Planning to buy a KNC-Neptune miner? - Bitcoin Forum

KNC Neptune Miner in 2017 /r/Bitcoin

KNC Neptune Miner in 2017 /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

We have launched - Bitcoin miner shares/contracts [$4/GHs], KnC Neptune #1 batch still available

we have launched our new website -
Our previous website ( was used mainly by our friends and had next to no traffic, however we did manage to sell a few miners and make profit for both customers and ourselves. We have now decided to take it to the next level, providing more value packed in a sleek and simple yet functional design.
What we stand out with:
  1. No hidden fees. All we take is 10% from total mined BTC.
  2. 14 day 100% money back guarantee. Your bitcoins are stored in your unique payment address for 14 days and are easily accessible for refunds.
  3. No preorders. The miners have already been ordered.
  4. A rare deal - KnC Neptune #1 batch shares. Shares are starting with 0.2%
There is unexpected demand for 0.2% shares and that takes a lot of time and work to process the small orders with given our current resources, we are moving to 1% shares which are still affordable at $120 for 30GH/s.
Yes, there is indeed a little markup for the miners, however, #1 batch is not available from KnC anymore and we are sure that at $4 per GH/s and transparent fee policy we offer great value.
Please let us know if you have any further questions. We will try to keep up with this thread. You can contact us at [email protected] (recommended). Our phone number is +358 (08) 2371 1134, Working hours 12PM - 6PM GMT+2.
Best regards, Minershare team
submitted by MINERSHARE to Bitcoin [link] [comments]

KnC Neptune 3TH/s Batch 1 – 1TH/s share is for sale on for Bitcoin and Litecoin

KnC Neptune 3TH/s Batch 1 – 1TH/s share is for sale on for Bitcoin and Litecoin submitted by duetschpire to cryptothrift [link] [comments]

KnC Neptune 3TH/s Batch 1 - 1TH/s share is for sale on for Bitcoin and Litecoin

KnC Neptune 3TH/s Batch 1 - 1TH/s share is for sale on for Bitcoin and Litecoin submitted by duetschpire to cryptothrift [link] [comments]

KnC Neptune 3TH/s Batch 1 - 1TH/s share is for sale on for Bitcoin and Litecoin

KnC Neptune 3TH/s Batch 1 - 1TH/s share is for sale on for Bitcoin and Litecoin submitted by duetschpire to cryptothrift [link] [comments]

KnC Neptune 3TH/s Batch 1 - 500GH/s share is for sale on for Bitcoin and Litecoin

KnC Neptune 3TH/s Batch 1 - 500GH/s share is for sale on for Bitcoin and Litecoin submitted by duetschpire to cryptothrift [link] [comments] puts Butterfly labs "bad" reputation to shame. The crooks at have unleashed a artillery of scams, threats and censoring on their customers.

Here is a short list of things the people at KnCMiners have got away with the last couple of months.
-KnCMiners has sent out old dirty used components as "New Products" and refused Refunds as frustrated customers find themselves in limbo.
-KnCMiner sending out hardware not even correctly essambled, using rubber bands to hold compents together. To top stuff off, they are blaming the carreir, stating that if they had not been so wreckless if handling, that the rubber band holding the head sinks and other components to the board, would have been good enough
*case 1
*case 2
*case 3
*case 4
*case 5
*case 6
*case 7 crooks are sending out units that are not even functional then refusing any refunds
*case 1 tried to quietly change their ToS to avoid refunds, then calimed these were always the terms and conditions
*case 1
*case 2
-KnCMiners has been heavily censoring topics people requesting information about legals rights, attempts at trying to organize a civil action, threatening members that their "account is in risk of being being jeopardizes/lost" if they post anything negative.
-KnCMinesr customers trying to connect with other members outside of the strictly censored forums for the sake of working together to find solutions to what KnCMiner has done to them, have had their accounts completely banned.
-KnCMiner using their position in a foreign country for most all their customers as a buffer to get away with what ever conduct they wish to engage in.
Please Note there are many more cases! These are just a few
submitted by BostonHelper to Bitcoin [link] [comments]

Bitcoin Miners Building 10 Megawatt Data Center in Sweden

Bitcoin Miners Building 10 Megawatt Data Center in Sweden submitted by Initscri to Bitcoin [link] [comments]

KNC are scammers, pure scum. Beware. BFL = KNC

They've been hiring a lot of shills lately to lie on their behalf. Don't mine period.
submitted by kiisfm to Bitcoin [link] [comments]

KNC Building 10 Megawatt Data Center in Sweden

KNC Building 10 Megawatt Data Center in Sweden submitted by AccordingToHim to Bitcoin [link] [comments]

Is that an elephant?

