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Sunday, June 26, 2022

Stockholm's KnCMiner brings total funding to $29 million

After Creandum’s huge $14 million raise into Sweden’s KnCMiner only this past September, news broke that Accel Partners has led a new $15 million round into the company that sells and rents hardware for bitcoin mining professionals. In addition to this $29 million in funding rounds, KnC says it has generated over $100M in revenue since launch and re-invested most of its profits in the mining operation.

Also with the news KnC announces it has completed its tape-out with Alchip at Taiwan Semiconductor Manufacturing Co Ltd, meaning it hopes to be first at going to market its new 16nm chip that says will be one of the most efficient chips on the market. Previously KnC got the first 20nm chip out on the market.

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To monetize this hardware, KnC has been buying up aircraft hangers in Swedish Lapland, which due to the cool average temperature decreases cooling costs for bitcoin mining farms. KnC might as well put a “certified organic and grass fed” label on their minted coins; the company boasts these farms are powered by clean hydroelectric energy and enjoy a clear sky view, as they leave the hanger doors open for natural circulation.

Individuals can then rent out a 400 GH/s bitcoin mining machine for six months, coming out to around $41 a month.

“We have invested more than $70M over the last 12 months into building a world-class bitcoin mining operation and plan to invest a further $150M over the next 18 months as we become one of the key transaction processors within Bitcoin,” says Sam Cole, co-founder and CEO of KnCMiner.

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