Swedish ASIC miner company kncminer.com

[Phoenix1969]

Found this post in the knc wallet thread....

Craziness!  Seriously demented welfare move imho... but industrious.

[Biodom]

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.

It has to be impossible. What organization has that kind of money to buy all that bitcoin daily? NONE.

It's only 360 btc or about $150k USD now.

well, if organofcorti info is correct, then KnC is getting 0.13X3600=468BTC/day or $212K, but who is counting?  

I think that they had this plan (using preorders to built datorhall) all along. That was the whole point of seemingly moronic and naive "network protection plan".
What they were telling us is this: we will not sell any more jupiters to you, but we are free to build anything we want-and they did.
I actually never expected anything else because all seemingly good-natured pronouncements always end up being a bunch of baloney.
Remember Google-"don't be evil"? Ha!

[ivanlabrie]

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.

It has to be impossible. What organization has that kind of money to buy all that bitcoin daily? NONE.

It's only 360 btc or about $150k USD now.

well, if organofcorti info is correct, then KnC is getting 0.13X3600=468BTC/day or $212K, but who is counting?  

I think that they had this plan (using preorders to built datorhall) all along. That was the whole point of seemingly moronic and naive "network protection plan".
What they were telling us is this: we will not sell any more jupiters to you, but we are free to build anything we want-and they did.
I actually never expected anything else because all seemingly good-natured pronouncements always end up being a bunch of baloney.
Remember Google-"don't be evil"? Ha!

Sadly the btc community needs a few henchmen...lol

[joeventura]

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.

It has to be impossible. What organization has that kind of money to buy all that bitcoin daily? NONE.

It's only 360 btc or about $150k USD now.

well, if organofcorti info is correct, then KnC is getting 0.13X3600=468BTC/day or $212K, but who is counting?  

I think that they had this plan (using preorders to built datorhall) all along. That was the whole point of seemingly moronic and naive "network protection plan".
What they were telling us is this: we will not sell any more jupiters to you, but we are free to build anything we want-and they did.
I actually never expected anything else because all seemingly good-natured pronouncements always end up being a bunch of baloney.
Remember Google-"don't be evil"? Ha!

Sadly the btc community needs a few henchmen...lol

Have we met?

[Puppet]

You do realize mask is before tapeout, right?

You got that wrong. Tape out means the design is sent to the mask manufacturer for validation and production. The mask set can only be made after tape out.

[organofcorti]

well, if organofcorti info is correct, then KnC is getting 0.13X3600=468BTC/day or $212K, but who is counting?  
<snip>

The network has been solving ~1200 blocks per week for a while now. That puts the block rate at ~ 171 blocks per day, and btc per day at ~ 4285.

For KNC: 0.13 * 1200/7 * 25 = 557.1429 which (at current exchange rates) ~ US$255728.6 per day.

[WastedLTC]

Anyone received a btc refund?

I got a refund in BTC for 3 Neptunes, I asked for USD but that was denied.

[pedrosoft]

Anyone received a btc refund?

I got a refund in BTC for 3 Neptunes, I asked for USD but that was denied.

Could you please tell me how many days from "Refunded" to dollars in your bank account ?

[sikke]

well, if organofcorti info is correct, then KnC is getting 0.13X3600=468BTC/day or $212K, but who is counting?  
<snip>

The network has been solving ~1200 blocks per week for a while now. That puts the block rate at ~ 171 blocks per day, and btc per day at ~ 4285.

For KNC: 0.13 * 1200/7 * 25 = 557.1429 which (at current exchange rates) ~ US$255728.6 per day.

Those numbers look crazy. 40mil $ /month mining operation.
That makes the Bitmain antminers sales wallet with 19600 BTC look...tiny  
https://blockchain.info/address/1QB8Ds5KbGYBLQa5RyDQ2sVUeSKWf7qgkZ

KNC had great scheam to make some real business with Jupiter here. Instead of cashing out existing hardwares why not fund the hardware with preorders. Build the datorhall to old helicopter hangar. Make big enough mining operation to pay out any shipment delays to pre-order customers while continue developing new hardware to keep the datorhall populated with state of the art asics for upcoming months and maybe years.

huh.