Hey Guys,
I'm a big time bitcoin follower (and user for that matter).
However, the state that bitcoin and other PoW coins are headed in seems to be an increase in 51% attacks.
Everyone says that a 51% attack would be extremely expensive and has very little upside for the attacker but this would seem to be not true at all. It's easy to calculate how much money can be mined from bitcoin at todays exchange rate. That number as it stands today is $525 million give or take a bit.
So, how much would it cost to conduct a 51% attack? The most logical estimation would be based upon buying up half of the mining industry. How much would that cost? Well we know what they gross $525 million but the net profit is probably much lower for the industry as a whole, let's say they make 20% roi. This number is obviously up for debate, however, given how competitive the bitcoin mining industry is (arguably the most competitive industry in the world given it basically is just businesses taking a slice of the other businesses pie), I suspect that number is much lower. Meaning the total net profit of the industry could be estimated to be around $105 p.a. So how much could you buy these companies for? Probably about that I'm guessing. However you wouldn't need to buy half of the mining industry, you would only need to buy half of it. Costing $50 million. I understand this is a hard thing to estimate, but even if I'm off by an order of magnitude (how?) that puts it somewhere between $50 million and $500 million.
How does one profit off such an attack though? Easy, short selling a bitcoin stock? It wouldn't be hard to imagine being able to sell many 100%'s if a 51% attack happened as surely the price would drop considerably (more than 50%).
I'm a big bitcoin fan so I hope I'm wrong and somebody can destroy my concern completely. Unfortunately this is only one concern I have. The next biggest one would be to do with the amount of power the bitcoin miners have on the direction that bitcoin goes in. The third would be increasing transaction costs.
submitted by bigdogecj to Bitcoin [link] [comments]

Breaking! KnCMiner Refund Queue is COMPLETELY FAKE! These guys engaging in, without doubt, criminal activity. Please do not ignore this!

As most of you know, I have been keeping the community updated with the latest under handed practices and tricks.
If you need to catch up read the following posts:
Post A - Lies to keep customers from refund, only to backtrack on the promise
Post B - Censoring customers who are pointing out that the units they are getting for used
Post C - Sends out old used and broken units to customers
Post D - Scamming Customers out of 2 for 1 and Plan B
Most recently was how they screwed hundred and thousands of their customers out of Plan B and/or their 2 for 1 Neptune.
Over the course of the last few months I have created many contacts within the community and received messages from others who have also been victims of KnCMiner.
In the last 24 hours, I received a message from someone that works for KnCMiner, informing me that the claim of processing refunds taking so long because of the number of request, is completely false!
The tipster provided me with evidence to prove that he works for them, and as promised, I can not jeopardize his job by revealing anything about his identity, but I can tell you that there was absolutely no doubt he works for them
The tipster indicated to me that an executive decision was made to stop processing refunds, because Bitcoins had reached a low value, and handing out refunds would be too costly. As a result of this, the company started to claim that was there was a long queue for processing refunds and as a result, refunds will take much longer.
They are intentionally hold back refunds, waiting for BTC to go up, before they start processing them. These guys are Criminals.
The tipster told me I will find all the evidence I need online and through the forms; he told me just look at the chart of BTC Value and when Refund orders stop being processed.
Here is what I found for evidence:
Take a look at the when the price of BTC Drops to a long time low:
BTC Chart
You will notice that BTC takes a dive the start of April.
Now Take a look at just a few the customers, who to this day still haven't received a refund. What you will notice, few if any refunds get processed after the BTC Crash:
Another Note, is another excuse they are using now, is that they are too busy with the Neptunes and need to focus on that, instead of refunds.
We are currently in the production and shipping phase with the Neptune miners and our main priority and focus is on shipping the miners to customers as quickly as possible. Due to this extremely busy period the processing of refunds will be taking longer. - Kurt
Guys, we need the community to come together on this one, not only for the sake of justice, but for the future of our community.
------------------------------------------- UPDATE -------------------------------------------
I have been accused by the Lead Mod of /bitcoinmining HighBeamHater, to be making up stuff.
He decided to come over to /bitcoin and act like he was in touch with the state of affairs concerning KnCMiner.
His callousness, showed he was indifferent to the victims of criminals over at KnCMiner, who lost large sums of money. Calling them, "Sour grapes."
A few things to clear up right away.
First off
-Batch 0 Neptunes where $10,000 USD
-Batch 1 Neptunes where $13,000 USD
-The No Refund Policy was quietly implemented, prior to this, their refund policy was, I quote:
"All refunds will be refunded in dollars and you can refund up to shipment".
Here is the evidence KnCMiner deleted and tried to hide: Evidence Link
Everyone was under the impression and rightfully so, that you could cancel your order, as long as they had not shipped your order yet. However, that was another underhanded trick by KnCMiner. KnCMiner is refusing all Refunds, even orders whose status is Paid, and are no where near being shipped.
A lot of people, did not cancel their orders because of the two incentives KnCMiner offered. It was only After they had started their Processing and shipping phase, did they state that you can only pick one or the other.
Here is evidence that customers were mislead:
submitted by BostonHelper to Bitcoin [link] [comments]

bit_by_bit's mining-cost analysis is wrong - here's mine

bit_by_bit publishes a daily mining-cost-per-coin watch.
Though his work is thorough and commendable, it is unfortunately incorrect, and his conclusions naive.
I'm sure he has misled people on this board, so I'm here to set the record straight.
Roughly using bit_by_bit's assumptions:
achieves these costs per coin:
Miner Cost per coin
Cointerra TerraMiner IV $1985
KnC Neptune $2030
Bitfury BF3500 $1650
Bitmain Aintminer s3 $866
Bitmain Aintminer s2 $1305
Average $1570


Given those two huge, highly variable (and unpredictable) factors, trying to work out a cost-per-coin is ... more-or-less impossible.
It's simply enough to assume that mining is extremely unprofitable at the moment and (probably) a very poor investment.
Here are some examples of variability:
Cointerra TerraMiner IV cost per coin
0% difficulty increase $759
20% difficulty increase $2640
15% difficulty, but starting at 30bn difficulty $3265

How are these numbers so different from bit_by_bits?

