Swedish company KnCMiner has discontinued the sales of its bitcoin mining equipments and started expanding its data centres to mine bitcoins and solve similar complex algorithms.
Bitcoins can only be mined by solving complex calculations using special computers capable of rewarding bitcoins.
The company started facing problems when bitcoin price fell from $1,000 to $300 and customers who bought mining devices from KnCMiner started asking for refund which triggered the company’s latest move, reported Bloomberg.
Bloomberg reported KnC co-founder Sam Cole saying: "When we don’t have these customers buy our hardware it becomes a different business model.
"It becomes much easier, much more open, much more honest.
"There’s still going to be $2 billion, at today’s price, mined in the next few years. That’s a lot of cash that’s up for grabs and we’re going to do our best to take a decent chunk of it."
The company previously raised $14 m in venture capital and it is looking for locations in Sweden and Iceland for data centres and is eying 20% share in the bitcoin mining market, which is 15% more than what it mines now.
KnC is planning to raise $50 m to build more data centres and develop new mining equipment.
