Topic: KnCMiner declares bankruptcy due to increased competition, upcoming halving - page 3. (Read 4263 times)

"That picture" only shows how desperate you are to find something that can back up the otherwise unsupportable assertion of incompetence.

KNC didn't make that power cable.  Those cables are made by the PSU maker (or more likely, a subcontractor), and once in a while you'll get a poorly made one not fit for continuous load (whether under or over spec).  And if you put it in crooked or don't push it in all the way, you're going to have a bad time.

I've seen, on rare occasion, those PCIE connects burn out even with Seasonic PSUs, which are server grade and run well over spec just fine.

Before that, I also spent years running overclocked GPUs with those same cables.  Going over spec isn't a big deal, no matter how much Concern you try to generate.

You're really reaching to use one fried cable as some sort of trump card.  Better warm up first, or you might pull a muscle!   

Yeah, their early miners were super expensive but because they were super efficient compared to everything else at the time. They proved they could do good work, which is why people trusted them enough to continue buying.

Regarding claims of incompetence - that picture says quite a bit. I think bringing to market a 400W device taking in power from a single connector good for less than 300W continuous is claim enough. There's a fair bit of demonstrable shoddiness in their later miners, a bunch of rookie mistakes you wouldn't expect to see in someone's college project let alone from engineers from a multi-million-dollar company. From what I've seen of KNC miners, their silicon guys were pretty good but board-level guys need help and the mechanical guys should have been fired.

The KNC Saturn/Jupiter was one of the most profitable Bitcoin miners ever released.

Not sure how you get from there to "incompetence."

I guess you believe competence alone is enough to guarantee endless success, no matter how external business conditions like price/difficulty change for the worse.

Perhaps raging butthurt has something to do with your bizarre, factually challenged assertion.  I've seen it happen before; it's never pretty when some n00b doesn't get the Magical Money Printing Machine he spent his entire allowance/mortgage payment gambling on.

I am glad to see KnC miner die!  Fuck them.  It is great to see Sam Cole burn up like a 6 pin PCI-E connector on his shitty hardware.  I hope his financial loss is significant too.  They fucked so many people with their incompetence.  With this kind of operations, it serves them right that they should die a miserable death.  Bye-bye KnC! 

Again they did the same thing they have done before...(see my previous post) leverage from one endeavor to another leaving investors (home miners then ipo cloud and data center investors etc) holding the bag...just when the profits start to happen..they change gears from in the home miner case...mnfg to competion with data halls....with IPO $$$ as partner thru data hall and cloud miner and solar in house only chip investment ..to hey we are going bankrupt and thus JUST at the point in any of these endeavors is it gonna start to pan out for the investors (ie home miners more equip..oops.....sorry we are gonna be a data hall and used your money to be so.....ipo $$$ oops cloud mining does not work any more nor does btc equip mining with the chips you helped finance ...we are moving on to this

http://www.kncminer.com/blog/newsarchive

so it all ends up in the above ..from their fast dealing medicine show.......out of town asap....now the ABOVE from what I understand is making $$$ hand over fist and I did NOT hear about a lot of IPO $$$ to launch that puppy out of house....and remember I think I heard Sam Cole used to be a banker...so it all becomes clear now don't it

(or hell maybe they got IPO $$$ for that too and are going to invest such in the next whatever)

'Evil ..is nimble it seems'

Might be, but as a company they did at least to say a poor job. 21m in startup capital, the assets gained from selling hardwares, and all the assets they mined themselves, and they declared bankruptcy? If they are doing around $480 cost-per-coin, then they were obviously doing something wrong in how the company's capital was being averted...

According to my analysis their first miner the KNC Saturn/Jupiter was one of the most profitable Bitcoin miners ever released. Shame that the company went downhill right after due to greed.

https://bitcointalksearch.org/topic/lifetime-hardware-roi-profits-for-all-bitcoin-mining-hardware-1477198

http://digital.di.se/artikel/bitcoinkursen-knackte-knc-miner--ansoker-om-konkurs

"With us it was about to go to the moon or nowhere. We never aimed to build a medium-sized company. Our investors are not happy, but they understand the situation. "

Guys, can't you read between the lines? They went bankrupt because they were over-invested in Dogecoin. TO THE MOON!