His calculations do not factor in an exponential difficulty increase. Instead, he says (in his maths) : "if the bitcoin network were composed of the miners here, and no extra miners are added/removed (i.e. difficulty remains the same) what would those miners (on average) achieve as a cost per coin over six months."

The problem with these numbers is

  1. The percentage of miners he uses to compose the network is unknowable, and as you see above, miner performance varies greatly. I'm quite sure that huge operations custom manufacture their machines and never sell them. Their performance is unknown. (an unknowable unknown)
  2. The makeup of the mining network in the future is unknowable, and difficulty will undoubtedly increase, but we can't know by how much. It has previously plateaued. Will it do the same? nobody knows.
  3. They assume the very latest miners, shipped immediately. Historically, new miners are not shipped on time. It's been suggested that the manufacturers keep them and do highly profitable day-zero mining with them.
Also, to suggest that it is possible to predict market movements (and depth) is naive as it asserts that demand is constant, and that supply is the major, or key, factor. This is highly unlikely to be the case.

Let's talk about mining's effect on bitcoin price or, first should we talk about the effect of the price of bitcoin on the mining industry?

The two are intimately linked chicken-and-egg in a feedback loop.
For a manufacturer to decide to make a rig, they need to design chips, get industry contacts, produce things (in china), make sure they work, then ship. They also need to get orders and decide if they are able to get the whole project in time for market.
These projects are multi-month/year, and I've heard success is largely decided by who you know in china (china's pretty busy already).
There is some kind of lag. Investors also pre-order, and must take a wild guess at future conditions with no guarantee whatsoever.
At times like now, where mining is so unprofitable, which miners are actually selling coins (at a loss)?
Large operations have large overheads, but to sell now, when the price might rise by 10x again would be idiotic.
So, really this "supply" aspect of the supply-demand equation is very difficult to get a decent hold on, though I would love somebody to attempt it as a PHD. The blockchain should provide some answers.
The other side of it (what miners will be produced) is also difficult to know. It could be that right now (with an unprofitable industry, and miners actually being quite close to desktop PC chip-size - i.e. as fast as humans can make them) no miners are in the pipe-line. This could (in crazy theory) lead to a zero difficulty increase for the lucky new owners of the above rigs. In that case, bit_by_bit's numbers would be spot on.
Unfortunately, it's absolutely unknowable.

So... why do people buy miners now?

Quite simply, getting your head around an exponential anything is hard. The exponential difficulty increase is a motherfucker. But it's good for bitcoin (it protects our network from meddlers).
Also, you could gamble that mining difficulty has to slow down... surely...


In my experience, looking at price charts is far more informative about future market movements. But, whilst I've got the microphone, I would remind newbies not to trade their coins.

Show your workings!

Using this mining profitability calculator and inputing the "profitability decline per year" from this tool.
I'll work through Cointerra TerraMiner IV as an example.
meh meh
Difficulty 18,736,441,558
ghash 2000
Elec $0.15 (varies quite a bit from country-to country, like 0.7 canada to 0.2 UK?)
power 2200
time frame 6 months
hardware cost $6000
price per BTC 600
profitability decline 0.00882406
I got these numbers off bit_by_bit. I don't care about the details. My argument is that it's not an answerable question.
meh meh
Electricity cost $1446
Total cost $7446
Income 2553
Coins 2252/600 = 3.75 BTC
$/BTC 7446/3.75 = $1985
Please, if I've made a mistake, let me know and I'll send bit_by_bit some flowers.

"Why are you just posting stuff directly against another user: that's not cool"

Well, it's whatever motivates you eh?
I just go wound up by our discussions. But, I'm quite sure there are people on this board who don't know this stuff, so ... it's probably beneficial.
Have fun
EDIT: Ok, so I genuinely thought that I had made a fact-based post. Er, I added a few comments that I thought were funny, but I guess that wasn't a great idea. I removed one of my comments myself, but it's true that the moderators were in touch.....
And - to bit_by_bit, I am sorry, because some of the things I said were above and beyond "spirited discussion".
I absolutely agree that polite conduct is the way forward, and my initial "hang on a minute" reply to him was nice.
But, I do have to admit that this subject has wound me up a fair amount. I genuinely believe that he's made a quite serious mistake - but I am happy to be proved wrong. Right now - I just want to get to the bottom of this.
More Edit:

