Swedish ASIC miner company kncminer.com

[edgar]

Guys!!!! Some1 Help me pleeeeease
I bought my 3 KNC Titans in june, but they just got produced today, after several months, and the LTC is already in 90USD/day with the 3 machines, what could i do???
Does the Titan mine Scrypt-N?
And what is the hash for that???
Can someone send me a tutorial for setup?
I am going to pick them in sweden next week...

My warmest condolences.

welcome to the club my only hope is they get alt coin fast block mining to work and I go 'unicorn hunting' at an elec loss for the next
dodge coin success on day 1  type coin of the future....(hey it could happen..i could win the lottery....i could make a warp drive for cash etc)

kinda glad i had to do this as a biz at least i can get equip depreciation 25% on the Titan 7.6k loss is less trama

so live an learn i guess ...talk to a CPA with 3 Titans I'd call myself a home biz and write of 25% in equip depreciation $$$ towards
taxes in real cash (5yrs 20% a year) of the loss or at least look into such
with 3 titans you certainly would look like a hard core small biz startup thats for sure only angle I have on all this so far

and also my condolences as well........it does suck...

From what I can find, the best rate you'll pay in Sweden for electricity is about 8 eurocents per kWh, which isn't very good. That's what large mines and data centres pay.

Shish... Try 43 cents a Kilowatthour...  8 cents is friggin cheap compared to The Big I.
But now solar saved me. (Yep, Jupiter coin was spent to get it)
GoodBye 350 to 550 a month electric bills.
Wish Neppie or Titan could do the same but ever since they went corporate with Brock and other idiots the whole company went down the toilet.

shhhh....don't tell edgar you sold high on btc and bought a massive solar setup and are off the grid....
he might bring up that whole 'mastermind' thing again evil genius that you obviously are ..heh

(wonder what old edgar has been saying lately....since i last saw him quoted ...he really does need some mental health help)

ah the joys of /ignore i can say what I please and not have to read edgar..sorry to you guys who don't have him on /ignore after this post

by the way phoneix's solar setup is big enough he is COMPLETELY OFF the grid and is buying back in the coin he sold back a heck of a lot cheaper

me I just be still a holding

heh.....well at least someone did good with their BTC mined from KNC and was smart enough to get refuned on the Neptune in time!

as for my Titan to be fair it does make a fairly good space heater..

the joys of (half-feigned) ignorance.... i've heard its bliss.

[cryptodevil]

its not awkward for them as any admission is legally binding - hence the silence.


'you have the RIGHT to remain silent'

They also have the right to suddenly pull that Titan sales page and replace the confident "all scrypt applications" assertion with some mumbling about 'tweakers' appreciating the modular design. No more mention of performance!

https://www.kncminer.com/categories/litecoin-mining-hardware

Litecoin Mining Hardware
Main PageLitecoin Mining Hardware

With our innovative mining solutions we offer complete upgradable modular ASIC mining devices.

The Titan uses our new modular design system, the chips are delivered in individual "cube" cases, each chip with its own dedicated cooling and power management. The controller cards are also delivered separately.
Our new modular design adds several benefits besides making management, service and upgrades easier. Each module having its own case also enhances efficiency in cooling and we can make each cube very quiet. Downtime is also minimized and tweakers appreciate the design as it makes it easy for them to tinker with one chip/cube at a time, while still having the rest of their cubes running independently.
 
With the small size of each cube it’s easy to arrange and move chips around to fit also in cramped spaces.
 
In choosing the cube design we’ve also made adequate space for the most effective on-board components, which in turn also help making our ASIC hardware products industry-leading in energy-efficiency.
 
(Please note: our mining rig production and shipping queue is based upon the date full payment is received, not on date order created).
 
All litecoin mining hardware is currently sold-out.

Oh KnC, how *are* you going to answer that oh-so-difficult question regarding "all scrypt applications", when everybody concerned has already clocked the fact you boldly asserted a performance specification in the sales description that turned out to be utterly false?

In fact, how *are* you going to deal with the thorny issue that a scrypt miner which is limited to where it can actually mine, is a rather unusual beast and, as such, said limitation would have had to have been disclosed as part of the original sales description in order to avoid being accused of essential breach of contract, amongst other potential charges.

Tricky, tricky, tricky. What *is* one to do?

