KnC Cloud Mining - it's a bust...

[paulk11087]

So I have decided to take the plunge on buying some GH on KnC's cloud mining. I have 800 GH/s with them and I must say, the past 48 hours have been a bust! I've only mined .006 BTC in that time. I have 2 antminer S1's mining on ghash for 360gh/s and I get around .006-.007 BTC a day with that.... Anyone else having problems like this?

[JanisPetke]

Fear not.
Good old KNC is just robbing Paul to pay Peter.
They need to get the refund money for their Titans somewhere before the class action becomes too large to handle.

[paulk11087]

LOL must be... looks like I won't be buying more of this 6 month cloud contract.

[bitlite]

LOL must be... looks like I won't be buying more of this 6 month cloud contract.

Life would be wonderful if BTC as floating @ over $1,000 but unfortunately it's around $300 and falling, whilst difficulty has gone through the roof! No wonder I see thousands of Bitcoin ASIC miners on Ebay starting from $1.00 .

Game over people           

[Umberg]

Tried, paid, nothing.

[Etanllah]

LOL must be... looks like I won't be buying more of this 6 month cloud contract.

Life would be wonderful if BTC as floating @ over $1,000 but unfortunately it's around $300 and falling, whilst difficulty has gone through the roof! No wonder I see thousands of Bitcoin ASIC miners on Ebay starting from $1.00 .

Game over people           

I do agree the price of BTC is hurting mining in general. Even if it were to get up to $500, things would be looking much better!

[petersiddle98]

The question is whether the mining economy can survive with bitcoin close to $300. People who are mining now made/bought their miners when the price was higher by at least $100.

Well, if its unprofitable to mine then the difficulty would drop. So its balanced..

[bitpop]

Don't fucking do it

Knc is a fraud

[malev]

Don't mine with Knc, I tried them out and I had a horrible experience.

Try other service: The newest with the most affordable mining contracts and highest payout is http://www.ihash-mining.com/
I have been testing them since the start along with other cloud service. I am planning on posting a review on the cloud services.

Other than that Genesis-Mining is good too, but they are pricy.

[bitgeek]

Don't mine with Knc, I tried them out and I had a horrible experience.

Try other service: The newest with the most affordable mining contracts and highest payout is http://www.ihash-mining.com/
I have been testing them since the start along with other cloud service. I am planning on posting a review on the cloud services.

Other than that Genesis-Mining is good too, but they are pricy.

Never heard of them, but whatever they are the title of this thread is "KNC cloud mining" not "paste a link to your cloud mining".

[Slark]

I am surprised that someone is trusting KNC after all these times when they screwed us over. Their hardware miners were a scam and I am not suppose things are gonna change with cloud mining. Just dont do it.

[1echo]

knc ended up as scammers similar to BFL

[gorgatron]

So I have decided to take the plunge on buying some GH on KnC's cloud mining. I have 800 GH/s with them and I must say, the past 48 hours have been a bust! I've only mined .006 BTC in that time. I have 2 antminer S1's mining on ghash for 360gh/s and I get around .006-.007 BTC a day with that.... Anyone else having problems like this?

glad you posted this. i'll start by saying that i actually had good luck with their first generation of hardware miners. I was part of the October 2013 batch, and received mine 10 days late. sucked, but not the end of the world. when my BeagleBoard went kaput after ~3 months, I did have to cajole them a bit to convince them that flashing the Beagle wasn't doing the trick. they sent me replacement gear that somehow allowed me to has at ~30 GH/s faster than the original. I had to be belligerent to get the service, though.

I got into a discussion with Sam Cole at the time about how their products were overpriced, and I wanted to see them get into cloud mining, since, at the time, they were not on the same level of being crap as BFL was. I was tired of having gear at home, and could mining looked like an interesting alternative. BFL's price was too steep, IMO, and I didn't know how long I would have to wait (and if you have read other threads regarding BFL lately, it's not a secret that I used to work there - and I had ZERO confidence that they'd deliever cloud hashing in time for any investment to be profitable, unless BTC's value went up to something like $500+, but more like $700+, if I recall my calculations at the time....it's been many months since I've been involved with mining). I remember discussing with Cole that KnC would miss out on a huge opportunity, since the majority of new miners were often ignorant of how the technology worked, and that could mining would be a way to attract new customers interested in BTC, but not interested in maintaining the gear. He said they were looking into it. This was probably in February/March 2014, but my memory isn't the best on the timeline.

I knew they built 3 huge data centers, but had no idea they were selling mining contracts. So, they're shit, eh? Not surprising. They had potential coming out of the gate (like for 3 months lol), but they seemed to have gone the way of just about every BTC hardware mfg out there, which is to suck ass. Glad I sold my gear when I did, and thanks for the review on their cloud mining. I will definitely be sure to not consider them, should I decide to have anything to do with mining in the future. Thanks again!

[mfaidzul]

Rather than do cloud mining, might have better return sending the miners to a third-world country where stealing gigawatts of electricity is as easy as bribing the meter reader guy $30 a month...

Bangladesh do cross my mind..

[bbeesley]

Rather than do cloud mining, might have better return sending the miners to a third-world country where stealing gigawatts of electricity is as easy as bribing the meter reader guy $30 a month...

yes, because instead of investing thousands of dollars and trusting KNC, who might be crooks, I am better off sending thousands of dollars of equipment to a third world country and trusting someone who is a crook and willing to steal electricity for me.

[Pepin]

Rather than do cloud mining, might have better return sending the miners to a third-world country where stealing gigawatts of electricity is as easy as bribing the meter reader guy $30 a month...

yes, because instead of investing thousands of dollars and trusting KNC, who might be crooks, I am better off sending thousands of dollars of equipment to a third world country and trusting someone who is a crook and willing to steal electricity for me.

Here is the difference: KNC is scamming you, but your business partner in the third world country might be scamming you.

[Paladin45]

Try other service: The newest with the most affordable mining contracts and highest payout is http://www.xxxx-mining.com/
I have been testing them since the start along with other cloud service. I am planning on posting a review on the cloud services.

LOL! These boys have SCAM written all over them, including the fact they've misspelled their own company name on their website.

[Diabolic]

Tried, paid, nothing.

Tried the same here. Totally nothing.

[bitpop]

Stop paying, knc is a scam

[hulk]

So I have decided to take the plunge on buying some GH on KnC's cloud mining. I have 800 GH/s with them and I must say, the past 48 hours have been a bust! I've only mined .006 BTC in that time. I have 2 antminer S1's mining on ghash for 360gh/s and I get around .006-.007 BTC a day with that.... Anyone else having problems like this?

You forget to factor in maintenance charges. Hashnest give me about the same payout..