KnCMiner To Cease Retail Sales, Sick Of Problematic Customers

Swedish company KnCMiner, which brought to market popular ASIC mining rigs such as the Jupiter in 2013, are to cease selling hardware to retail customers and instead focus on expanding their data centres in order to scale up their own mining operations.

While the Jupiter was a profitable machine for many bitcoin miners, the Neptune flopped and KnC's scrypt mining ASIC named Titan is yet to ship. This has left many customers upset and out of pocket, so much so that the possibility of a class action lawsuit is being floated.

In a phone interview with Niclas Rolander from Bloomberg, Sam Cole said “When we don’t have these customers buy our hardware it becomes a different business model. It becomes much easier, much more open, much more honest. There’s still going to be $2 billion, at today’s price, mined in the next few years. That’s a lot of cash that’s up for grabs and we’re going to do our best to take a decent chunk of it.”

Having raised $14 million of venture capital in September, 2014, KnC are again looking to raise capital. Seeking an additional $50 million to build even more data centres and develop new mining hardware, KnC are in pursuit to attain as much as 20% of the hashing power on the Bitcoin network.

Sam Cole also mentioned the possibility of floating the company in an IPO one day stating "If we were an IPOed public company, which we may be some day, our share price would of course fluctuate with the bitcoin price."

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