Topic: Swedish ASIC miner company kncminer.com - page 427. (Read 3050075 times)

Quote from: xhomerx10 on May 28, 2014, 07:19:02 PM

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

The only article I remember was one on a Swedish website that reported knc were mining three million kronor a day, which I calculated at the time was
3,000,000.00 SEK = 458,525.01 USD

https://bitcointalksearch.org/topic/m.6057284

They are still mining $1million+ each week, so I also find it hard to see them going bankrupt any time soon.

That is terrible. So they have driven the difficulty up using our per-order money to fund the operation and neutered our pre-ordered miners in the process while at the same time suppressing Bitcoin price by dumping them on the market as they are produced. Did Sam not say they had a "Customer first" policy?! Huh! Platinum member of the Bitcoin foundation to boot...

Syke

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I thought the mining farm was simply hosting for customer ASICs? They said they would never mine with more than 5% of sales to customers!
Wait I'll see if I can find a link to the quote...
Here it is! https://www.kncminer.com/pages/faq <-- see question #2

Yeah, they didn't actually keep that promise.

xhomerx10

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Quote from: xhomerx10 on May 28, 2014, 09:43:03 AM

Quote from: CYPER on May 28, 2014, 08:45:21 AM

I forgot to mention, but I got my BTC refund for 3 Neptunes on the 20th May, just hours before the price started to rise. KNC couldn't have chosen a better time.
Original purchase price for 3 was around 30400USD and I got 66.5BTC back at 457USD exchange rate.
With the current exchange rate that is almost $8000 ahead.

I am so glad I requested a refund

I guess the only way you can "profit" off of a refund in BTC is if you paid less for the bitcoin at the time of purchase, right? Or had it sitting in a wallet mined it for free, then anything over the price they charged would be %100 profit. Shit, not a bad deal. A blessing in disguise. Now, everyone with that profit go BUY some bitcoin!

Well, 2 of the Neptunes were paid in cash with USD transfer and the 3rd one was paid in BTC (10.3BTC) mined with Jupiters when the price was near 1000USD.
So from my point of view I invested ~$20300 + 10.33BTC AND got back 66.5BTC.
I consider that a good investment overall.

Sounds like the refunds are going to bankrupt KNC!

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

I thought the mining farm was simply hosting for customer ASICs? They said they would never mine with more than 5% of sales to customers!
Wait I'll see if I can find a link to the quote...
Here it is! https://www.kncminer.com/pages/faq <-- see question #2

The Avenger

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their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

The only article I remember was one on a Swedish website that reported knc were mining three million kronor a day, which I calculated at the time was
3,000,000.00 SEK = 458,525.01 USD

https://bitcointalksearch.org/topic/m.6057284

They are still mining $1million+ each week, so I also find it hard to see them going bankrupt any time soon.

Unacceptable

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Quote from: xstr8guy on May 28, 2014, 04:30:53 PM

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

That was Dave at Megabigpower's farm,wasn't it,when BTC hit it's alltime high............it has since dropped its earnings ALOT Wink

tzortz

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their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

I looked for the article but couldn't find it. Wasn't that in January or February? BTC price was a lot higher and difficulty was much lower. It's unlikely that they are still making that kind of money now.

Remember, they had to clear out 400 piles of junk to relieve themselves of the future obligation to ship out 400 Neptunes. It seems to me like a desperate attempt to balance their books. While at the same time, significantly reducing the hashing power or their datacenter.

Unless they are fully loaded , already, with Neptunes?

xstr8guy

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Glow Stick Dance!

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

I looked for the article but couldn't find it. Wasn't that in January or February? BTC price was a lot higher and difficulty was much lower. It's unlikely that they are still making that kind of money now.

Remember, they had to clear out 400 piles of junk to relieve themselves of the future obligation to ship out 400 Neptunes. It seems to me like a desperate attempt to balance their books. While at the same time, significantly reducing the hashing power or their datacenter.

tzortz

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It was.

bkminer

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Don't let the nam-shub in your operating system.

Quote from: BitcoinPappi on May 28, 2014, 07:35:23 AM

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

Sam Cole told Forbes they are making 8,000,000 SEK a day that's $1,203,552.00 USD currently.

