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Computing Center Technicians Wanted!

Monday 26th October

4 Swedish Readers; 

We are looking to add talent to our pool of problem hunters in our northern computing centers. You need to understand Swedish for this assignment;

Nu finns chansen att få jobb på ett av världens mest dynamiska, snabbväxande och spännande IT-bolag!

I Boden bygger vi världens mest moderna processorhallar för framtidens teknik: blockkedjan. Vi designar och tillverkar vår egen processorteknik på nanometernivå, bygger och installerar i världens mest miljövänliga IT-center nära vattenkraftverket i Boden, strax intill polcirkeln i norra Sverige.

 

Read more.

New bitcoin product launch on Nasdaq by XBT Provider

Monday 21st September

Stockholm, SWEDEN (September 21, 2015) – XBT Provider AB (publ), a subsidiary of the KnC Group, announced today the launch of Bitcoin Tracker EUR, a bitcoin-based security denominated in Euro. Bitcoin Tracker EUR will be available for trading on Nasdaq Nordic on October 5th.

Alexander Marsh, Chief Executive Officer of XBT Provider, says: "We are proud to offer a Euro-denominated instrument to meet demand from investors world-wide. Bitcoin Tracker One has during periods been among the top 3 most traded ETNs on Nasdaq Nordic since launch. With Bitcoin Tracker EUR we hope to further eliminate the boundaries that earlier prevented individuals and companies from being able to actively invest in what we believe will be the future of money”

Bitcoin Tracker EUR is designed to provide investors with convenient access to the returns of the underlying asset, U.S. dollar (USD) per bitcoin, less investor fees. Bitcoin Tracker EUR’s prospectus has been approved by Sweden's financial supervisory authority, Finansinspektionen, and will be admitted to trading on Nasdaq Nordic. The first day of trading is expected to be October 5th.

Staffan Helgesson, General Partner at Creandum and Board Member of XBT Provider, says: "Bitcoin Tracker One was the world’s first financial instrument that provided consumers and institutions the possibility to invest in bitcoins without holding coins themselves. It proved that XBT Provider could launch an instrument with high liquidity that very accurately tracked the price of bitcoin. Bitcoin Tracker EUR will give the investors all the benefits of Bitcoin Tracker One, and also offer a currency they are used to invest in"

The full prospectus is available on xbtprovider.com

ABOUT XBT PROVIDER

XBT Provider AB (publ) is a public limited liability company formed in Sweden with statutory seat in Stockholm. The issuer is incorporated under Swedish law and registered with the Swedish companies' registration office under registration number 559001-3313.

ABOUT THE MARKET MAKER: MANGOLD FONDKOMMISSION

Mangold Fondkommission is a Stockholm based Brokerage and Investment bank. As a member of Nasdaq Nordic the company assists XBT Provider with clearing services and acts as a liquidity provider for Bitcoin Tracker One and Bitcoin Tracker EUR.

FOR FURTHER INFORMATION, PLEASE CONTACT

Alexander Marsh
E-mail: [email protected]

Johan Wattenström
E-mail: [email protected] 

What Can YOU Build On Top Of The Bitcoin Network?

Thursday 27th August
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Developing at the KnC Labs.

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We're growing at a fast pace and we're now looking for energetic and result-oriented developers to join us in taking our daily operations to the next stage!

At KnC we're team-oriented, non-hierarchical and collaborative. We produce code in many languages/frameworks, including C, C++, Python, Java, Angular, Node, PHP and Javascript - to name a few. We adhere to a simplified scrum/agile process with short daily stand-ups. We're knowledge-centered and share new learnings with each other as often as possible.


A once-in-a-lifetime opportunity; running your code in a 16nm industrial computing center.

Our staff is allowed a great deal of freedom and career opportunities fitting individual interests and expertise. Our general goal is to deliver efficient and stable Bitcoin transaction processing – as fast as possible.

Read more.

Why We're Building On The Bitcoin Network

Monday 17th August
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A KnC ASIC cooling system close-up.