I am a miner

I didn't want to add this before, because I'm sure it (incorrectly) gives my argument more weight. But I need you to understand that bitcoin difficulty is a total motherfucker.
I pre-ordered a BFL single for 11BTC in May 2013. The difficulty was about 4 million, and I worked out I'd make 30BTC/day at those conditions.
It arrived at around 30 million difficulty, and I think now we're 18 billion.
I've made about 0.7 BTC mining, and It's on the limit of believability that I'll make 1BTC before I throw it in the bin. I have a suspicion that it will be useful in the future for some altcoin/blockchain like thing. Also, I got free heating (which was the whole reason I discovered bitcoin in the first place!)
Horrific loss. I think it makes about $1 more than it costs in electricity to run (at current price......)
This whole post is not a "bitter miner" but somebody who has experienced bitcoin's exponential difficulty First Hand. Honestly, it is unbelievable.
I genuinely think that the guy that does the profitability calculator deliberately does not explain what the 'profitability decline per year' is ... because he knows it will adversely harm bitcoin and the manufacture of miners.
Even More EDIT:

Am I sure I've got the difficulty increase thing right?

So, I've made a spreadsheet thing to see if the 0.0022 difficulty thing is right. It is.
All this table tells you is that in order to calculate 15% difficulty increase, you need to use a number LIKE 0.0022 in the 'profitability decline per year' box, and not 0.98 (which bit_by_bit calculated).
I've sanity checked my numbers against the 'profitability calculator' and they don't quite line up, but they're close enough. The difficulty is not the same either, but it's in the same region. I don't know why. Also, the months aren't exact fortnights, so they don't line up. These are details.
This proves my above workings to my satisfaction.

what is this horrible data?

It shows how much BTC your miner earns each 2 weeks (average difficulty change period). The last 2 rows (calc:) are from the profitability calculator website (and so are right). My attempt is on the left. Fortnight 13 is 6 months.
Oh, this graph uses 14.07% difficulty.
fortnight number "profitability decline" BTC earned BTC earned accumulated calculator says BTC
1 1 0.7518 0.7518 x
2 0.8593 0.64602174 1.39782174 1.361666667
3 0.73839649 0.555126481 1.952948221 x
4 0.634504104 0.477020185 2.429968406 2.295
5 0.545229376 0.409903445 2.839871852 x
6 0.468515603 0.35223003 3.192101882 2.938333333
7 0.402595458 0.302671265 3.494773147 x
8 0.345950277 0.260085418 3.754858565 3.378333333
9 0.297275073 0.2234914 3.978349965 x
10 0.25544847 0.19204616 4.170396125 3.68
11 0.21950687 0.165025265 4.33542139 x
12 0.188622254 0.14180621 4.477227601 3.888333333
13 0.162083103 0.121854077 4.599081677 x
14 0.13927801 0.104709208 4.703790885 4.03
15 0.119681594 0.089976622 4.793767508 x
16 0.102842394 0.077316912 4.871084419 3.213333333
17 0.088372469 0.066438422 4.937522842 x
18 0.075938463 0.057090536 4.994613378 4.195
19 0.065253921 0.049057898 5.043671276 x
20 0.056072694 0.042155452 5.085826727 4.241666667
21 0.048183266 0.03622418 5.122050907 x
22 0.041403881 0.031127437 5.153178344 4.273333333
23 0.035578355 0.026747807 5.179926151 x
24 0.03057248 0.022984391 5.202910542 4.295
25 0.026270932 0.019750487 5.222661028 x
26 0.022574612 0.016971593 5.239632622 x
2 bold numbers. 1 is approximately the 3.75 coins that gives you $1900 / coin whatever. 2 is the "profitability decline per year" as a tiny number. The pro tool comes up with 0.01095125 and I got 0.02257 but I don't care - it's close enough.
My whole point is that these numbers are totally unworkably all over the place. You can't calculate them meaningfully.

Dear Bit_by_Bit

I CANNOT BELIEVE the amount of effort that I have had to go to in order to show you that you made a minor mistake. (at time of writing you still deny it).
There is no doubt in my mind now that I was right in the first place. Your calculations do not include a significant difficulty increase.
I wish you well.
submitted by inteblio to BitcoinMarkets [link] [comments]

FUCKING SCUM ASS PIECES OF SHIT tried to swindle customers out of their Free Neptune with a very dirty trick. Forget the law, these fuckers need a serving of raw street justice.

