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

Shawn Knight

TechSpot Staff
Staff member
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...

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Kibaruk

TechSpot Paladin
So... if this is so profitable, why sell them and not use them in a macro operation??
 

Hexic

TS Evangelist
TechSpot Elite
Way to cash out on the Bitcoin market.. from what I've heard eventually it'll be almost impossible to mine 'new' bitcoins.

And I don't mean to be a prude, but in the second paragraph 'company' is misspelled. :p
 

Camikazi

TS Evangelist
So... if this is so profitable, why sell them and not use them in a macro operation??
Cause they know that if they sell the hardware even if the bitcoin bubble pops they keep the money, if they get caught with huge sums of coins and the price drops to almost nothing they are screwed.
 

Cycloid Torus

Stone age computing - click on the rock below..
So-o-o-o totally puzzled by this Bitcoin thing. Seems to me that you use a bunch of equipment and a bunch of electricity (stolen, 'borrowed' or your own) to split some mathematical hairs in such a manner as to be eventually declared the owner of some electronic non-existent thing called a Bitcoin. Once possessed of such, you can trade it away or accumulate more of them by trading goods and/or services (legal and otherwise).

So why would you want the Bitcoin side of the transaction? Well, it seems there are stories that indicate that as an investment it is "SPECTACULAR!!" (shouted from several rooftops).

Reminds me of the Dutch Tulip Bulb Bubble of 1637..folks were selling their homes to invest in tulip bulbs ( http://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds ) without thinking about natural propagation.

Could Bitcoins be the new tulip bulbs?

Did I ever tell you about my friend the Emperor and his new duds?
 
G

Guest

By the time people get these into their hands the mining difficulty will probably have quadrupled
(at least). Unless they've factored that in, they will mine much less than stated here and even less a few weeks after people start powering these up and forcing the difficulty level up yet again.
 
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howzz1854

TS Evangelist
So-o-o-o totally puzzled by this Bitcoin thing. Seems to me that you use a bunch of equipment and a bunch of electricity (stolen, 'borrowed' or your own) to split some mathematical hairs in such a manner as to be eventually declared the owner of some electronic non-existent thing called a Bitcoin. Once possessed of such, you can trade it away or accumulate more of them by trading goods and/or services (legal and otherwise).

So why would you want the Bitcoin side of the transaction? Well, it seems there are stories that indicate that as an investment it is "SPECTACULAR!!" (shouted from several rooftops).

Reminds me of the Dutch Tulip Bulb Bubble of 1637..folks were selling their homes to invest in tulip bulbs ( http://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds ) without thinking about natural propagation.

Could Bitcoins be the new tulip bulbs?

Did I ever tell you about my friend the Emperor and his new duds?
hahah... like all bubbles, that's how it starts and how it ends. except the tulip bubble was the best.

bubble is all fine and dandy as long as you're not the last one holding the hot potatoes. lucky ones are the ones got into it early as any means of accident, and are cashing in now.
 

Darth Shiv

TS Evangelist
So-o-o-o totally puzzled by this Bitcoin thing. Seems to me that you use a bunch of equipment and a bunch of electricity (stolen, 'borrowed' or your own) to split some mathematical hairs in such a manner as to be eventually declared the owner of some electronic non-existent thing called a Bitcoin. Once possessed of such, you can trade it away or accumulate more of them by trading goods and/or services (legal and otherwise).

So why would you want the Bitcoin side of the transaction? Well, it seems there are stories that indicate that as an investment it is "SPECTACULAR!!" (shouted from several rooftops).

Reminds me of the Dutch Tulip Bulb Bubble of 1637..folks were selling their homes to invest in tulip bulbs ( http://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds ) without thinking about natural propagation.

Could Bitcoins be the new tulip bulbs?

Did I ever tell you about my friend the Emperor and his new duds?
How is it any different to normal currency? If you use your credit card, you are using imaginary money. Even the real notes are just printed in whatever quantity the government wants.

It's all supply and demand which is exactly why Bitcoin is worth so much.
 

cliffordcooley

TS Redneck
How is it any different to normal currency?
For one, you always know what you have with normal currency. With Bitcoins, you don't know if the value is going to rise or fall. Bitcoins is more of an on-line slot machine than a stabilized currency. You put money in and never know what you are going to get out, until after monitoring exchange rates (aka: very unstable stock market).
 

Darth Shiv

TS Evangelist
For one, you always know what you have with normal currency. With Bitcoins, you don't know if the value is going to rise or fall. Bitcoins is more of an on-line slot machine than a stabilized currency. You put money in and never know what you are going to get out, until after monitoring exchange rates (aka: very unstable stock market).
That's all relative... just look at the Euro when one of the EU countries gets closed to or actually defaults... you'll get substantial fluctuations there. Bitcoin has a while to go until it stabilises but every currency bounces around a bit.
 

howzz1854

TS Evangelist
That's all relative... just look at the Euro when one of the EU countries gets closed to or actually defaults... you'll get substantial fluctuations there. Bitcoin has a while to go until it stabilises but every currency bounces around a bit.

normally yes, but some people might call $20~$1000 within a year more than "a little bit" of fluctuation. that's 5000% of fluctuation all within a year.

to put it in perspective, the crash of 2008~2009 dow jones was 54%.

the last time anywhere in the world had a 5000% fluctuation in currency was Deutsche mark hyper inflation in 1923, which incidentally, direct or indirectly (you might argue) triggered the third reich. it doesn't take an economic genius to see this is not a normal fluctuation.

I think comparing it to the tulip buble might actually not be too far off. the only thing left in the equation is whether it's going to burst, or when.
 
G

Guest

From the original article:
"Lawn said KnC is hoping to begin shipping Neptunes by Q2 2014 at the latest."
So most definitely not in Q2 2013
 

nestorius

TS Enthusiast
I want to ship everyone a virtual computer that will mine BitCoins and cure ingrown toenails. I want it to cost me nothing to produce and come with a list of *****s willing to deposit real money into a real bank account where I can spend it while laughing my *** off at those *****s!
 

felipeclement

TS Rookie
Bitcoin has the convenience and easy making of business online. It clearly shows how many people find bitcoin mining as an interesting source of profit. Else, with dealing into huge business transactions, bitcoin creates a cheaper way of sending money around the world, with just a click away.
 

Michael23

TS Rookie
The world is going digital people... -_- bitcoin is obviously going to get Big! Whoever starts mining now has a bright future ahead of them.. lol especially if they're mining at 3000th/s ;D have a nice life for all of you who don't believe in bitcoin ^_^.