[mishax1]

So what's the word from Magnus or any other lawyer that deals with this lawsuit ? 

Anyone hired a lawyer please provide some info   

My titan is still at UPS (for two weeks now) and they are bugging me to give them and answer so they release it to the customs and then i'll have to pay 2000$ to get it..

[cryptodevil]

My friend's company has a top-class Swedish lawyer on the case, asking KnC's lawyer, who tried to claim there was nothing wrong with the Titan, to answer the question, "are you saying this device can be used for ALL scrypt applications?".

As I have been saying, it's going to be *real* interesting to see how KnC answer that particular question when they've already posted on their own forums and in email replies that it can't function properly for fast-block-time networks or p2pool.

Now they have pulled that "all scrypt applications" claim from their website, I'd say it might have got their attention.

Did you cancel your order prior to KnC shipping it?

[Searing]

My friend's company has a top-class Swedish lawyer on the case, asking KnC's lawyer, who tried to claim there was nothing wrong with the Titan, to answer the question, "are you saying this device can be used for ALL scrypt applications?".

As I have been saying, it's going to be *real* interesting to see how KnC answer that particular question when they've already posted on their own forums and in email replies that it can't function properly for fast-block-time networks or p2pool.

Now they have pulled that "all scrypt applications" claim from their website, I'd say it might have got their attention.

Did you cancel your order prior to KnC shipping it?

they may dodge this by saying it never applied to multipool mining ...but can't see how they can get around it not working with fast block new coin startups etc
plus the other stuff it should do with alts but don't the promised ie scrypt N which is i think a bigger fantasy then my Titan every making back 1/2 its purchase price

[Phoenix1969]

Question...
I'm wondering if replacing Titan's Pi with a BBB will help the fast-block coins and/or multipool.... 
Has anyone tried?

[jelin1984]

i think the same my friend any link to buy bbb?

[mishax1]

My friend's company has a top-class Swedish lawyer on the case, asking KnC's lawyer, who tried to claim there was nothing wrong with the Titan, to answer the question, "are you saying this device can be used for ALL scrypt applications?".

As I have been saying, it's going to be *real* interesting to see how KnC answer that particular question when they've already posted on their own forums and in email replies that it can't function properly for fast-block-time networks or p2pool.

Now they have pulled that "all scrypt applications" claim from their website, I'd say it might have got their attention.

Did you cancel your order prior to KnC shipping it?

I did ask for a refund a few months ago and declined of course. Was there another way to "cancel" the order ?

[CYPER]

I am so glad I got out of the mining game and managed to do it at the correct time.

Btw what is the current lowest price for GH/s for a complete product and have we reached the point where the electricity cost has surpassed the mining revenue?

[s1gs3gv]

Question...
I'm wondering if replacing Titan's Pi with a BBB will help the fast-block coins and/or multipool.... 

No, it won't. The rPI performance is not a limiting factor.

[Syke]

I am so glad I got out of the mining game and managed to do it at the correct time.

Btw what is the current lowest price for GH/s for a complete product and have we reached the point where the electricity cost has surpassed the mining revenue?

It's getting there if you have expensive electricity.

Antminer S3+, $210 USD, 450 GH/s

income = $2/day
electricity@$.15/kwh = $1.25/day.

I'm not growing my farm now, but the income and spare heat is quite nice this winter.

[CYPER]

I am so glad I got out of the mining game and managed to do it at the correct time.

Btw what is the current lowest price for GH/s for a complete product and have we reached the point where the electricity cost has surpassed the mining revenue?

It's getting there if you have expensive electricity.

Antminer S3+, $210 USD, 450 GH/s

income = $2/day
electricity@$.15/kwh = $1.25/day.

I'm not growing my farm now, but the income and spare heat is quite nice this winter.

These attract VAT+duty when imported in the EU, so the total comes around 250USD. Then you need a PSU, so let's say 30USD more.
Total = 280USD

Basically these will never see break even.
Here in the UK these will bring 0.30GBP profit daily 

[Phoenix1969]

Question...
I'm wondering if replacing Titan's Pi with a BBB will help the fast-block coins and/or multipool.... 

No, it won't. The rPI performance is not a limiting factor.

thx

[raskul]

I am so glad I got out of the mining game and managed to do it at the correct time.

Btw what is the current lowest price for GH/s for a complete product and have we reached the point where the electricity cost has surpassed the mining revenue?