Guys a week ago, I told you I came across a tip letting us know that the Free Second Neptune might be a scam. It was partly right.
Take a look at this POST warning about second neptune and the fake Hash While you wait.
Here is a histroy of these pieces of shit fucking people over, left and right
Post A
Post B
Post C
A few people messaged me stating that this morning KnCMiner sent out an email with the following content to all of their customers:
Dear Customer,
As you are a Neptune customer, you are entitled to take up our Plan B offer to “Hash While You >Wait”, or to convert your Neptune order to a KnC Titan.
To activate your account please click the following URL/Link where you can choose your option >and setup your KnCCloud account.
Your hashing will begin on Monday the 23rd of June from 9am UTC, provided you’ve made that >choice on the Neptune Order Options.
To ensure you receive all the power you've paid for, please ensure that your account is up to date >with your wallet address to receive your Plan B mined Bitcoins.
Hashing will stop as soon as your unit ships out from our factory.
If you have any questions please contact: [email protected]
Thanks KnC Miner Team
Here was their original statement about Hash While you wait
Hash while you wait.
First it’s important to note that we don’t expect to be late at all everything is on track. It’s just always good to have a backup plan. Second our mega-data centre in the north of Sweden is nearing completion so we can give out some more details. All customers of Neptune’s will be able to use completely free of charge our data centre to hash for them at 3TH either on our pool or a pool of their choice while they wait for their product to be shipped. The first customers (batch 1) are expected to be hashing in our data centre in early June and the last customer will hash in our data centre around the last week of June. All the customers will be able to hash in that data centre for as long as we are late in shipping your Neptune product, this service will be provided on a best effort basis. We have a 24/7 operations teams in place with multiple redundant internet and power connections and we will aim to have as close to 0 down time as possible.
Link to the above Statement
Here is their original statement about the free Neptune
Neptune Two For One Program
It has come to our attention that not everyone has been fully informed on our Neptune Two For One program so we'd like to include information on that topic in this newsletter too:
We understand that the math's involved in ASIC product deployment has to make financial sense in an ever-increasing hash rate race. In order to increase value for KnC customers we are adding one extra Neptune miner to each pre-ordered Neptune in batch one and batch two. These bonus machines will be sourced from our batch three production run which is scheduled to ship in August.
If you're a pre-order Neptune batch one or two customer you don't need to take any extra action to receive these additional miners and we are covering all shipping costs as well. You’ll receive info on when and how those bonus miners will be delivered well before the shipment date.
Link to the about statement
However, after all that, today, in their ToS, they had sneaked in a condition that if a customer accepted their offer of "free" Hash While You Wait, you would give up your free Neptune, and any future request for compensation.
Moreover, the ToS state that the service might never even go online or if it does, no guarantee it work properly.
Large number of customers unknowingly agreed to these condition and as a result, lost their 2 for 1 compensation. This was exactly what KnCMiner wanted to happen
Here are links showing customers catching on to it, and calling KnCMiner out on them:
After their shitty trick was out of their box, they changed the page to state that Free Hash While you wait would cost you your Second Neptune.
These mother fuckers are just scum bags, waiting to fuck over as many Joes as possible.
Guys, you need to get this type of information out there, not only to the Bitcoin Community, but others as well, like Litecoin, Dogecoin. etc.
Please, for the love of justice, do not let these things go unheard.
submitted by BostonHelper to Bitcoin [link] [comments]

Warning! The story of deceit continues, as a new saga of fraudulence emerages. If you have an order with them cancel it NOW! Free Second Neptune is another Scam!

A few weeks back, we reported on at the sheer number of customers was scamming and screwing.
Here is the original post: Link
The numbers and actions of KnCMiner were just disheartening.
However, more disturbing things have surfaced! A couple months back, and people were getting worried about Neptune delivery and the number of people getting refunds was increasing daily.
In an attempt to control and reduce the numbers, KnCMiner announced that if there were delays in the delivery of Neptunes, they would implement "Plan B". Which would mean customers that were still waiting, would get free hashing from KnCMiner "data center."
Then about a month ago, as those numbers started going back up again, KnCMiner came up with another scheme to once again control and reduce the number of daily orders, by stating that come August, everyone that keeps their Neptune order, will get another one free.
This is what has happened so far.
Here we are in the middle of June, and no customers have received any sort of free hashing, and anyone that has tried to obtain information has been met with no reponse, phone hang ups on the phone, and/or banned from their forums.
You can go to their own forums to see the frustration:
Link 1
Link 2
Link 3
This promise was a lie to keep people from canceling their orders. NOW they have the Free Neptune lie roaming around, and scamming people into keeping their orders in hope that they can hold off as long as possible, to make the most of the money they have taken from people. People, the Free Neptune is a LIE and a SCAM! BE WARNED!
Please, share these links and stories with others, these guys are ugly and right now they are neither slowing down or care about all the people they have f**ked over.
submitted by BostonHelper to Bitcoin [link] [comments]

Just when you thought KNCMiner couldn't get more filthy or low... they out do themselves.

I bought a miner from the scammers last year, a Neptune.
I fell for the 2 for one 1 offer and didnt take cloud mining as an option, I instead opted for the "bonus machine" but made one good decision, when given the option I opted for the Titan miner as the bonus machine and today I get this message:
Dear SiMadam. We can see from our records that you have selected to > > receive a bonus Titan miner as part of the 2 for 1 offer we > ran last year. Due technical issues in the selection process > the Titan miner was not correctly registered as a choice > and not accounted for. In this case we would like to offer > you the following options instead of receiving the bonus > Titan miner. Option 1: Swap the bonus Titan miner for a free Neptune > miner expected to ship within the next few weeks. Or Option 2: Receive a BTC payment of 3 Bitcoins per bonus > Titan miner you were entitled to. (If you select this option > please provide a BTC wallet address with your confirmation) Please reply to this email to confirm your choice before > the end of business 17:00 CET on Friday 3rd of April.> Thank you. KnCMiner Team.
The low down, sons of vipers and b**hes are trying to screw us over one last time.
The Neptunes are not worth crap, the Titans are still worth something and around 5 times the paltry 3BTC they are offering as "compensation". Had we taken the cloud hashing option months back, we would have made a few times over that 3BTC and KNC has been making money hand over fist but these dirty horrible people want to still cheat us one last time rather than give their suffering customers a breath of fresh air.
How can a company and the people running that company be so horrible??
submitted by Puge-_-Henis to Bitcoin [link] [comments]

