Bitcoin startup makes $110 million in sales

bitcoin

Stockholm-based KnC Miner, a bitcoin mining company, has made $110 million in sales since early 2013.

The startup makes specialised computers that create the crypto-currency, harnessing the demand for bitcoin to make $45 million in its first year. The company’s added growth so far this year has put KNCMiner in the rare camp of Bitcoin-related companies that have raised over $10 million in VC funds – Bitpay has made £32.5 Million in 3 rounds, Coinbase $31.7 Million in 3 rounds, and Xapo $60 Million in 2 rounds.

A new version of KnC’s mining machine brought out in April – capable of creating alternatives like Dogecoin – sold out in a month and generated $12 million.

The company has just raised a $14 million Series A investment led by Nordic VC firm Creandum. Selling a stake in the company might allow KnCMiner to raise the extra cash it needs to move from selling PC hardware to creating a cloud computing service – a service that allows customers to contract for hours of bitcoing mining on a subscription service.

The company is also offering a cloud bitcoin wallet service to manage transactions, and it has plans for other similar services.

“We are building the payment processor of the future. It’s a global marketplace now and we are on our way to be able to provide a wealth of new services. Also, we are already exploring a Series B because here at KnC we operate at Bitcoin speed,” says Sam Cole, KnCMiner co-founder.

Source – Business Insider

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