KnCMiner is still in the process of shipping Neptune Bitcoin miners, but now offers cloud hosting. One cloud hosting package gives you 3TH/s for less than $1,000 per month and you do not need to pay for power. Neptunes cost pre-order customers $12,995 and also give you 3TH/s, but you pay for shipping costs, a PSU to power the unit, 16AWG cable upgrades, and power consumption for running the machine. Neptunes only recently started shipping and very simply, most Neptune customers lost five-figure sums of USD by pre-ordering instead of waiting.
KnCMiner has been notorious for running their business in an almost legal way, just inside the law on almost every move they make. It’s the most elaborate Bitcoin business ever to cheat their customers. The only law they’ve broken so far is that the European law requires businesses to refund customers if they do not ship the goods within 30 days, but the Swedish law states that customers must cancel within 14 days to receive a refund. Another location on the Europa.eu website, The European Commission’s official website, announces that the federal law dictates that contracts concluded as of June 13th, 2014 are eligible for a 14-day refund period.
This sucks a lot, I used to have a 50GH/s miner that pulled off this amount a month.
We all know that times have changed, and the difficulty has skyrocketed from the barrage of ASIC manufacturers producing Bitcoin miners, but 1.65 BTC is worth a little over $800 with Bitcoin currently at $489 on Cryptsy. Neptunes may never ROI, but the cloud hosted 3TH/s might as they currently sell for $915 per month. When the value of a Bitcoin increases again, ROI is quite plausible.
To make matters worse, KnCMiner also offers two other cloud hosting tiers; they have a 1TH/s tier and one for 5TH/s, none of the prices comes anywhere close to that of the now unprofitable KnCMiner Neptune. KnCMiner apparently is no longer trying to hide the fact that they don’t care about the customers’ ROI, but only care about their own. “crazyivan” writes,
There s no way to reach ROI with this KnCMiner cloud mining offer. Real do not understand who buys this? Guess people who flunked math in elementary school. [SIC]
Every piece of hardware that KnCMiner has ever released has looked good to at least someone due to the way KnCMiner has marketed their products. KnCMiner pays cloud miners using a PPS (Pay Per Share) payout method. “No hidden fees (no setup costs, no maintenance fee, no pool fee, no energy tax fee). The price we market is the price you pay,” says KnCMiner’s news article. While prospective cloud miners might jump at the chance for this deal, don’t get your hopes up too high as this might just be another tactic for KnCMiner to mislead customers into parting with their hard-earned money.
Disclosure: I currently have two Titans on pre-order. I’ve also started a petition to get KnCMiner to refund people, and I’ve requested advice through Europa.eu to find out how we can get our money back.
Picture courtesy of Pixabay. Featured image from Shutterstock.
Last modified (UTC): September 4, 2014 09:29