Bitcoin Miner KnCMiner Declares Bankruptcy

Bitcoin Miner KnCMiner Declares Bankruptcy

KnCMiner, who recently won a lawsuit against complainants who had sued over late or failed delivery of one of the company’s previous iterations of bitcoin mining hardware (the Titan) , has filed bankruptcy ahead of July’s mining reward halving.

The Swedish Bitcoin mining company’s CEO Sam Cole cited energy taxes and uncertainty about the future of the Bitcoin mining market over the weekend in an interview with Swedish website

44 percent of our income goes to energy taxes. If we had had that the rest of this industry, so we had not gone bankrupt today. But we do not know if or when it will be changed.

While filing bankruptcy is being touted as a loss-cutting measure, the company will still be involved in its other ventures, including XBT Provider, a company that KnC owns in part which offers Bitcoin notes on the Swedish NASDAQ, similar to the American Bitcoin Investment Trust. Nonetheless, a total of 34 employees will be looking for jobs, according to the Swedish news

Read more ... source: TheBitcoinNews

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