They made this much with declining BTC prices. What if price had gone up.. huh. What a gamble to become BTC millionares.

[WastedLTC]

Anyone received a btc refund?

I got a refund in BTC for 3 Neptunes, I asked for USD but that was denied.

Could you please tell me how many days from "Refunded" to dollars in your bank account ?

Like I said, I got BTC so it never made it to my bank account.   From the request to the BTC received was 8 days.  

[Searing]

Anyone received a btc refund?

I got a refund in BTC for 3 Neptunes, I asked for USD but that was denied.

interesting is this recent or do they do this for order of more then 2 units anyway ...curious?

[Searing]

well, if organofcorti info is correct, then KnC is getting 0.13X3600=468BTC/day or $212K, but who is counting?  
<snip>

The network has been solving ~1200 blocks per week for a while now. That puts the block rate at ~ 171 blocks per day, and btc per day at ~ 4285.

For KNC: 0.13 * 1200/7 * 25 = 557.1429 which (at current exchange rates) ~ US$255728.6 per day.

Those numbers look crazy. 40mil $ /month mining operation.
That makes the Bitmain antminers sales wallet with 19600 BTC look...tiny  
https://blockchain.info/address/1QB8Ds5KbGYBLQa5RyDQ2sVUeSKWf7qgkZ

KNC had great scheam to make some real business with Jupiter here. Instead of cashing out existing hardwares why not fund the hardware with preorders. Build the datorhall to old helicopter hangar. Make big enough mining operation to pay out any shipment delays to pre-order customers while continue developing new hardware to keep the datorhall populated with state of the art asics for upcoming months and maybe years.

huh.

imho they could have given us customers options on 20% of what they used in the farm to buy..with us promoting them as "fair" in an industry without fairness...not to mention refunds...they would have made more by making the bitcoin pie and their sales bigger then ..way bigger then the 20% they gave to us in modules on the jupiters etc...and with an honest announcement that they simply can't get the equip from chip to customer fast enough announced a decent virtual miner option with those facts and track record above......they would have been even larger/bigger and badder then they are now...hell i'd have virtually mined under that trust system...and promoted the hell out of them....but they took the short term gain vs long term gain...dropped the ball..but it would have been a fun ride imho

Searing

[RoadStress]

Refunds are processed in USD via bank transfer, only in some circumstances where it may not be possible to refund via bank transfer, our management can approve a BTC refund. BTC refunds are not given for single Neptune purchases.

KnC sucks at this point. I don't understand the logic behind not giving BTC refunds for single Neptune orders. Knowing that they have 5PH mining at this moment this seems a bit stupid. Also only one time per week? Wtf? I can have my refund in 5 mins with BTC, but i have to wait a few days for them to wire the money and then another few days to get it. Sad times. KnC you let me down!

[mtbitcoin]

Anyone received a btc refund?

I got a refund in BTC for 3 Neptunes, I asked for USD but that was denied.

Could you please tell me how many days from "Refunded" to dollars in your bank account ?

About 7 days. The refund was dealt quickly and promptly, no issue there.

And it appears that they are refunding BTC for multiple orders and USD for single orders

Cheers

[mtbitcoin]

Refunds are processed in USD via bank transfer, only in some circumstances where it may not be possible to refund via bank transfer, our management can approve a BTC refund. BTC refunds are not given for single Neptune purchases.

KnC sucks at this point. I don't understand the logic behind not giving BTC refunds for single Neptune orders. Knowing that they have 5PH mining at this moment this seems a bit stupid. Also only one time per week? Wtf? I can have my refund in 5 mins with BTC, but i have to wait a few days for them to wire the money and then another few days to get it. Sad times. KnC you let me down!

