Bitcoin Developer Sells $8 Million In 24 Hours, As Mining Tech Arms Race Goes Insane

[Rickson9]

Stockholm-based KnCMiner sold $8 million worth of their new $10,000-a-pop bitcoin miners in 24 hours last Wednesday, according to KnC spokesman Alex Lawn. KnC claims its new miner is technically capable of mining up to 2.1 bitcoins a day under ideal conditions and if the hardware is allowed to run 24 hours a day. A one-to-one comparison with previous models is difficult to use because it becomes harder to mine one bitcoin as more bitcoins are produced. Still, he said, customers could have already made up to $70,000 from their current 28 nanometer miner if they got it in October, when bitcoin was worth less than $200. It's new worth more than $1,000. Lawn also claims KnC customers already create 70% of the bitcoins mined in a day. We can't verify that claim.
http://www.businessinsider.com/knc-sells-8-million-in-miners-2013-11

 

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[OzGrinder]

when everyone is digging for gold, sell shovels.

 

[smarty]

I have some feeling that this Bitcoin stuff will be just a waste of time and money in the end. It's just a matter of time & advancement in technology that people will be able to mine dozens if not hundreds of Bitcoins per day. Obviously it could be a good way for some people to make money in the short term and then quickly exit though