Bitcoin Mining Hardware Producer Bitmine Declares Bankruptcy
Bitmine AG, the Swiss Bitcoin mining hardware producer which CCN recently reported was facing multiple lawsuits in regards to undelivered hardware and broken promises, has declared bankruptcy in the Swiss city of Bellinzona. In a lengthy note posted to their website, Bitmine explained their insolvency, complete with a breakdown of costs versus income. Cold comfort for the customers who never received their hardware at all, of course, and in most countries, bankruptcy means that all creditors are basically out of luck. In the case of a company taking pre-orders, it seems that's really what....
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A Hong Kong-based investment company is ramping up an ASIC mining hardware business that will drop four Petahashes (PH/s) of computing power onto the network by the end of March. Massive Luck Investments, domiciled in Hong Kong but registered in the British Virgin Islands, has taken a 50% stake in Swiss mining hardware manufacturer Bitmine, (formerly Exion Networks), which has been designing Avalon-based mining hardware. The new venture spans ASIC hardware sales to individual customers, hosted mining, and its own private mining pool. Massive Luck Investments, which has offices in places....
Sweden-based bitcoin mining firm KnCMiner, a startup that has raised $32m in venture funding from investors including Accel and Creandum, has declared bankruptcy. Once one of the industry's fastest-growing mining firms, the bankruptcy filing and entrance into receivership marks a new and perhaps penultimate phase for KnC, which was founded in 2013 and has drawn fire in the past from bitcoin and digital currency ecosystem over its consumer-oriented mining products. Earlier this month, a Swedish court ruled in favor of KnCMiner by effectively scuttling a lawsuit over the Titan, a hardware....
Swiss ASIC miner developer Bitmine AG was officially declared bankrupt by the local court of Bellinzona, Switzerland, in May 2015. All accounts, assets and company documents have been handed over to the Swiss justice ministry and are under investigation. In an open letter released on the official website of Bitmine AG, the company's management claimed that Bitmine AG had tried to restructure its products and services by seeking new investments. It failed, however, to raise enough funding to continue its production of ASIC miners which led to the company's bankruptcy. Bitmine AG initially....
KnCMiner, who recently won a lawsuit against complainants who had sued over late or failed delivery of one of the company’s previous iterations of bitcoin mining hardware (the Titan) , has filed bankruptcy ahead of July’s mining reward halving. The Swedish Bitcoin mining company’s CEO Sam Cole cited energy taxes and uncertainty about the future of the Bitcoin mining market over the weekend in an interview with Swedish website Breakit.se. 44 percent of our income goes to energy taxes. If we had had that the rest of this industry, so we had not gone bankrupt today. But we do not know if or....
Bitmine AG Owner Giorgio Massarotto (right). Over a year ago, CCN writer Rick Mac Gillis interviewed Kerim Chikhi, a representative of Bitmine AG, the Swiss ASIC miner manufacturing company. Even then, customers had been waiting months for refunds since their orders were never fulfilled. Background. At the time, Chikhi confirmed the claims of many customers that they had been waiting "1-2 months" for refunds. When asked if his company had ever shipped a single mining rig, Chikhi said: I won't point out a specific post, but on our official forum, you will find, among many negative comments,....