The Avenger

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KNC sent me a hosted Juniper that I had with them. However 2 out of the 4 dies are dead. They have verified this after running the diagnostics. They now want me to pay for the return of the defective boards and then wait until they investigate the issue.

The miner did not work at all out of the box, was defective to begin with. Should I be required to pay for return shipping ? Is that how it works with manufacturers ?

Refer KNC to their own terms and conditions.
https://www.kncminer.com/pages/tandc

Quote

5. Returns

5.1 Returns are only accepted upon the prior approval of KnCMiner. In the event of a return, KnCMiner is entitled to make deductions due to any deficiencies. KnCMiner is entitled to request and require the Purchaser to grant KnCMiner opportunity to conduct inspection of the Products prior to accepting a return. Any return cost will be charged to the Purchaser, unless the return has been subject to the prior approval of KnCMiner.

If you have run their diagnostic tool and they acknowledge from the results the boards are damaged, their own T&C's dictate THEY are responsible to pay the return costs, not the customer.

Remind them of this and ask them to send you a pre-paid UPS label for the return shipping.

They can NOT ship you a faulty miner and expect YOU to pay to fix it.

It's pretty obvious if your miner was working 100% when hosted and has two broken boards out of the box that they put two used/faulty boards into it. Sounds disgusting, but it's how they roll these days. Even ~~Spurt~~ Kurt on the KNC forum admitted they shipped used goods to the frankenjup customers.

TL/DR Don't take any shit from them. Tell them their T&c's say they will cover the return costs (on the basis they accept the results of their diagnostic tool - what else is it for?). Ask for them to issue you a UPS label.

Phoenix1969

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LIR DEV

Quote from: xhomerx10 on May 28, 2014, 09:48:12 AM

Quote from: DeathAndTaxes on May 28, 2014, 09:42:18 AM

Quote from: xhomerx10 on May 28, 2014, 09:38:39 AM

Also, A/C's have an efficiency of ~30% which means it would take a 4000 watt unit to remove the heat from your 1260 watts worth of gridseed blades.

Um AC have an "efficiency" of 300% to 500%+. They are heat pumps. 1W of electricity is sufficient to move 3 to 5W of heat.

I feel like such an idiot! Embarrassed

Would you believe I am working night shifts right now?

I apologize, but a fan is about a thousand times more efficient in MOVING heat than any "Air-con".

SgtMoth

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buy silver!

Quote from: bittawm on May 28, 2014, 03:10:23 AM

Quote from: SgtMoth on May 28, 2014, 12:17:06 AM

Quote from: bittawm on May 27, 2014, 04:59:36 PM

congradulations to all you who are up

I am certainly not

screwed over with a fucked super jup

and no compensation or any responsibility taken

-.-

some times are good but not my times right now

Were you not able to get any going? Need some help?

got 2th up but the rest of my boards are stuffed Sad

have you tried the custom firmware?

raskul

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greedy bastards.

faetos

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gotta let a coin be a coin

Quote from: xhomerx10 on May 28, 2014, 09:43:03 AM

Quote from: CYPER on May 28, 2014, 08:45:21 AM

Quote from: DeathAndTaxes on May 28, 2014, 09:42:18 AM

I forgot to mention, but I got my BTC refund for 3 Neptunes on the 20th May, just hours before the price started to rise. KNC couldn't have chosen a better time.
Original purchase price for 3 was around 30400USD and I got 66.5BTC back at 457USD exchange rate.
With the current exchange rate that is almost $8000 ahead.

I am so glad I requested a refund

I guess the only way you can "profit" off of a refund in BTC is if you paid less for the bitcoin at the time of purchase, right? Or had it sitting in a wallet mined it for free, then anything over the price they charged would be %100 profit. Shit, not a bad deal. A blessing in disguise. Now, everyone with that profit go BUY some bitcoin!

Well, 2 of the Neptunes were paid in cash with USD transfer and the 3rd one was paid in BTC (10.3BTC) mined with Jupiters when the price was near 1000USD.
So from my point of view I invested ~$20300 + 10.33BTC AND got back 66.5BTC.
I consider that a good investment overall.

