KnCMiner to launch 16nm Bitcoin mining chip

KnCMiner, a Bitcoin mining company based in Stockholm, announced today that it will deploy 16 nanometer Bitcoin mining chips on a large scale, claiming to be the first in the world. According to a press release from KnCMiner:

“Moving to 16 nanometer 3D FinFET chips means a real leap in processing power.”

Sam Cole, CEO of KnCMiner, said of the company’s latest achievement:

“We have a great design team and we will never sit still. We will continue to advance chip design. In the past two years, we have designed and produced four new chips in succession, which even breaks Moore’s Law. We don’t see any signs of the mining industry slowing down.”

The 3D chip design increases processor speed and significantly improves energy efficiency, KnCMiner said, adding that "better efficiency will also lead to more environmentally friendly bitcoin transaction processing."

KnCMiner estimates that mining efficiency will increase 6 to 8 times after using this 16-nanometer chip compared to the previous 28-nanometer chip.

In February this year, KnCMiner received $15 million in Series B financing, led by international venture capital fund Accel Partners, and other investors included Stockholm mining company GP Bullhound and Creandum. At that time, it was reported that the funds would be used for two purposes: one is to expand its business, and the other is to promote the development of the next generation of 16-nanometer chips.

Four months later, KnCMiner's 16-nanometer chip development was successfully completed. Michiel Kotting, an investor at Accel Partners, commented: "We like these guys because they are really efficient, which gives them a good mining cost advantage."

About Refund Gate

Previously, KnCMiner had been complained by customers due to repeated delays in delivery, equipment failures and other issues.

A KnCMiner spokesperson told CoinTelegraph that some complaints were actually more about problems caused by the decline in the price of the currency. He said: "Despite some accusations, KnCMiners has not backed down from refunds. We have refunded all eligible refund applications, totaling more than $20 million."

In addition, he added: “Rumors are rampant in the cryptocurrency industry, and the sources are often anonymous people from forums. Some accusations are unfair to us.”