©

"Providing Efficient, Secure & Green Blockchain Power To The World"
Inspired by Satoshi Nakamoto

During the month of August we are winding down our very successful cloud hashing program where we had more than 1500 international customers renting petahashes of Bitcoin transaction processing from our Clear Sky facilities in northern Sweden.

As our business is changing shape from selling hardware and letting hash power to focusing on supporting and processing transactions in the Bitcoin network we're also updating our company tagline.

Here's an explanation on why we believe in the new Blockchain-based "bitconomy" and how we see ourselves fit into the ecosystem.

It's still early days...

Bitcoin is not going mainstream overnight. The technology is difficult to grasp, its promises often confuscated by copycats and Bitcoin has opponents in the financial establishment it is looking to disrupt.

However, as Bitcoin is superior to today's fiat currencies and settlement systems it will slowly eat itself into most value-transferring systems over the years to come, gradually becoming entrenched everywhere – acting as a foundation for the new bitconomy online.

Just as with the web, that grew powerful slowly over 20 years, Bitcoin will be chosen by person after person, app after app, system after system, year after year.

Our view reflects the genuine insight that Bitcoin is a wholly new innovation/discovery, as important as the discovery of iron or the invention of steel, the printing press or the personal computer.


A cut-out from one of KnC's Bitcoin transaction processing facilities.

Bitcoin derives its value independently and from within

Bitcoin uses the concept of "proof-of-work" where computers "work" trying to find a cryptographic solution to confirm a "block" of transactions. The results prove they've "worked" (spent energy) in the process. The solution triggers the predetermined block reward inflation (currently 25 bitcoins per block, approx. every 10 minutes). As usage grows transaction fees will become a more important part of the reward. In this way the network extracts security from incentivizing participators to continually increase the security of the world's most powerful processing network, while creating intrinsic value from within through its native token's properties (bitcoins). The sheer number of computers participating in the network – its increasing (competitive but collective) "hashrate" – ensures the system's integrity.

This all happens simultaneously using the same mechanism (the proof-of-work mining). Energy must be spent to "mint" each bitcoin. Minting through proof-of-work-mining proves a certain amount of energy was spent at the particular time the bitcoin in question was "minted" (mined). It's the open, decentralized nature of Bitcoin that creates this level of security; open to anyone the constant race positions the network well ahead of any attacker. As a side-effect this vast number of processors (connected to the Bitcoin network via beefy nodes) results in a speedy and always-on network.

Creating An Immutable Chain Of Events

The proof-of-work-solution creates a chain of "blocks". Each block contains info on the actual transactions (including cryptograhic hashes of any type of information) that took place at the time of the proof-of-work-confirmation, which elegantly prevents anyone from "rewriting history". As the network's participants continually race towards the next block the system prevents anyone from tampering with the record of the chain of events. This is a major argument for blockchain technology. It can be used to record voting, land titles, car registrations, ownership, stocks, bonds and board meeting consensus – and much more.


Running the bitconomy 24/7.

The Power Of 100 Billion Computers

As such, bitcoin (the currency) is inseparable from Bitcoin (the network). It creates its own intrinsic value independently thanks to its properties – not being pegged to the value of anything else in the "real world". Actually, Bitcoin has become a new way of measuring and proving that time has passed as the system is proving its immense capacity approximately every ten minutes. 

There is no way for another network in this world to overpower the Bitcoin Network when calculating the SHA256^2 algorithm. It was long ago (August 2013) the network superseded the top 500 supercomputers in the world – combined. Today it expresses the equivalent processing power of more than 100 billion home computers – ever increasing its total hashrate.

Concepts such as merged mining, pegging-to-BTC, timestamping services, payment channels and sidechains are just a few of the current developments promising an exciting future for the Blockchain of Bitcoin.

A Global Online Currency For The 21st Century

The Internet has disrupted most businesses, practices and concepts in "the real world" – from shopping to music to travel to healthcare. Now it is time for finance and money to be disrupted by the Internet, thanks to Bitcoin – the new money protocol. Thier's Law famously states "Good Money Drives Out Bad" or; "In the absence of effective legal tender laws, Gresham's Law works in reverse. [WIKI LINK]". 