It's getting there if you have expensive electricity.

Antminer S3+, $210 USD, 450 GH/s

income = $2/day
electricity@$.15/kwh = $1.25/day.

I'm not growing my farm now, but the income and spare heat is quite nice this winter.

These attract VAT+duty when imported in the EU, so the total comes around 250USD. Then you need a PSU, so let's say 30USD more.
Total = 280USD

Basically these will never see break even.
Here in the UK these will bring 0.30GBP profit daily 

this.

we should be seeing a far bigger drop in difficulty than we are. however, from what I see across these forums, there seems to be even more new miners than there was last year at this point. insane.
the only reason I still have 8TH/s running is because my electric is free. If it wasn't for that, I doubt very much i'd have such 'confidence in the price of bitcoin'

 

[cryptodevil]

I did ask for a refund a few months ago and declined of course. Was there another way to "cancel" the order ?

Well, I cannot say, yet, whether KnC's failure to meet the specification of "all scrypt applications" is sufficient for an across-the-board liability and obligation to honour every and all cancellation and refund request, however, given that my friend's company's legal challenge to KnC is within their asserted 'B2B' trade agreement meaning that, unlike a consumer product you cannot simply cancel on a whim, the fact they have failed to deliver a device which can work for all scrypt applications and were informed of the cancellation and refund request after they themselves had confirmed it could not mine on p2pool or fast-block-time coins, means the cancellation instruction was not made 'on a whim', but because of there being a serious deviation from the original specifications, with a limitation of use that was not disclosed at the time of purchase, it is possible that said product limitation will expose them to being obligated to give full refunds to anybody who asks for one, or it might be limited only to those cancellations and refunds they were advised of prior to despatch and based on the units being of limited use.

That they are grossly late in delivering these Titans is irrelevant because, as everybody observed months ago, all they had to do was ship one Titan out before the end of September, which I believe is what they did.

That the units didn't mine reliably or at the promised speeds was always going to see KnC excusing themselves with "the promised speeds were only estimates".

That there was now little-to-no chance of ever making ROI was, to be fair to KnC on this point, legally nothing to do with them.

A limitation of use, however, is something that must be disclosed at the time of sale/purchase for a product that would otherwise be reasonably assumed not to have such a limitation. No other scrypt ASIC miner on the market is sold with a limitation on where it can function, the Titan is the only one with such a limit and, even up to the end of last week KnC's sales web-page was touting the Titan as being able to be used "for all scrypt applications" when, the fact is, no, it cannot be used for all scrypt applications.

BTW, I realise actually that the removal of the "all scrypt applications" element of KnC's sales page on their website is because they have posted, "All litecoin mining hardware is currently sold-out."

Which means the offending text contained within the Titan sales description is not there anymore.

For those who miss its bold, confident, albeit false, assertion:

The Titan Scrypt Miner chip sports 2284 cores running 18272 threads. It can be utilised for any Scrypt-based application

So, KnC, any chance of answering this gentleman's valid question?
http://forum.kncminer.com/forum/main-category/hardware/69437-when-will-the-titan-be-able-to-mine-all-scrypt-based-coins

[CYPER]

I am so glad I got out of the mining game and managed to do it at the correct time.

Btw what is the current lowest price for GH/s for a complete product and have we reached the point where the electricity cost has surpassed the mining revenue?

It's getting there if you have expensive electricity.

Antminer S3+, $210 USD, 450 GH/s

income = $2/day
electricity@$.15/kwh = $1.25/day.

I'm not growing my farm now, but the income and spare heat is quite nice this winter.

These attract VAT+duty when imported in the EU, so the total comes around 250USD. Then you need a PSU, so let's say 30USD more.
Total = 280USD

Basically these will never see break even.
Here in the UK these will bring 0.30GBP profit daily 

this.

we should be seeing a far bigger drop in difficulty than we are. however, from what I see across these forums, there seems to be even more new miners than there was last year at this point. insane.
the only reason I still have 8TH/s running is because my electric is free. If it wasn't for that, I doubt very much i'd have such 'confidence in the price of bitcoin'

 

I don't think we will see a very big drop in difficulty, because mining has moved from the home of the average person to large industrial data centres where they pay cheap electricity rates.
So these mining companies are still very much profitable.