This is act 3 of KNC 'evil' master plan imho.....(remember KNC has always said (think I read this someplace...could be wrong) they mine to cash daily....and if they get BTC it is bought
after the fact..keep that in mind below...imho has always been a cash cow....you milk till it croaks...seems I was correct in my assumption

part 1

Make their 'home miners' (mercury,saturn,jupiter,neptune,titan) and use this customer money to fund their own data hall and use to start data center for btc mining (jupiter) ..thus getting
out of home mining..would not have been an issue except for promises and they announced data hall only months after pre-orders saying they would never have a data center etc etc

part 2

Using such a pre-order plan...and using (in the case of Neptunes) customer pre-order cash....make the units and give them to your data hall FIRST (4 months late to the original consumers who paid for all this) and also use such $$$ for your 'solar chip' which you deploy with IPO $$$ ...and NOT make available to the public whose money and product you are sitting on...and get big IPO $$$ from richer folk then home miners...same as part 1 with folk that have deeper pockets ...don't ya know
...also at this time 'hype up your' cloud mining operation for even more IPO $$$....so big IPO newbies with bigger pockets replace smaller home miner types with smaller pockets..

part 3

start another endeavor the finance part of KNC that is on the new york stock exchange....the IPO $$$ from the above farm and cloud mining above funds that is what is bleed out to use
as a startup cash for this

....then once it (the exchange)  is a going concern.....(again with even more IPO $$$ for this endeavor I presume) ...announce you are going to 'stop your mining farm' and declare bankruptcy....(you've already cash flowed it out that this makes sense at this point in time) wipe out any or all debt from previous miscalculations...and move on to your finance arm of a btc exchange operation up and running and doing well..and wash your hands from the rest

all paid for up front before any move from one endeavor to another

so 'everyone' but knc is left holding the bag as it were


'Brilliant" ie (evil pays.....tm knc)


Notice the pattern.......product (asic miners) cut off when no longer in the best interest of knc to maintain due to the 'competition' with their future data center.....
product (data mine) big IPO $$$ and such .hype on cloud mining etc and other big investors (see current coinbase article) ....up to the point where it too no longer
makes sense to make btc when you can play bank and move btc about for a fee....product (knc exchange) no fuss no muss no equip all funded in house with limited
I would think IPO $$$...kncminer the corp eats all previous debt/obligations.....win/win/win

or so it seems to me (again I think KNC is the personification of evil..so I may be biased ..my only proof is when I do laundry in my basement ..I try to avoid 'eye contact' with
the Titans...evil they are.....they will try to 'brick themselves' at any wary look I use in their direction (or so it seems) shudder

But kidding aside...the timing of how they use $$$ from others to their advantage and JUST when such money starts to benefit (users say more miners) or (IPO $$$ say a good return on their investment) knc then just up and goes into a 'completely different direction...leaving the above parties....with nothing to show for the investment ..then the good and happy face of Sam Cole as he uses the $$$ in a completely NEW endeavor

again the 'evil' thing they do have it down pat..most legit businesses at least 'wait' a bit so the consumers get a taste of some of the benifit of all this or in the IPO $$$ case at least
some return on their trust and investment....but not KNC ..the grass is always better at the other side of the hill as they 'sprint away'....

so I expect to see another lawsuit to KNC by the IPO investors....ie ..same song....a different band as it were

evil...got to say...they do it 'well' indeed
 

 

Or BTC will double and they will come out of bankruptcy.

So they saw they were about to become insolvent and stopped operations before that happened. Is there anything you sheep dont call a scam on this board? Just because YOU do not understand how business works you should not be running around calling everything in the world a scam.

About this time last year Scam Hole said they had 10-30,000 btc "squirreled away", which was no doubt a vast and deliberate underestimate
http://digital.di.se/artikel/bitcoinbrytarnas-dolda-skattgomma

Considering they have had so much VC money since then, it would not be surprising if they had this and MUCH more squirreled away now.

I guess they decided to dump the company with it's losses on the books, cash out their btc at $475 and onto their next criminal enterprise.

Or move their mining to another part of the world that is cheaper. Otherwise the VC's who invested in them would be in court trying to get their money back. So they must be in on the scam.

This will cause a difficulty drop, and they probably squirreled away loads of mined BTC

This only open up a new door to them so be care full this time you all know how they roll .!!!!   don't invest in them, in any form unless you like being used abused etc ....

we should start seeing a lot of KNC stuff being sold cheap like Unacceptable said, they got what was coming to them it was just a matter of time.

They could have been top dog all most forever but they got greedie and then tried to take over the bitcoin network which can't be done.

What do you mean by "Aw crap",KnC was NOT selling anything (miners) to the public,ripped off those who they did sell to awhile back & was in direct competition with home miners.

You should be sayin "Aw yeah!!!!!!" to them leaving the mining scene.

We MAY see a reduction in the diff from this,not much though,their miners are to be sold off so they'll be going somewhere to be turned back on

What about the ppl who paid thousands for hardware!?!?!??!

3 biggest ones are in China and a couple of big ones still "alive" in europe (iceland, C.republic)

if im not mistaken

Ah crap... so what mining companys are left now?

$21M in funding(s) just went to waste...

KnCMiner declares bankruptcy due to increased competition, upcoming halving

https://www.blockcrushr.com/kncminer-declares-bankruptcy-due-increased-competition-upcoming-halving

“Due to high uncertainty regarding the bitcoin block halving that occurs in July, in combination with a continued rapid capacity expansion from our competitors, the company is very unlikely to be able to fulfil it’s obligations past July. The board therefore took the decision to take the company voluntarily into receivership.”