By
Mayowa Adebajo
April 15th, 2024
Swedish bitcoin mining hardware manufacturer KnCMiner has deployed its new 16 nm bitcoin ASIC, offering higher processing speed and energy efficiency.
Sweden-based bitcoin mining hardware producer KnCMiner has introduced the first 16nm cryptocurrency mining chip. In comparison with the existing processors, the 3D architecture of the new chip provides higher speed and lower energy consumption.
“Never before in history has this kind of technology seen the light of day. The move down to the 16 nanometer 3D FinFET node represents [a] true step change in processing capability,” the company said in a press release.
KnCMiner became the first company that produced 20 nm Neptune chips last year, which provided a significant boost in performance compared to the previous 28 nm chips. The new ASICs, based on 16 nm FinFET node, demonstrate a step change in processing capability.
“We have a great design team never standing still. 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,” KnCMiner’s CEO Sam Cole commented.
In February, the company raised $15 million in a Series B funding round, led by Accel Partners and venture capital firms GP Bullhound and Creandum. The investment was expected to be used for expanding its mining capacity and deployment of the new 16 nm chip.
Nowadays, it is not easy for miners to generate huge revenues owing to the high cost of energy necessary for cryptocurrency mining. The launch of the new 16nm chips is likely to help mining businesses become more profitable.
The company is also going to launch new mining facility in Northern Sweden this year. Besides, it is planning to expand its bitcoin data centers and has already bought additional real estate in Sweden.
Last year, KnCMiner launched its cloud-mining service KnC Cloud that offered bitcoin online mining contracts powered by the company’s mining facilities near the Arctic Circle. The benefits of the geographical position, including local renewable energy sources and nature cooling, encourage bitcoin firms to look to the region. Moreover, today miners prefer to outsource hashing power instead of running home mining rigs.
Following numerous complaints from its customers, the company faced a group lawsuit last year. KnCMiner was accused of selling defective hardware, delivering shipments with delays and failing to pay refunds. Besides, the company was allegedly involved in the breach of contract, false advertisement, public misrepresentation and other illegal activities.
A KnCMiner spokesperson told CoinTelegraph the complaints were more related to the bitcoin price decrease, rather than to the quality of delivered hardware.
“We’ve refunded more than 20 million USD honoring all eligible refund requests. There are many rumors and unsubstantiated claims and reports in the cryptocurrency-industry, often based on some anonymous source on a forum, and we are sometimes unfairly accused.”