Swedish ASIC miner company kncminer.com

[faetos]

Received a cloud hashing sales message today. Fortunately, the clear cut terms have made the math extremely easy.

$2k for 6 months hashing at 1th.

- With no difficulty increases, 1th will earn around 3.24 BTC over 6 months.
- $2k today will buy you around 4.10 BTC.
- In order to mine 4.10 BTC in 6 months, difficulty needs to drop to around 23 billion and stay there for 6 months.

This is a great deal if you believe hashrate is getting ready to drop below 23 billion and keep dropping.

However, there will still be some mathematically challenged people that will think it's a great deal and buy it just because it's from "the most trusted name in bitcoin mining!" Excuse me. I just had to vomit.

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[RoadStress]

This is bullshit.  They still mine.  But they take the proceeds of that mining and resell it for their benefit.  That is mining.  They are totally outside the scope of their statement.  It is an outrage.  

KnC has now removed the 5% promise from their FAQ page.  I guess they think this means the promise no longer applies?  Did their promise to not mine more than 5% somehow get revoked?  What if we as customers/suckers believed they would hold to this promise and we relied upon that assurance when we made our decision to purchase their mining gear?  They think it is OK to go back on that promise now?

I know. I was just imagining how would they excuse themselves. I bet that if they have 7PH for selling they have another 7PH for themselves...

[Tigggger]

I posted this in regards to bitmains cloud offering, but it's equally true here.

Selling cloud mining is a way to raise money for the next generation equipment. This wouldn't be so bad if you stood a chance of making a profit as well out of the deal but the chances are slim, and that new equipment will be deployed by them before you have access to it, raising the difficulty and further eroding your returns from the current offering.

ALL manufacturers are ripping off buyers, the only way the equation will start to balance so that BOTH parties make something is when people stop paying these inflated prices.

The only difference with KNC's offer is the word 'slim' can be replaced with 'not a snowballs chance in hell'

Bitmain sold over $250,000 worth of shares in the first couple of hours so no chance of my second sentence coming true.

[xstr8guy]

I think that knc is going crazy. Concracts are too expensive and for a limited time !


https://www.kncminer.com/products/1ths-of-bitcoin-mining-for-6-months

How the fuck with that ROI?

4 bitcoins for 1 tera/hash for only 6 months. I think that ROI (with all calculators) is impossible

I'm trying to figure out why cloud mining is such a rip off right now. You figure that there would be some price competition to bring the prices closer to reality.

Because legitimate cloud mining operations don't really care if you buy their product unless you're willing to pay more for the hash than they can earn by mining with it themselves.

You see, they are already making money by mining with the hardware now. It's a brilliant strategy for the operators and a terrible investment for customers.

[AFox]

What KNC is really doing with their mining service, is selling overpriced BTC.

[Cablez]

What KNC is really doing with their mining service, is selling overpriced BTC.

Exactly,  now the brilliance of the scheme starts to see the light of day.

[edgar]

except we were already fully aware of the implications a year ago

they havent suddenlly turned cuntish, its been evident all along.

the ONLY thing that has changed is when they ALL mutually agreed to equally fuck us over.

now theyre in collusion, nothing else has changed. (except their ball-less cheer squad have finally STFU)

cunts

[RoadStress]

except we were already fully aware of the implications a year ago

they havent suddenlly turned cuntish, its been evident all along.

the ONLY thing that has changed is when they ALL mutually agreed to equally fuck us over.

now theyre in collusion, nothing else has changed. (except their ball-less cheer squad have finally STFU)

cunts

I KNEW that something was fishy after seeing Sam's picture with thief Josh Zerlan + Avalon.

[Paladin69]

Just read the newsletter in my email.  Was the Arctic cloud hosting a joke?  It's nowhere close to April Fool's.  You can buy so much more BTC than what those hosting plans will ever buy at current rates.

[xstr8guy]

Just read the newsletter in my email.  Was the Arctic cloud hosting a joke?  It's nowhere close to April Fool's.  You can buy so much more BTC than what those hosting plans will ever buy at current rates.

A massive joke, indeed!

But have a look around. All of the other legitimate cloudmining operations are way overpriced too.

Lucky for them, they don't really need to sell contracts because they'll just mine for themselves. Unlucky for us, we'll never get an opportunity to continue mining once we shut down our @home rigs. Cloudmining will never make sense for people who are capable of basic math.

On a side note, my PBMining contracts that I started in the spring actually have a positive ROI now.
Although I don't see that happening for newcomers now.

On another side note, I lost 4.4BTC on the Lunamine scam. And I lost a considerable amount on CEX.io too. So I'm batting .333 on cloud mining ventures.

I mourn the days of lucrative mining hardware already. This sucks!

[xhomerx10]

Just read the newsletter in my email.  Was the Arctic cloud hosting a joke?  It's nowhere close to April Fool's.  You can buy so much more BTC than what those hosting plans will ever buy at current rates.

A massive joke, indeed!

But have a look around. All of the other legitimate cloudmining operations are way overpriced too.

Lucky for them, they don't really need to sell contracts because they'll just mine for themselves. Unlucky for us, we'll never get an opportunity to continue mining once we shut down our @home rigs. Cloudmining will never make sense for people who are capable of basic math.

On a side note, my PBMining contracts that I started in the spring actually have a positive ROI now.
Although I don't see that happening for newcomers now.

