Fine Print Clauses KNCMiners Neptune Delay

bitcoin mining

KnCMiner’s Neptune

In April, Swedish mining hardware maker KnCMiner decided to make a good-faith effort to appease customers who had pre-ordered their long-delayed Neptune bitcoin mining machine. Those who had ordered from batch one and two would be entitled to a free Neptune from the third batch.

It was a popular move, as early adopters could count on doubling their hashing power if they were willing to be patient. With the first batch of Neptunes preparing to ship next month, KnCMiner seems to have changed tactics, offering hosted mining services for those still waiting on their mining hardware.

As CoinDesk reports, some customers have taken issue with the small print, which seems to renege on the April agreement.

“If the purchaser of the Products (referred to as the Customer) accepts KnCMiner’s offer and connects to KnCMiner’s Mining Services, the Customer automatically accepts that these General Terms shall apply for the provided Mining Services and that the Mining Services provided by KnCMiner shall constitute the Customer’s sole and only compensation due to the delay of the Products and shall supersede and extinguish all prior agreements relating to compensation for the delayed Products.”

Not surprisingly, many KnCMiner customers took to Reddit and other popular bitcoin forums to cry foul. Given that a new Neptune sells for $5,995, a maximum of six weeks of hosted mining at the same hashrate seems like a weak trade to many.

The company was quick to respond, and said it will allow users who have not yet redeemed their hosting offer to switch back to the previous agreement.

KnCMiner co-founder Sam Cole told CoinDesk: “It was never our intention to deceive people. … Really, it’s a lose-lose for us and either a little win or a big win for the customers.“

Written on 26 Jun 2014.