KnCMiner Stops Sales of Equipment, Mining For Themselves Instead

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Sweden-based KnCMiner is quite frankly tired of dealing with customers, evidently.

And it’s one thing to curse at your unhappy customer while they are on hold. KnCMiner is saying goodbye to all of their customers because their discontinuing the sale of their equipment, according to Bloomberg.

The news comes not too long after we reported last week that a California attorney was investigating the company and their practices in preparation for a potential class-action lawsuit.

The company, which manufactures mining equipment for bitcoin and other digital currencies, claims that 25 percent of the miners processing bitcoin transactions out in the wild are made by them.

But why sell to the consumer when they can mine for themselves? It’s a question asked time and time again, and they’re serious about making it happen.

The company recently received a $14 million investment in a round led by a Nordic venture capitalist firm, and with part of that money, they’re scouting locations in both Iceland and Sweden to expand their data center operations.

But they are going to require a whole lot more money if they are going to build more data centers. They’re looking to raise an additional $50 million to make it happen. Of those millions, money will be appropriated for other causes, like research and development of new equipment.

At the present time, the company’s mining operations account for 5 percent of all network hashing power. With expansion, they are feeling ambitious, hoping to corner somewhere in the neighborhood of 20 percent of the market.

At the moment, KnCMiner’s website still allows consumers to add items to a shopping cart, though Bloomberg says sales have “stopped.”