Bitcoin is arguably the most practical type of money ever invented.

For example; bitcoins are highly suitable for:

• Online transactions
• Face-to-face mobile transactions
• Machine-to-machine transactions
• International remittances
• Secure savings
• Back-up

However, Bitcoin is much more than just "money". Bitcoin's network and technology (the "Blockchain") enables: 

• Start-up innovation (an address is all you need, bank account optional)
• Autonomous Trading Entities / Decentralized Apps / Corporations (DAC:s)
• Proof-of-existence services (timestamping)
• Multi-signatory contracts, wills, insurance agreements
• Borderless value transfers
• Transparent governance

Decentralization means profit is made at the edges rather than at the center. In Bitcoin's case it means anyone can connect and start profiting from the system. That's why the number of transactions in the Bitcoin network is rising steadily.

Bitcoin is very resilient. So simple in its design that a bitcoin can exist in many variants; online or on your phone, backed-up on a usb stick or written on a piece of paper. You can even "store" bitcoins in your brain using a passphrase only you know. You can generate receiving addresses from that phrase, and generate the key to control your brain-stored bitcoins – with that same phrase.

Bitcoin is actually built on ingeniously simple mathematics. 

Mathematics can't be "hacked". It just is. Just like Bitcoin.


The ground-breaking 20nm Neptune chip from KnC, released in June 2014.

Contrariwise and counter-intuitive

It takes time to "get" Bitcoin. Understanding the power of something truly decentralized is counter-intuitive. Humans tend to want control. Bitcoin turns things on it's head. Our vision is based on a deep understanding on why Bitcoin is powerful. Bitcoin offers: Decentralized Permissionless Timestamping.

That may not sound like much – but not only does it enable a new world currency, it enables a new sort of decentralized data structures to flourish, truly disrupting any and all industries relying on multi-stakeholder databases. This may be achieved by using add-ons to the Bitcoin network, such as sidechains or colored coins of different kinds - or altcoins working in harmony (being quickly and fluidly interchangable) with bitcoins. If Bitcoin provides the value-transferring mechanism in the cryptocurrency landscape there should also be room for forks (copies of Bitcoin) to provide other mechanisms that can benefit from using a blockchain.

You can't copy Bitcoin

A misconception regarding copies of Bitcoin ("altcoins") comes from the idea of using an ASIC-resistant algorithm, to compete with Bitcoin. "ASIC-resistant" is a contradiction in terms. It is always possible to remove inefficiencies in hardware computing any algorithm/s. If any coin would become valuable ASICs would quickly be developed and deployed.

Bitcoin's real value lies not in its properties compared to its copies, but in the fact that those properties now exist at all (!) – i.e. that this particular invention now exists, as compared to before it existed.

Contrary to popular belief there is no real point in trying to copy Bitcoin, as it's already here. Two of the main features are its permissionlessness and the fact that it acts like a unified global accounting system. That's not something that can be successfully "copied" as few would switch from the already very powerful and secure system that is Bitcoin today to a new and naturally weak copy.

It'll be weak compared to Bitcoin as nobody could amass the hashing power, match the head-start in development and financing or compete with the network effects Bitcoin has already displayed. Bitcoin is the future of cryptocurrencies. Other blockchains will have to interact with Bitcoin's blockchain to gain confidence – further strengthening the new gold standard - i.e. Bitcoin, the future world reserve currency.


The Vision Of Satoshi

There is a another widespread misunderstanding that cryptocurrencies run on idealism. The Bitcoin network is actually designed to rely on raw processing power for security. Stable industrial-scale miners, like KnC, play an important role in upholding the security of the Bitcoin network.

Satoshi Nakamoto, the inventor of Bitcoin, wrote forum posts and emails on the subject early on in Bitcoin's development. For instance this quote below, taken from Satoshi's early correspondence

"At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware." - Satoshi Nakamoto (2008).

