KnCMiner sells $8 million worth of new 20nm Bitcoin mining hardware in 24 hours

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A company by the name of KnCMiner claims to have sold $8 million worth of Bitcoin miners in just 24 hours last week. Each machine, called the Neptune, sells for $10,000 and is technically capable of mining up to 2.1 Bitcoins each day under optimal circumstances. At current trading rates, that’s more than $2,000 in Bitcoins every 24 hours – not a bad payout.

The comapny put the new units up for sale last Wednesday and sold $1 million worth every hour for the first five hours. But what’s so great about these new machines compared to previous offerings?

It all comes down to the manufacturing process as the new systems run on a 20-nanometer application-specific integrated circuit (ASIC). That means more circuits can fit onto a single chip which in turn translates into less power consumption, more processing power and less heat.

With Bitcoin mining, the cost of electricity is the key limiting factor. If you can generate more money in Bitcoins than it costs to initially pay for and keep the system running 24/7, you’ll make a profit. The Neptune units claim to enjoy a 30 percent reduction in power usage over previous models which could go a long way in helping to generate a profit.

KnC spokesperson Alex Lawn also revealed that 70 percent of all Bitcoins mined each day are from KnC customers although there’s really no way to verify that claim.

The company said they hope to ship Neptune miners by the second quarter of 2014 at the latest.

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