Whitecoin, Hempcoin attacked exposing Altcoin exchanges to huge risk of bankruptcy

This was originally a comment post elsewhere but with the recent 51% attacks against coins, this needs its own thread.

All proof-of-work (PoW) based crypto currencies (of which Bitcoin is one) are vulnerable to a 51% attack. The first attack that double spends against the exchanges will be devastating to nearly all PoW altcoins. The attack is fairly simple:
1.) Acquire slightly more hashing power than currently is mining the altcoin to be attacked and use it to mine on a private blockchain fork of that coin.
2.) On the public blockchain for that coin, send coins to altcoin exchanges in which there is no identity required.
3.) At those exchanges, use those funds (once confirmed) to buy bitcoins then withdraw them.
4.) When the exchange has sent the bitcoins, the attacker broadcasts the blocks from the private fork. Since that attacker's fork has more hashing capacity than the public blockchain for that altcoin, the attacker's blockchain will "win" (i.e., it has block height greater than that for that coin's public blockchain.)
The result will be that the altcoin exchanges will have a financial debt -- the blockchain reorg (as the result of the attacker's fork being released) has caused the exchange to lose the altcoins received from the attacker (which had a sufficient number of confirmations). Additionally, the exchange no longer has the bitcoins that the attacker bought and subsequently withdrew. This action would likely either put the exchange into technical bankruptcy, or, cause the losses to be born by those holding funds at the exchange. (It may depend on bankruptcy law and/or the exchange's policy as to the exchange's handling for such an incident).
Bitcoin is protected today with SHA 55,474 Th/s. For the attacker wishing to do a 51% attack for the purpose of double spending, the amount of hardware needed would exceed $100M (using KNC Neptunes, of which the supply of anywhere near that capacity doesn't exist today.) There's nowhere near that much value that can be extracted anonymously from the exchanges thus such an attack using Bitcoin is just not economical, nonetheless does there exist some cartel willing to wager the $100+ million to attack Bitcoin this way.
But let's take a look at an altcoin from a recent Coindesk article on altcoins -- Limecoin. Protected with Scrypt 252 Mh/s (per ), that means an attacker needs just maybe $100K USD worth of GPU-based mining hardware to be able to gain success when attempting a 51% atttack against that coin. There are may individuals mining with that kind of capacity alone -- nonetheless any need for a cartel. Limecoin is a bad example as there's not enough exchanges to where there is a decent double spending potential with this coin so let's pick another. Blackcoin is a proof-of-stake (PoS) coin so it isn't vulnerable to a 51% mining attack.
Let's pick on Potcoin then. With Potcoin having Scrypt 5,100 Mh/s (per ) of mining capacity means only about $2M worth of GPU-based Scrypt mining hardware needs to be directed to a private fork of the Potcoin blockchain. Paying GPU miners for two hours of Scrypt 5,100 Mh/s is all that is needed to start a private fork, transfer Potcoins to those altcoin exchanges that it trades at, convert those altcoins to bitcoins and withdraw, and then finally broadcast the private fork. Minutes later, Cryptsy, Mintpal, SwissCEX will have seen withdrawals of maybe hundreds of thousands of dollars worth of Bitcoins but then the Potcoins that bought those bitcoins will be "gone" (having been double spent) now as well. If proper precautions were taken there would be no way to identify the attacker. [Edit: Potcoin's total capacity has dropped by half since this paragraph was first written, ... making an attack even easier and less costly.]
If Cryptsy, Mintpal, and SwissCEX haven't "temporarily" halted trading as a result, the attacker simply moves on to attack another Scrypt altcoin. Rinse and repeat until every last GPU miner has moved to Litecoin (the only Scrypt altcoin with enough hashing capacity such that a 51% attack is neither profitable nor possible without the participation of tens of millions of dollars worth of mining hardware).
In other words, such a sequence of attacks could obliterate the entire list of Scrypt-based altcoin markets in under a day. Should the altcoin vendor release software to ignore the attacker's chain -- the attacker could simply return to attack again. It's an arms race and as long as proof-of-work still determines the longest chain, the attacker has superior firepower.
A single party with exclusive access to the first Scrypt ASICs could finish off every one of the Scrypt altcoins too. For instance, KNC Miner plans to sell their Scrypt 300 Mh/s Titan miner for $10K. Just 417 of those Titans could successfully 51% Litecoin's 125,000 Mh/s network ( ). That's an investment of about $4M USD, and there's easily $4M worth of value that can be obtained, anonymously, from the altcoin exchanges where Litecoin is traded.
This argument was previously articulated here:
submitted by sgornick to CryptoCurrency [link] [comments]

