Combined with the prodigious talent housed at Sweden’s illustrious ORSoC IC engineering consultancy KnCMiner is on track to smash the world record for the time taken to develop and manufacture 28nm Application Specific Integrated Circuits.
During its existence, KnCGroup attracted a total of more than $29 million in investments, closing the last round of financing of $ 3 million in December 2015. In addition to bitcoin mining, the company was also engaged in the production of mining equipment. So, in June 2015, was implemented Solar ASIC devices that are designed to improve the efficiency of mining.
Once one of the leading mining companies, KnCMiner declared itself bankrupt a few months ago. As the cause of bankruptcy, the company pointed to rising costs and increased competition. This news shocked the entire cryptocurrency industry, because KnCMiner was considered one of the most promising companies in the sector.
However, gloomy forecasts concerning the future of the company receded into the background after the message on its sale. The news was published by one of the Swedish technical journals. The author of the article informs that he managed to talk with competitive Manager of KnCMiner Nils Aberg.
KnCMiner has always been a tempting opportunity for European investors wanting to snatch a piece of digital currency pie. Over the past couple of years, the company has managed to attract more than 250 million Swedish kronor (30 million us dollars). Accel Partners and Creandum are among its major investors. In total, they invested in the company 83.4 million Swedish crown (57.7 million dollars).
In the recent past, KnCMiner was considered successful startup that managed to attract investments of $32 million Business Insider UK has included the miner in the top 21 most influential bitcoin companies.
“We understood that it was a risk to start it in Sweden. We wanted to go straight to the moon, not some medium-sized gray business. We tried our luck and attracted serious investors. But it did not agree,” Sam Cole said, adding that the company is not coping with the rapidly growing competition.
Back in June 2015 KnCMiner introduced a new powerful equipment Solar ASIC, which, as entrepreneurs hoped, was to significantly improve the efficiency of mining.
Since October 2015, the company’s website and official Twitter account have ceased to be updated.
Named KnCMiner has been a series of scandals. Last March, more than 100 clients accused the company of fraud and filed a collective complaint with the Swedish authorities. The allegations of dissatisfied customers, the device for mining under the name of Titan worked badly and caused a fire. The company denied these allegations. Last week, the Swedish court ruled in favour of KnCMiner, denying the applicants ‘ claims. However, similar lawsuits from American customers continue to be regarded by the courts in the United States.