This, the foresighted "Vision Of Satoshi" rhymes very well with our core business; we design processors tailor-made for Bitcoin's algorithm (SHA256^2) and help validate and confirm worldwide bitcoin transactions in our Clear Sky processing facilities. We're one of the largest independent Bitcoin transaction processing houses in the world – securing the Blockchain of Bitcoin 24/7 – enabling new powerful blockchain-based applications in the process. 

Satoshi's Vision ≈ KnC's Mission

All of these things come together to inspire us at KnC to pursue the "Vision of Satoshi"; to be those specialists that Satoshi spoke about and to do what he envisioned: power the Bitcoin network. So, we've embarked on a mission to provide efficient, secure and green blockchain processing power to the world. Our goal is to capture and maintain a healthy fraction of the global hashrate, helping to realize a vision of a future with specialized hardware, steadily and reliably securing the network.

But, it's not necessary to understand the tech or the incentives powering the Bitcoin network to use it. Just download an app (a Bitcoin wallet) and you can start to sell things or services in return for bitcoins. Today.

No permission required.

Check out a selection of Bitcoin wallets here: https://bitcoin.org/en/choose-your-wallet

Best, The KnC Team, by way of Nanok Bie, August 17, 2015, Stockholm.

KnC Offers Employees Salaries In Bitcoin With A Xapo Debit Card

Thursday 13th August
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An illustration of Xapo's global Bitcoin storage network.

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At KnC we're continuously working to improve the economy of the future. For instance, this year we expect to sixfold the efficiency of our transaction processing facilities as we deploy our new platform Solar – powered by locally produced renewable energy – to continue to support and process transactions in the Bitcoin network.

We believe Bitcoin has the potential to lower costs substantially in most businesses and for most people around the world, all the while enabling billions of unbanked individuals to start taking part in our common globalized economy. Anyone can accept bitcoins in exchange for products and services, using just a mobile phone.

As a stepping stone towards the bitconomy of the future we're starting to offer our own employees part of their salary in bitcoins directly, in collaboration with Xapo, a specialized provider of secure bitcoin storage.

Each employee has been offered a Xapo Debit Card which is accepted at all Visa merchants worldwide. We send the bitcoin part of their salary directly to the card's bitcoin address and our employee can choose to spend his or her money wherever Visa is accepted. The conversion to local fiat currency is done automatically, without needing to preload funds (or sell) bitcoins to load onto the card.

Our staff can of course load up their Xapo Debit cards with more bitcoins at any time they choose, and quickly see the balance and any transactions in the accompanying mobile app.

At KnC we're always on the look-out for talented individuals to join our team; feel free to drop us a line with your CV via our web site kncminer.com. We work hard and fast, and we take good care of our employees.

Changing The Game - Again

Wednesday 3rd June
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A cut-out from a close-up of the new Solar Bitcoin mining chip from KnCMiner.

© KnCMiner

KnCMiner Just Broke All World Records Running A New 3D Bitcoin Chip At 16 Nanometer

Based in the tech hub that is Stockholm, Sweden, KnCMiner has once again confirmed its status as the world's foremost Bitcoin transaction processing technology provider. KnCMiner is the first company in the world to deploy a 16 nm processor at scale. Never before in history has this kind of technology seen the light of day – or the auroras above the Clear Sky transaction processing farms in the far north.

The move down to the 16 nanometer 3D FinFET node represents at true step change in processing capability, as this new kind of chip technology stacks certain components in three dimensions (compared to earlier chips' flat design).

– We have a great design team never standing still, says KnCMiner CEO Sam Cole. We're going to continue pushing innovation within processor design. We've produced 4 consecutive all-new chip designs in only 2 years, exceeding even Moore's Law and we see no signs of this development slowing down going forward.

The 3D design not only improves the speed of the processors, due to the shorter distances involved in shuffling around data down at this nanometer scale, but also dramatically increases energy efficiency. As the rate of Bitcoin inflation (production) is set in stone better efficiency means less energy consumed per minted (mined) bitcoin.