[WTS][GROUP BUY] Ninja Group Buy .35BTC = 30GH

We have a large mining operation that is being installed in a world class data center. Mining begins this Saturday, at 18GH per share. A bonus 12GH per share will be delivered when KNC Neptunes ship. Please see for full details.
Redditors can pay to 1NiNJAGi1k51pfxKsQQQisf3MMwsPU5yCc and post the tx id here, no need to join bitcointalk to participate. We'll get a sub-reddit up for those that prefer to get their information about the operations here, once we reach critical mass.
Need Bitcoin? It's pretty easy to buy on coinbase with a bank account. Personally I recommend localbitcoins, you will pay a premium...but the experience of meeting with an experienced bitcoiner in person (plus the instant transaction) is worth it, especially if you are a newbie.
submitted by Coinninja to BitMarket [link] [comments]

Sold the rest of my Bitcoin for Doge. Also annoyed with the Bitcoin subreddit.

That's right my fellow shibes. I'm all in! Started off with about 1.1 BTC and bought some last Sunday and rest today. Hoping for slow and steady rise TO THE MOON!
The Bitcoin subreddit, although filed with some very intriguing posts, is filled with trollers and negativity. I love the spirit of Dogecoin! (Now if only I didn't order that KnC Neptune. Could have put $13K into GPU rigs and helped our trip to the moon a little more.)
submitted by jonstern to dogecoin [link] [comments]

KNC Miner PERMABANNED for asking awkward questions

I didn't want to do this, the whole "go to reddit with your complaints" but I obviously can't keep my questions to the official forums any more.
I created the following thread in two areas of the forum, they have both been deleted since my ban, which is out of the ordinary, as you can usually see peoples post history but the tag BANNED would show up underneath their username.
You can see here the history of the KNC Miner owned pool over the weeks leading up to the release of the Neptune through until today.
Source :
June 1st 6.49% June 8th 6.14% June 15h 3.13% June 22nd 6.35% June 29th 5.31% July 6th 5.31% July 13th 4.11% July 20th 4.20% July 27th 3.56% August 3rd 4.37% August 10th 3.52% August 17th 3.56% August 24th 3.89% August 31st 2.96% September 7th 2.85% September 14th 3.70% September 21st 3.92% September 28th 4.64% October 6th 4.74%
At the beginning of this time period the difficulty was 10,456,000,000, the difficulty is now 35,002,000,000, overall growth of 334%.
The June 1st results (6.49% of approx 80PH) would indicate a hashrate of about 5.2PH
The October 6th results (4.74% of approx 260PH) would indicate a hashrate of 12.3PH
An approximate growth of 7.1PH for the KNC Miner pool over the time period since the Neptune announcement and deliveries began.
Assuming 3.6TH per Neptune, this growth would indicate an additional 1972 Neptunes (7100 / 3.6) that have been added to the private KNC Miner pool over the last four months.
This, while customers are still awaiting delivery of their Neptunes + Bonus Neptunes.
You can see a gradual decline of the % of total hashrate up until late August or early September, this decline is only in relative terms to the total growth of the Bitcoin network. The KNC Mining pool hashrate continued to grow throughout this period. It allows us to pinpoint where they seem to have completely stopped giving a damn about paying customers and started really focusing on themselves.
Here it is, the best evidence I could find to support the accusations that KNC are giving us the shaft.
Anyone from KNC care to comment on this?
I saved that post as I expected I might get banned for that rather than get answers, sadly I did not archive what followed so I have to paraphrase from memory.
The response I got from Kurt was that the growth I was looking at was due to the spare 28nm chips they had laying around.
I did the math on that.
I make a post pointing out that this growth would be the equivalent of 10,000 Jupiters (assuming 700GHs ea) being added to the KNC Miner pool.
I asked if this is what they're really trying to tell us has happened, if we're meant to believe that this is the case.
I ask that KNC Miner state for certain that they have not used any of the 20nm SHA256 chips in their mining centers while customer orders are outstanding.
One other person posted in that thread asking similar questions, he was banned as well but his posts remained.
No reply.
I restated my questions but made the 'mistake' of asking if we can 'get some fucking answers'.
The announcement where KNC Miner promised a Bonus Neptune.
"Thanks to KnCMiner’s offer, each customer who ordered a first or second batch Neptune, will get a minimum 6TH for each order, with their original 3TH product shipped in June and the free “third batch” machine delivered in August."
We are now in October, they have made no announcements, no explanations and no apologies.
The only information that is available is by following the staff accounts on the forums and trying to put together what little scraps of information they give out piecemeal across multiple threads.
FUCKING (I can swear here) GIVE US SOME ANSWERS!!!
submitted by sixbk to BitcoinMining [link] [comments]

With $10k, is it still viable to jump on the bitcoin-mining bandwagon?

