KnCMiner has been unable to produce quickly and ship mining equipment for some time now. After it's lengthy eight-month wait for Neptune miners, they've decided to do the right thing and stop selling mining equipment to independent miners. KnCMiner will now be selling cloud mining instead.
There are reports from KnC customers that Titan order refunds are being processed, according to GAW CEO on HashTalk. That is sure to make lots of KnCMiner Customers happy if true. If KncMiner continues on this path, it could potentially restore their reputation in the community as refunds are a far cry from the melting Neptune madness that only occurred a little over a month ago.
KnCMiner admitted defeat in the private mining industry after taking over eight months (from the end of November 2013 to the middle of August 2014) to deliver Neptune hardware. Sam Cole in a WSJ report stated, “We don’t like people sitting in these queues for five months. It’s terrible. We generate a lot of stress for people.” Sadly, Sam Cole didn't even realize he was off by almost double on the amount of time customers have been waiting for their hardware.
KnCMiner is possibly going legitimate and now might be offering refunds for their Titan customers. GAW Miner is offering a KnC Refugee program now where ex-KnCMiner customers can get a 15% discount. After so much controversy spreading over the news networks and my petition to KNC and the European Ombudsman, I think that all of our hard work has finally paid off, and KnCMiner has changed their mind for the better. I won't be declaring victory on my petition until I get my Titan refunds first hand as there is still some dispute about the refunds.
As so many miners have been complaining about the lengthy wait for their hardware to arrive while other manufacturers ship hardware that increases the mining difficulty, KnCMiner has decided to move into Cloud Mining instead of hardware sales. With cloud mining, customers will be able to start mining right away in KnCMiner's data center instead of having to wait around for hardware to ship. Customers will be able to calculate their profits more easily as they will know the network difficulty of the current market when they start mining.
In a private message, "Winsome" on the KnCMiner forums asked me if KnCMiner would go bankrupt from refunding lots of people. There is nothing to indicate that KnCMiner will go bankrupt from issuing refunds. They're now selling cloud mining in a datacenter that produces its electricity. The hardware is not shipped to customers, so the only costs they have are to manufacture the machines, pay for the internet connection, and perform repairs on devices when they break down. Cloud mining allows KnCMiner to keep the equipment, but sell the hashing power.
What do you think about KnCMiner offering Titan refunds now? Is it a step in the right direction or a hoax? Will KnCMiner be a respectable company in your eyes if they're changing the way they handle their business or is a shyster always a shyster? Leave a comment below and let me know what you think.
Author's Note: KNC's customer service rejected my request for Titan refunds and stated, "There is no refunds being offered for Titan miners as from the very beginning.[SIC]" Contacting Swedish government officials is the only chance at a refund that customers have.
Disclosure: I have two Titan miners on pre-order that I'm trying to get refunds for, and I own the "ReworkedScripts" account on the KnCMiner forums.
Last modified (UTC): December 17, 2017 4:45 AM