Better efficiency results in even more environmentally friendly Bitcoin transaction processing. As KnC's mines already utilizes green and locally produced hydropower and all-natural Arctic air for cooling – in combination with this new 16 nm 3D Solar platform – the facilities' energy footprint will now be reduced even further.

KnCMiner's stated goal at this node is to increase the efficiency in the farms six to eight times when deploying the new platform Solar in the 'old' 28 nm farms – to continue to support and process transactions in the Bitcoin network. A higher total hashrate of the Bitcoin network further increases the system's integrity and security. Bitcoin aficionados worldwide can rejoice as they watch the full hashrate of the network increase over the coming weeks and months.

KnCMiner also announced the acquisitions of several properties adjacent to its two datacenters in northern Sweden, close to the new 120 MW national grid substation. The first of several new datacenters on these properties is scheduled to launch in September 2015 and offer approx. 18,000 thousand square feet of indoor farm floor space, two stories high. These properties will further enhance the processing capacity of KnCMiner's operations – thus strengthening the Bitcoin network, in anticipation of a multitude of companies world-wide using the planet's most trusted blockchain for secure peer-to-peer value transferring services. KnCMiner expects to employ up to 100 new staff due to these new developments.

– Leading the way forward in one of the most rapidly expanding global markets is an equally demanding and inspiring task. Time-to-market is everything for us and we are planning to build several more datacenters in Sweden, Finland or Iceland, says Sam Cole.

KnCMiner firmly believes Bitcoin has the potential to lower costs substantially in most businesses and for most people around the world, all the while enabling billions of unbanked individuals to start taking part in the globalized economy. Anyone can accept bitcoins in exchange for products and services, using nothing more than an app (a Bitcoin wallet) on a mobile phone.

About KnCMiner

KnC provides efficient, secure and green blockchain power to the world. KnCMiner is part of the KnC Group, based in Stockholm, Sweden. Founded in 2013 KnCMiner has become a global technology leader in the Bitcoin space. KnCMiner develops state-of-the-art chip design and cloud services for transaction processing and Blockchain-based applications. KnCMiner has an exceptional track record of delivering next generation ASIC chips to the market. The KnC Group runs industrial-scale operations in locations globally with the main focus in the Arctic Circle.

KnCMiner Nominated In "Best Cryptocurrency Startup" Category

Thursday 21st May
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© The Europas

Stockholm, SWEDEN (May 21, 2015). The world-leading Bitcoin transaction processing house KnCMiner has been selected as one of the top startups within the cryptocurrency industry and as such nominated to the awards ceremony The Europas, taking stage June 16 in London.

"The Europas – the European tech startup awards – has announced a “Best Crypto Currency Startup” category for the second year running with the winners being chosen by a panel of industry voters and judges." 

CoinTelegraph has published an overview of all five nominees; Bitfury, Bitpay, Blockchain.info, KnCMiner and Safello here, quoting KnCMiner CEO Sam Cole:

"After several years of hard work it's really gratifying that this hard-to-grasp but truly amazing technology is finally starting to get the recognition it deserves, and we're honored to be nominated alongside other industry pioneers".

 

World's First Bitcoin Certificate On A Regulated Exchange

Wednesday 29th April

Stockholm, SWEDEN (April 29, 2015) – XBT Provider AB (publ) announced today the authorization of Bitcoin Tracker One, the first bitcoin-based security available on a regulated exchange. XBT Provider is launching this financial instrument to meet the needs of investors’ growing appetite for exposure to Bitcoin prices.

Alexander Marsh, Chief Executive Officer of XBT Provider, says: "We are proud to offer the world’s first “Bitcoin tracker” to be traded on a regulated exchange. By enabling this easy and secure way to invest in Bitcoin we hope to have eliminated the boundaries that earlier prevented individuals and companies from being able to actively invest in what we believe to be the future of money.”