Hi all,
I have $10,000 USD I'm able to invest into bitcoin mining. I was thinking of buying a KNC Neptune so I would be able to be first in line for the next generation of KNC miners.
I've talked to a few people about investing the $10k, and although 90% of people suggest investing by buying BTC outright, I'm in this for the long-run and am anticipating that the $28m+ KNC has gained from the Neptune will be sufficient enough for them to produce a high-quality next generation miner: which I am wanting in the end.
I guess what I'm asking is: planning for a (very) long term investment into bitcoins with (initially) $10k, what is the route you would suggest if I continue to re-invest for 5 years?
Thanks for reading, I'll appreciate any help and advice you all can give me.
submitted by opne to BitcoinMining [link] [comments]

How secure is the Vertcoin network from new-entrant bad actors? Let's do the math.

The core foundation of a cryptocurrency is the network's security yet we don't have a common methodology to compare currencies.
Thus I propose one method: the capital to market cap ratio.
To start let us calculate Bitcoin's C2MC ratio. Since BTC is an asic coin we need to estimate the cost to design and manufacturer enough asics to 51% the network.
The best method here is to look at the best value non-scam asic. The logic being if a for-profit company can bootstrap production at their public asking price then so could a malicious attacker. It does not matter for our calculation that the asic producers are abusing their customer's preorders and mining for their personal benefit, all that matters is they could produce the hardware. After all an attacker would also mine before they attack.
For our calculation let us use the KNC Neptune which costs $5,995.00 and hashes at 3TH/s. Then take the Bitcoin nethash: 83,161,066.76
Combined we get the formula: ((83,161,066.76 / 3000) * 6000 ) / 7,395,527,268
We thus find Bitcoin has a whole 3 cents of hardware defending every US dollar of BTC.
Now lets do it again for Vertcoin. To make things harder for Vertcoin we will only count the cost of the GPUs. We are thus ignoring the motherboard, power supply, and even CPU. We'll use the 280x which can be had right now for $300 and hashes 350KH/s.
We get: ((7629439.6 / 350) * 300) / 4900000
Or: 130 cents per US dollar.
So there, four months on we can say with confidence that asci-resistance leads to a stronger network. In other news, we've just redesigned the vertmarket so you should try selling something with your super-secure vertcoins.
submitted by steve_abel to vertcoin [link] [comments]

KNC Jupiter Bitcoin Miner Running Mining SHA256 Kryptomining Knc Bitcoin Miner Neptune Unboxing, Review and Help Open Unbox ASIC KNCMINER NEPTUNE Bitcoin miner KnCminer Announces Next Gen Miner - Neptune

According to KnC, the powerful Neptune miner is being fabricated at this time at the Taiwan Semiconductor Manufacturing Company Foundry.. KnC will be allowing customers the opportunity to has at 3TH using the KnC mining pool or a pool of their choice. KnC Neptune Cube Bitcoin ASIC Miner 670 GH/s BTC Cash DEM PPC TGC BCH SHA-256. $140.00. Brand: ASIC Miner. $23.31 shipping. or Best Offer. 21 watching. Watch. Bitcoin Miner over 1Th Pair KNC Jupiter. $400.00. $100.00 shipping. or Best Offer. Watch. KnC Neptune Cube Bitcoin ASIC Miner 670 GH/s - BTC Cash DEM PPC TGC BCH SHA-256 . $142.50. Brand: ASIC Miner. $28.14 shipping. or Best Offer. Watch ... Mini Neptune. KnCMiner’s Bitcoin miner, the Mini Neptune, is the smaller version of the KnC Neptune, and offers a minimum 1.5TH/s which is an advertised hashing speed of at least 1,500 Gh/sec using the 20nm ASIC chips. It’s based on KnCMiner’s Saturn design, but the new Mini Neptune has improved upon existing models to decrease energy consumption by 30%. That all adds up, and customers ... Pre-orders for KnCMiner's Neptune ASIC 3TH bitcoin miner open today. This could be one of the firm's last retail products. Please correct me if I’m wrong (and I hope I am wrong). But as I have calculated below, it appears that the much awaited KnC Neptune (3 Terrahash/sec Bitcoin miner) will probably consume at least 4500 watts of electrical power. This could be bad news for me and other Neptune purchasers who live in apartment buildings and have limited power capabilities.

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KNC Jupiter Bitcoin Miner Running Mining SHA256 Kryptomining

Next gen miner from KnCminer, the Neptune! Orders opening soon! Want to try bitcoin mining now? Create a account and mine instantly at: KNC Miner. Läuft absolut stabil 24/7 auf 560GH/s. Luftführung im inneren verbessert. Somit sinkt die Betriebstemperatur um einige Grad. Die installierte Padrino Firmware ermöglicht maximale ... KNC Neptune Firmware Flash - Duration: 4:55. Seth Murrow Recommended for you. 4:55 . Professor Eric Laithwaite: Magnetic River 1975 - Duration: 18:39. Imperial College London Recommended for you ... Bitcoin Miner +3Th/s Neptune is our first 20nm product. ----- E' stata una sorpresa, mi aspettavo un design come il suo predecessore ma, come potete vedere, hanno utilizzato 5 moduli separati ...