I hear you.. I asked for a BTC refund also but was given USD as it was a single order... With no upcoming news I am contemplating refunding my remaining order also. At this rate with no sign of "Plan B" it almost looks like KNC is encouraging refunds (IMHO), for what reasons I do not know 

[je1p7u7]

Refunds are processed in USD via bank transfer, only in some circumstances where it may not be possible to refund via bank transfer, our management can approve a BTC refund. BTC refunds are not given for single Neptune purchases.

KnC sucks at this point. I don't understand the logic behind not giving BTC refunds for single Neptune orders. Knowing that they have 5PH mining at this moment this seems a bit stupid. Also only one time per week? Wtf? I can have my refund in 5 mins with BTC, but i have to wait a few days for them to wire the money and then another few days to get it. Sad times. KnC you let me down!

In case you wanted to sue them it would be difficult for them to prove in a court of law that they sent you a refund "on the blockchain". They have no other option than to send bank-document-verified transfers.

[Biodom]

well, if organofcorti info is correct, then KnC is getting 0.13X3600=468BTC/day or $212K, but who is counting?  
<snip>

The network has been solving ~1200 blocks per week for a while now. That puts the block rate at ~ 171 blocks per day, and btc per day at ~ 4285.

For KNC: 0.13 * 1200/7 * 25 = 557.1429 which (at current exchange rates) ~ US$255728.6 per day.

Those numbers look crazy. 40mil $ /month mining operation.
That makes the Bitmain antminers sales wallet with 19600 BTC look...tiny  
https://blockchain.info/address/1QB8Ds5KbGYBLQa5RyDQ2sVUeSKWf7qgkZ

KNC had great scheam to make some real business with Jupiter here. Instead of cashing out existing hardwares why not fund the hardware with preorders. Build the datorhall to old helicopter hangar. Make big enough mining operation to pay out any shipment delays to pre-order customers while continue developing new hardware to keep the datorhall populated with state of the art asics for upcoming months and maybe years.

huh.

They made this much with declining BTC prices. What if price had gone up.. huh. What a gamble to become BTC millionares.

$255K a day makes for ~$7.77 mil/average mo (30.5 days). Still, a nice 100 mil a year.

[Biodom]

Anyone received a btc refund?

I got a refund in BTC for 3 Neptunes, I asked for USD but that was denied.

Could you please tell me how many days from "Refunded" to dollars in your bank account ?

One

[pedrosoft]

Anyone received a btc refund?

I got a refund in BTC for 3 Neptunes, I asked for USD but that was denied.

Could you please tell me how many days from "Refunded" to dollars in your bank account ?

One

Do you live in Europe ?

[sikke]

well, if organofcorti info is correct, then KnC is getting 0.13X3600=468BTC/day or $212K, but who is counting?  
<snip>

The network has been solving ~1200 blocks per week for a while now. That puts the block rate at ~ 171 blocks per day, and btc per day at ~ 4285.

For KNC: 0.13 * 1200/7 * 25 = 557.1429 which (at current exchange rates) ~ US$255728.6 per day.

Those numbers look crazy. 40mil $ /month mining operation.
That makes the Bitmain antminers sales wallet with 19600 BTC look...tiny  
https://blockchain.info/address/1QB8Ds5KbGYBLQa5RyDQ2sVUeSKWf7qgkZ

KNC had great scheam to make some real business with Jupiter here. Instead of cashing out existing hardwares why not fund the hardware with preorders. Build the datorhall to old helicopter hangar. Make big enough mining operation to pay out any shipment delays to pre-order customers while continue developing new hardware to keep the datorhall populated with state of the art asics for upcoming months and maybe years.

huh.

They made this much with declining BTC prices. What if price had gone up.. huh. What a gamble to become BTC millionares.

$255K a day makes for ~$7.77 mil/average mo (30.5 days). Still, a nice 100 mil a year.

Yes i picked up that they make 4285 btc per day when calculating. Ofc it was 13% of that.
My mistake on numbers