Stockholm’s KnCMiner sells $3 million in mining hardware in four days

Recent record highs for Bitcoin could not have come at a better time for the team at KnCMiner.

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Stockholm’s KnCMiner sells $3 million in mining hardware in four days

Recent record highs for Bitcoin could not have come at a better time for the team at KnCMiner.

The Swedish joint venture specializing in mining equipment sold out of all its November stock in a four-day stretch from November 7 to November 10.

Four-day sales hit $3 million. In one particularly lucrative 5-minute stretch, the startup earned $600,000.

The sales run coincided with a near 27% increase in Bitcoin’s value.

KnCMiner represents a joint effort between chip maker ORSoC AB and Kennemar & Cole AB. ORSoC makes the ASIC chip that powers the Bitcoin mining machines.

Their Jupiter model hashes at a rate of 550 GH/s, and their Saturn model hashes at just above 275 GH/s. Each uses about one watt of electricity per GH/s.

Orders have poured in from around the world for the eight-month-old startups devices. Models cost between $3,000 and $7,000, exclusive of taxes. Orders have thus far shipped to 160 different countries, CEO Andreas Kennemar said.

“What happened in [that period] has been unprecedented for us, maybe unprecedented anywhere in the Bitcoin mining industry,” he said.

“We’re now focusing on doing everything we can to meet the demand we expect we will continue to receive.”

Kennemar is joined by four other co-founders: Johan Rilegård, Marcus Erlandsson, Michael Unnebäck and Sam Cole.

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