[raskul]

I am so glad I got out of the mining game and managed to do it at the correct time.

Btw what is the current lowest price for GH/s for a complete product and have we reached the point where the electricity cost has surpassed the mining revenue?

It's getting there if you have expensive electricity.

Antminer S3+, $210 USD, 450 GH/s

income = $2/day
electricity@$.15/kwh = $1.25/day.

I'm not growing my farm now, but the income and spare heat is quite nice this winter.

These attract VAT+duty when imported in the EU, so the total comes around 250USD. Then you need a PSU, so let's say 30USD more.
Total = 280USD

Basically these will never see break even.
Here in the UK these will bring 0.30GBP profit daily 

this.

we should be seeing a far bigger drop in difficulty than we are. however, from what I see across these forums, there seems to be even more new miners than there was last year at this point. insane.
the only reason I still have 8TH/s running is because my electric is free. If it wasn't for that, I doubt very much i'd have such 'confidence in the price of bitcoin'

 

I don't think we will see a very big drop in difficulty, because mining has moved from the home of the average person to large industrial data centres where they pay cheap electricity rates.
So these mining companies are still very much profitable.

indeed, i can't argue against any of that comment. In fact, i very much doubt we will see any decrease in the difficulty in the rest of 2014.
so... it's all going to boil down to who has the cheapest electric costs? (Dr Bunsen and Beaker will be rubbing their hands at this!)

[s1gs3gv]

I did ask for a refund a few months ago and declined of course. Was there another way to "cancel" the order ?

Well, I cannot say, yet, whether KnC's failure to meet the specification of "all scrypt applications" is sufficient for an across-the-board liability and obligation to honour every and all cancellation and refund request, however, given that my friend's company's legal challenge to KnC is within their asserted 'B2B' trade agreement meaning that, unlike a consumer product you cannot simply cancel on a whim, the fact they have failed to deliver a device which can work for all scrypt applications and were informed of the cancellation and refund request after they themselves had confirmed it could not mine on p2pool or fast-block-time coins, means the cancellation instruction was not made 'on a whim', but because of there being a serious deviation from the original specifications, with a limitation of use that was not disclosed at the time of purchase, it is possible that said product limitation will expose them to being obligated to give full refunds to anybody who asks for one, or it might be limited only to those cancellations and refunds they were advised of prior to despatch and based on the units being of limited use.

That they are grossly late in delivering these Titans is irrelevant because, as everybody observed months ago, all they had to do was ship one Titan out before the end of September, which I believe is what they did.

That the units didn't mine reliably or at the promised speeds was always going to see KnC excusing themselves with "the promised speeds were only estimates".

That there was now little-to-no chance of ever making ROI was, to be fair to KnC on this point, legally nothing to do with them.

A limitation of use, however, is something that must be disclosed at the time of sale/purchase for a product that would otherwise be reasonably assumed not to have such a limitation. No other scrypt ASIC miner on the market is sold with a limitation on where it can function, the Titan is the only one with such a limit and, even up to the end of last week KnC's sales web-page was touting the Titan as being able to be used "for all scrypt applications" when, the fact is, no, it cannot be used for all scrypt applications.

BTW, I realise actually that the removal of the "all scrypt applications" element of KnC's sales page on their website is because they have posted, "All litecoin mining hardware is currently sold-out."

Which means the offending text contained within the Titan sales description is not there anymore.

For those who miss its bold, confident, albeit false, assertion:

The Titan Scrypt Miner chip sports 2284 cores running 18272 threads. It can be utilised for any Scrypt-based application

So, KnC, any chance of answering this gentleman's valid question?
http://forum.kncminer.com/forum/main-category/hardware/69437-when-will-the-titan-be-able-to-mine-all-scrypt-based-coins

In my (lay) opinion, this is the very best legal argument available for a refund - the product they delivered was not the product they advertised. I am surprised to see that prominent actions against KNC have not adopted it, preferring the '14 day cooling off' regulations for consumer customers and 'time is of the essence' argument for business customers.

[luffy]

Well, i am still waiting for a refund asked during May for an order made on February!
Their answer is the same always, "sorry for the delay, you refund is in its way" 

[vesperwillow]

Well, i am still waiting for a refund asked during May for an order made on February!
Their answer is the same always, "sorry for the delay, you refund is in its way" 

AKA, they haven't mined it yet.