Sounds like the refunds are going to bankrupt KNC!

their mining farm generates about $500,000 usd a day. They won't be going bankrupt anytime soon. They're just greedy bastards which is why they delay the refunds.

xhomerx10

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Quote from: xhomerx10 on May 28, 2014, 09:38:39 AM

Also, A/C's have an efficiency of ~30% which means it would take a 4000 watt unit to remove the heat from your 1260 watts worth of gridseed blades.

Um AC have an "efficiency" of 300% to 500%+. They are heat pumps. 1W of electricity is sufficient to move 3 to 5W of heat.

I feel like such an idiot! Embarrassed

Would you believe I am working night shifts right now?

opentoe

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Personal text my ass....

Quote from: BitcoinPappi on May 28, 2014, 07:35:23 AM

KNC sent me a hosted Juniper that I had with them. However 2 out of the 4 dies are dead. They have verified this after running the diagnostics. They now want me to pay for the return of the defective boards and then wait until they investigate the issue.

The miner did not work at all out of the box, was defective to begin with. Should I be required to pay for return shipping ? Is that how it works with manufacturers ?

Yep, that's the way they play it. While most companies honor their products and would pay for shipping both ways, KNC won't do that for you. My father lives in NJ and it cost him $114 to send one board. These rigs aren't even close to what we would call a normal warranty...at least KNC could do is pay for shipping for the customer, especially if their hardware dies in such a short time out of the gate. It is very obvious KNC doesn't want to deal with customer's going forward. Making customer's pay for shipping costs when the product is only 6-8 months old. I hope everyone just remembers this when KNC tries to sell something else. People will be saying to themselves, "ouch, that $114 dollar sting I got stuck with to ship their defective hardware back when it was only 7 months old, no I'll pass and move on to the next company".

xhomerx10

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Quote from: CYPER on May 28, 2014, 08:45:21 AM

Quote from: xhomerx10 on May 28, 2014, 09:38:39 AM

I forgot to mention, but I got my BTC refund for 3 Neptunes on the 20th May, just hours before the price started to rise. KNC couldn't have chosen a better time.
Original purchase price for 3 was around 30400USD and I got 66.5BTC back at 457USD exchange rate.
With the current exchange rate that is almost $8000 ahead.

I am so glad I requested a refund

I guess the only way you can "profit" off of a refund in BTC is if you paid less for the bitcoin at the time of purchase, right? Or had it sitting in a wallet mined it for free, then anything over the price they charged would be %100 profit. Shit, not a bad deal. A blessing in disguise. Now, everyone with that profit go BUY some bitcoin!

Well, 2 of the Neptunes were paid in cash with USD transfer and the 3rd one was paid in BTC (10.3BTC) mined with Jupiters when the price was near 1000USD.
So from my point of view I invested ~$20300 + 10.33BTC AND got back 66.5BTC.
I consider that a good investment overall.

Sounds like the refunds are going to bankrupt KNC!

DeathAndTaxes

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Gerald Davis

Also, A/C's have an efficiency of ~30% which means it would take a 4000 watt unit to remove the heat from your 1260 watts worth of gridseed blades.

Um AC have an "efficiency" of 300% to 500%+. They are heat pumps. 1W of electricity is sufficient to move 3 to 5W of heat.

xhomerx10

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Quote from: bkminer on May 26, 2014, 11:16:10 PM

Wow, that is "impressive." I'm down to running 2 boards and 14 sitting around mostly because of the heat. I have 9 Gridseed blades that use about 1260 watts, and the heat seems to come from the PSUs more than the actual ASIC boards. Then I discovered the biggest heat emitter is the new monitor I got. I've resigned myself to the BTC I've mined so far, my last attempt to rent space to put the boxes seems to have fallen through and I've watched the auctions on eBay and most KnC auctions (except the upgrade boards) go with 0 bids, even the lower priced ones. Maybe my 3 year old A/C should be replaced and it would cool better.

A couple of tips - if there is more heat coming from your PSU than what is connected, then it is very, very inefficient - less than 50% and you need to get rid of those. ~~Also, A/C's have an efficiency of ~30% which means it would take a 4000 watt unit to remove the heat from your 1260 watts worth of gridseed blades~~ Invert that Embarrassed

If you can put everything in one room, isolate it from the house and use an exhaust fan, it would be much more economical than using A/C and shutting down your units.

http://www.rotron.com/techcorner/cooling-flow.aspx <-- airflow calcualtions

CYPER

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