On another side note, I lost 4.4BTC on the Lunamine scam. And I lost a considerable amount on CEX.io too. So I'm batting .333 on cloud mining ventures.

I mourn the days of lucrative mining hardware already. This sucks!

 There is lucrative mining hardware but there is no one willing to sell it to you at normal profit margins IMHO.  The Neptune pre-order was sold to returning customers for 10k USD and to new customers for 13k USD at the same time.  I've been looking at intel CPUs and even the latest-greatest-bleeding-edge chip goes for ~1k USD.  If you also take a look at Asicminer, they were selling 10 pack u-build miners for 10.4 BTC and then two weeks later for 7.9 BTC but those chips were a done deal in June.  It seems that people are getting wiser and not coughing up the money for inflated-price miners.  Hopefully the same holds true for the Artic Cloud - we took your chips and said we ran out, oh yeah and your refund money too p.s. thanks for the loaner you silly fools - hashing project.

[edgar]

except we were already fully aware of the implications a year ago

they havent suddenlly turned cuntish, its been evident all along.

the ONLY thing that has changed is when they ALL mutually agreed to equally fuck us over.

now theyre in collusion, nothing else has changed. (except their ball-less cheer squad have finally STFU)

cunts

I KNEW that something was fishy after seeing Sam's picture with thief Josh Zerlan + Avalon.

was that the day you stormed out of KnC Centraal with them owing you grands and you owing the devil your soul?


before skipping toward SPTech with ribbons in your hair...

+10 @ xhomerx10

[RoadStress]

https://bitmaintech.com/productDetail.htm?pid=00020140830074550960Um75pnzg06E3

How do the Titan owners feel now?

[aasl]

knccloud is selling 1TH/s for 6 months at $1995. It will never ROI, and who wants to buy it?

Bitmain now launches its own cloud mining service: https://www.hashnest.com/currency_markets/17/subscription

1GH/s at 0.00135BTC, at least there is hope of ROI (although it takes a long time)

[aasl]

Just read the newsletter in my email.  Was the Arctic cloud hosting a joke?  It's nowhere close to April Fool's.  You can buy so much more BTC than what those hosting plans will ever buy at current rates.

A massive joke, indeed!

But have a look around. All of the other legitimate cloudmining operations are way overpriced too.

Lucky for them, they don't really need to sell contracts because they'll just mine for themselves. Unlucky for us, we'll never get an opportunity to continue mining once we shut down our @home rigs. Cloudmining will never make sense for people who are capable of basic math.

On a side note, my PBMining contracts that I started in the spring actually have a positive ROI now.
Although I don't see that happening for newcomers now.

On another side note, I lost 4.4BTC on the Lunamine scam. And I lost a considerable amount on CEX.io too. So I'm batting .333 on cloud mining ventures.

I mourn the days of lucrative mining hardware already. This sucks!

how did you lose coins on cex.io?

[s1gs3gv]

knccloud is selling 1TH/s for 6 months at $1995. It will never ROI, and who wants to buy it?

Bitmain now launches its own cloud mining service: https://www.hashnest.com/currency_markets/17/subscription

Specs on the Bitmain L1 are out too:  https://bitmaintech.com/productDetail.htm?pid=00020140830074550960Um75pnzg06E3

120 Mhs/ $599 / December.

The S3, the L1 and the BMT cloud must be putting the hurt on KNC. The race to the bottom is on. The company with the lowest cost basis takes all.

[poodle63]

knccloud is selling 1TH/s for 6 months at $1995. It will never ROI, and who wants to buy it?

Bitmain now launches its own cloud mining service: https://www.hashnest.com/currency_markets/17/subscription

Specs on the Bitmain L1 are out too:  https://bitmaintech.com/productDetail.htm?pid=00020140830074550960Um75pnzg06E3

120 Mhs/ $599 / December.

The S3, the L1 and the BMT cloud must be putting the hurt on KNC. The race to the bottom is on. The company with the lowest cost basis takes all.

I'm screwed already, 

[Cablez]

The writing is on the wall,

(1) just sock away some coins directly (should be getting cheaper soon with the carnage incoming)
(2) let these big guys slug each other into the dirt over scraps
(3) ?? (aka hodl)
(4) sell into the recovery (profit!)  

[5craziest]

knccloud is selling 1TH/s for 6 months at $1995. It will never ROI, and who wants to buy it?

Bitmain now launches its own cloud mining service: https://www.hashnest.com/currency_markets/17/subscription

1GH/s at 0.00135BTC, at least there is hope of ROI (although it takes a long time)

the beauty of these schemes is that it doesn't even require the company to have or use any of their equipment.  The customer pays up front.  Payouts are made based on difficulty calculations through the life of the contract.  Since you can't ROI, the residual from the initial payment is simply kept as profit.  All the while, the company can hash away with it's private mining operation

[Elenelen]

knccloud is selling 1TH/s for 6 months at $1995. It will never ROI, and who wants to buy it?

Bitmain now launches its own cloud mining service: https://www.hashnest.com/currency_markets/17/subscription

1GH/s at 0.00135BTC, at least there is hope of ROI (although it takes a long time)

the beauty of these schemes is that it doesn't even require the company to have or use any of their equipment.  The customer pays up front.  Payouts are made based on difficulty calculations through the life of the contract.  Since you can't ROI, the residual from the initial payment is simply kept as profit.  All the while, the company can hash away with it's private mining operation

I call it an inflation-Ponzi.