Bitcoin Tracker One is designed to provide investors with convenient access to the returns of the underlying asset, U.S. dollar (USD) per bitcoin, less investor fees. Bitcoin Tracker One is authorized by Sweden's financial supervisory authority, Finansinspektionen, and will be admitted to trading on Nasdaq Stockholm. The first day of trading is expected to be May 18th, 2015.

Staffan Helgesson, General Partner at Creandum and Board Member of XBT Provider, says: "These are exciting times for the bitcoin ecosystem. Bitcoin Tracker One will be the world’s first financial instrument that provides consumers and institutions the possibility to invest in bitcoins without holding coins themselves".

The full prospectus is available on xbtprovider.com.

XBT Provider AB (publ) is backed and guaranteed by KnCGroup, the global technology leader in the Bitcoin Space.

ABOUT THE ISSUER: XBT PROVIDER
XBT Provider AB (publ) is a public limited liability company formed in Sweden with
statutory seat in Stockholm. The issuer is incorporated under Swedish law and registered
with the Swedish companies' registration office under registration number 559001-3313.

ABOUT THE MARKET MAKER: MANGOLD FONDKOMMISSION
Mangold Fondkommission is a Stockholm based Brokerage and Investment bank. As a
member of Nasdaq Stockholm the company assists XBT Provider with clearing services
and acts as a liquidity provider for Bitcoin Tracker One.

Updating Our Web Presence

Wednesday 11th March
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Satoshi's vision is KnC's vision.

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We're updating our web presence to better reflect our refocused business plans. We've finished shipping most of the hardware we've had on order and the final deliveries of the Titan and other bonus offers will ship over the next few weeks. 
 
As we're moving away from mail-order sales we've removed the web shop from our domain and we're switching systems for support, accounts, log-in, mobile access and more. As DNS rerouting takes some time to propagate worldwide our online assets may be unreachable or even a little scrambled momentarily as we're updating (DNS changes can cause confusion for browsers and networks when caching assets). 

If you're a cloud mining customer of ours our cloud operations at KnCCloud.com is unaffected by these changes, so you can still log in there to check and/or change payout and other options. If you have any support questions or questions about an outstanding order please contact our support department via the contact details on the menu at the top of this page, and include your order number in that correspondence.

Accel Investing In KnCMiner – 16nm tape-out completed

Tuesday 3rd February

Press release from KnCMiner, February 3 2015:

KnCMiner raises $15M led by Accel Partners and completes 16nm tape-out with TSMC

Company plans to be first to market with this next generation chip technology, which will be one of the most efficient chips in the market and enable KnCMiner to dramatically increase its bitcoin mining capacity

February 3rd, 2015 – Stockholm/London: KnCMiner, the professional bitcoin mining company, announces a Series B investment of $15M led by Accel Partners with participation from existing investors Creandum, GP Bullhound and private investor Martin Wattin. KnCMiner plans to use the new capital, in addition to cash generated through operations, to increase its bitcoin mining capacity and continue to build the bitcoin-processing infrastructure of the future.  

KnCMiner has also completed its 16nm chip tape-out with Alchip at Taiwan Semiconductor Manufacturing Co Ltd (TSMC) and expects to be first to market with this next generation chip technology. This will be one of the most efficient chips in the market, enabling KnCMiner to dramatically increase its mining capacity and to become a trusted, low-cost scale provider of bitcoin mining capacity on a global basis.

Founded in Stockholm in 2013 by datacentre and Application-Specific Integrated Circuit (ASIC) experts, KnCMiner started by designing and selling bitcoin mining hardware to 3rd party miners, but has been mining bitcoins directly on an industrial scale since February 2014. KnCMiner has generated over $100M in revenue since launch and re-invested most of its profits in the mining operation.

