don't give a shit about Bitcoin -- are fucking everyone by upping the difficulty and putting continued sell pressure on the market where normals miners wouldn't.

Anyone want to place bets on a time frame until a governmental agency puts the clamps on KnC and subverts their farm?  At least Bitfury had the decency to keep selling hardware and setup mines in vastly different geological locations under control of different people while he/they fucked everybody else 

just a minor correction... it IS Q2 time, as of April 1st.

My bad, thanks for the correction.

[RoadStress]

Sure, so they could have sold the 10% as they went and been guaranteed fiat gains, or could have held on speculation and lost half what they could've had.

I don't think it's a very solid assumption to think that they're happy enough with $450k to the extend that they'd gamble with 10%, at least not after going out to create the largest private mining farm on the face of the earth.

Why would the gov put the clamp on KnC? They are making money and it's a win win situation.

Who's making money, the Gov?  The Gov isn't out to make money, it's out for Control.

Well just because they have the largest private mining farm they can afford to gamble 5%-10%-any%. Being greedy isn't the only/single reason to create the largest private mining farm. I think they did it because it was a challenge for them, because they are geeky and every geek dreams to have a DC, because they could, because they wanted to beat the competition(bitfury) and so on. There are many more reasons beside the money to do this.

Good luck to the Gov trying to clam their DC. No legal terms yet for that and if they impose it they can just move the boards to Iceland. Job done.

[atadro]

Reaching out to those in the US that received refunds to a US bank.. I have been working to get one for a couple of weeks now with no luck..

My US bank is fairly large but they are US only so they do not have a SWIFT number but do receive international wires daily from SWIFT banks,  and I sent mine without any issues.

In any case KNC is telling me they cannot send my refund if my bank doesn't have a SWIFT code to give them, has anyone else run across this and if so how did you deal with it?

Thanks

Many times by several folks in here. Go open an account with a bank who has a swiftcode, no way around it.
Several of us, including myself, had to.

actually that is not true.  my US bank has no SWIFT and despite KNC being obstinate they eventually sent the refund just fine.  they need to use a US corresponded bank (with SWIFT) which is easy and very common. 

[rograz]

That doesn't take into account that if their farm is 42-45% of all mining, it has then increased the network significantly so their actual share is less (or they want to deploy even more).

Wasn't there some math done earlier somewhere that showed that the best spot was 25-30%ish? After that any additional deployment would be under heavy diminishing return since you would in essence be competing with yourself.

just a minor correction... it IS Q2 time, as of April 1st.

Nah nah we are talking the UK Fiscal year here (Sam is from the UK originally isn't he?) so Q1 just started

[temen]

I Think that knc wants to take over the network blockchain so they can easily insert thousands of addresses with millions of btc in them to blockchain!

This needs to be just temporary while it takes to confirm these and after this they can retreat and drop the hashrate to "nominal" level.

This should worry us all

[raskul]

who gives a fuck what their intentions are?
take it personally; they have fucked over each and every customer they ever had commit to buying from them.

 

ADD: is this to be the first blackmailing of the network?
"Keep your Neptune (pre-order) or we will mine with it ourselves and fuck your crypto-currency right up the arse"

[dropt]

Well just because they have the largest private mining farm they can afford to gamble 5%-10%-any%. Being greedy isn't the only/single reason to create the largest private mining farm. I think they did it because it was a challenge for them, because they are geeky and every geek dreams to have a DC, because they could, because they wanted to beat the competition(bitfury) and so on. There are many more reasons beside the money to do this.

That's a hell of a lot of risk to assume for street cred and "because computer geek".  It may not be the only/single reason, but it's certainly a massive motivator.  I'm sure we can come up with all sorts of not so terrible reasons as to why they did it, but I personally am defaulting to the most likely scenario: the human condition.

Good luck to the Gov trying to clam their DC. No legal terms yet for that and if they impose it they can just move the boards to Iceland. Job done.

Oh you!  Because if a government agency wanted to subvert their farm they'd come in all polite and political like.  I imagine it'd be more along the lines of Agent whomever from the CIA or NSA pays them a couple off-the books visits, threats and all.

[dropt]

who gives a fuck what their intentions are?
take it personally; they have fucked over each and every customer they ever had commit to buying from them.

 

ADD: is this to be the first blackmailing of the network?
"Keep your Neptune or we will mine with it ourselves and fuck your crypto-currency right up the arse"

Sounds about right.  It's not as painful killing off the Goose that lay the golden egg when you've got Millions in the bank.