KnCMiner Breaking Bitcoin Mining Record

Journalist:
Joel Dalais @JoelDalais
June 4, 2015

KnCMiner have broken all bitcoin mining records by running a 3D Bitcoin Mining chip at 16 Nanometer. This new 16 nm processor, created at scale will bring a new paradigm shift in mining capabilities on the block chain.

Mining bitcoin has taken a new step in evolutionary technology. Not only will these chips work for bitcoin, but it is likely for all sha 256 coins.  Not only does this new 3D design improve the speed of the processors, KnC state that they also increase energy efficiency.

Regarding the impact on the global environment, as some media sources like to hype that block chain technology is potentially disastrous for global warming. KnC had this to say about the effects on the environment from the new 16 mn;

Better efficiency results in even more environmentally friendly Bitcoin transaction processing. As KnC’s mines already utilizes green and locally produced hydropower and all-natural Arctic air for cooling – in combination with this new 16 nm 3D Solar platform – the facilities’ energy footprint will now be reduced even further.

KnCMiner currently own 5% of the hashrate as of this time according to Blockchain.info. With 3600 mined per day at a value of $230 (3600*230 = 82800/100*5), that’s $41400 per day. Not too shabby for a solo mining operation.

Data from Blockchain.info

Solo Mining All The Way?

The question becomes whether KnCMiner will use their new technology to solo mine and increase their own hashrate, strengthening the entire network by extension. Would this be a bad thing, depending on how much of the hashrate they claimed?

KnCMiner’s stated goal at this node is to increase the efficiency in the mining farms six to eight times when deploying this new mining platform Solar in the ‘old’ 28 nm farms – to continue to support and process transactions in the Bitcoin network.

Also read: Bitcoin Company KnCMiner Facing Three Class-Action Lawsuits

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And just as importantly, even if KnCMiner keep their new tech to themselves for mining. Then other bitcoin mining manufacturers now know it is possible and will likely be looking to emulate or improve upon this new next generation mining chip.

Will KnC be able to take this next generation mining chip and form a substantial amount of the hashrate? Will it pass on over to the network in an overall net positive rate? Will Skynet be born?

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Joel Dalais @JoelDalais

Joel loves Bitcoin and Digital Currency. He holds a BSc (hons) in Criminology with Criminal Justice Studies and Sociology, contributes for Bitcoin Magazine, is an Ambassador for Coloured Coins, Software tester and Advises for GreenCoinX and MultiSigX, and is Director of IBWT ("In Bitcoin We Trust"), a Digital Currency Exchange.