KnCMiner posted an announcement on September 11th stating that KnC Titans would ship the week of September 14th, but KnC Titans still have yet to start shipping. Members of the KnC community are outraged at them for delaying shipments further in a market with an ever growing mining difficulty.
Well, look on the bright side. At least KnC isn’t planning on building a massive Scrypt farm like they did with the 3TH/s Jupiters before they shipped the used hardware to customers.
KnC Titan customers have yet to receive a single KnC Titan; Kurt, KNC’s forum super moderator, states that the delay was due to bugs in the firmware. He also remarks that KnC has started shipping KnC Titans as of September 23rd. KnC has been notoriously unreliable in their shipping estimates, but despite their equipment always being unprofitable from the Neptunes on, KnC has always shipped their equipment even if that means that people’s equipment melts down.
KnC Titan customers who are looking to mine Litecoin directly have lost approximately $40.54 (0.10024207 BTC) off of the top of their profit for the week. That’s due to a spike in difficulty on the Litecoin network from September 11th to September 23rd. KnC Titans will never ROI in today’s market due to the value of a Bitcoin being as low as it is. However, when the value increases, KnC Titan customers who have held onto their coins might see a large return on their investment.
KnC isn’t allowing customers to convert their orders to the Arctic Cloud Hashing due to the now eminent KnC Titan shipping. Kurt also stated that they will only be taking cloud hashing orders from non-European customers. As so many customers have decided to take action against KnC for illegally rejecting refund requests for Titans, this could be the reason KnC is not allowing European customers to buy their cloud hosting services. Perhaps the European Consumer Center in Sweden is now investigating KnC’s disturbing illegal activities after being repeatedly petitioned.
Independent mining is becoming a thing of the past, and now centralized cloud mining is taking its place. In order to keep the Bitcoin market decentralized, independent miners need to exist and in order to allow them to exist, mining needs to stay profitable. KnC Titans cost over $10,000 for just the miner and the shipping charges. The cost of a PSU increases the price even further. Sadly by the time KnC finally gets around to shipping their mining equipment, the miners bring in about $1,200 per month, and the income continues to drop. If manufacturers lower their prices to be more reasonable $3,000 for a 300 MH/s unit, miners would potentially turn a profit. They could use that profit to buy more miners from the company in the future. Instead, miners are losing a lot of money from the cost of the device as well as receiving a hike in the power bill each month.
What are your thoughts on KnC’s delayed shipping? Should they have worked out all the bugs in their software before announcing that they will ship? Leave a comment below and express your thoughts on this matter.
Disclosure: I have two KnC Titans on pre-order, and I own the “ReworkedScripts” account on KnC’s forums.
Last modified: September 25, 2014 04:52 UTC