Bitcoin mining to date has been dominated by individuals who pool their computing resources; however, as the market in bitcoin and other blockchain-based applications matures and expands into the mainstream there is a need for industrial-scale bitcoin mining capacity in regulated markets. A bitcoin miner plays a fundamental role in maintaining the integrity of the Bitcoin network, as it is the transaction clearing mechanism that eliminates the potential for double-spending. There are very few teams worldwide that have the expertise required to do industrial scale mining, like KnCMiner. The combination of its scale and leading edge architecture will sustain it as a significant player going forward.

KnCMiner is also a technology leader in Bitcoin mining. It has entered the production phase of a 16nm chip with TSMC through its trusted partner Alchip. This is not only TSMC’s first 16nm production for bitcoin mining, but also one of the very first 16nm chips in any segment to enter full production phase.

While the public focus has been on bitcoin price volatility, the market for bitcoin and other blockchain applications has been expanding dramatically. Blue-chip merchants such as Dell, Expedia or Microsoft now accept bitcoin, whilst leading payments companies such as PayPal and Stripe have added bitcoin products.  Top tier investors have to date invested over $400M into bitcoin companies. KnCMiner has partnered with several bitcoin companies directly, including Circle Internet Financial and BitPay, to improve liquidity and thus the end user experience. Working alongside the vibrant Bitcoin community, KnCMiner will continue to partner with other companies in the ecosystem to increase user adoption.

Sam Cole, co-founder and CEO of KnCMiner, said: “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. We are delighted to be partnering with Accel in this next chapter, as we continue building our brand and relationships within the Bitcoin and broader financial communities.”

Michiel Kotting, Partner at Accel Partners will join the company’s board, whilst Fred Destin of Accel will join as observer. Kotting said: “We are excited to back the KnCMiner team, as they have proven to be world class operators in a very dynamic marketplace. We strongly believe in the long-term potential of Bitcoin technology and see large scale miners like KnCMiner playing a crucial role.”

Staffan Helgesson, General Partner at Creandum: “We are happy that Accel Partners are joining us in supporting KnCMiner's rapid growth. Since we invested in KnCMiner in 2014, they have built a world-class payment processing platform and grown to be one of the leading bitcoin companies globally. We believe KnCMiner will be one of the key infrastructure companies in the bitcoin ecosystem long term."

GP Bullhound also advised the company for this round.

About KnCMiner

Founded in 2013, KnCMiner is a global Technology leader in the Bitcoin space. KnCMiner has an exceptional track record of delivering next generation ASIC chips to the market. Based in Stockholm, Sweden, KnCMiner develops state-of-the-art chip design and cloud services for blockchain-based applications and cryptocurrency mining. KnCMiner also runs industrial-scale operations in other locations globally with the main focus in the Arctic Circle. For more information, visit the KnCMiner web site at www.kncminer.com.

About Accel Partners

Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, New York City, London and Bangalore. Accel has helped entrepreneurs build over 300 successful companies, many of which have defined their categories, including Alfresco, Angry Birds (Rovio), Atlassian, Circle Internet Financial, Cloudera, ComScore, Dropbox, Facebook, Gameforge, Groupon, Imperva, Kayak, Nimble Storage, Playfish, QlikTech, Spotify, Supercell and Varonis. For more information, please visit the Accel Partners web site at www.accel.com. Find us on Facebook at www.facebook.com/accel.

About Creandum

Creandum is a Stockholm and Palo Alto based VC firm investing in fast growing European companies within the consumer, software and hardware industries. Creandum was founded in 2003 and has in the last decade invested in more than 40 companies, including Spotify, Epidemic Sound, Vivino, iZettle and Tictail. Visit www.creandum.com for more information.

About GP Bullhound

As dealmakers in technology, GP Bullhound provides independent strategic advice on mergers and acquisitions and private placements to entrepreneurs, companies and investors. By combining a true passion for innovation with great access to global buyers and capital across Europe, US and Asia, GP Bullhound has completed transactions with many category leaders including Avito, Delivery Hero, Fjord, King.com, Pingdom, Pozitron and Spotify. The firm was founded in London in 1999 and today also has offices in San Francisco, Stockholm, Berlin and Manchester. For more information, please visit www.gpbullhound.com

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