{"id":12851,"date":"2021-11-30T19:25:11","date_gmt":"2021-11-30T19:25:11","guid":{"rendered":"http:\/\/ci029380bbf0002594"},"modified":"2021-11-30T19:25:11","modified_gmt":"2021-11-30T19:25:11","slug":"kaboomracks-benefits-from-bitcoin-home-mining-craze","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/kaboomracks-benefits-from-bitcoin-home-mining-craze","title":{"rendered":"Kaboomracks Benefits From Bitcoin Home Mining Craze"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Home and <a href=\"https:\/\/bitcoinmagazine.com\/guides\/how-to-mine-bitcoin-from-your-apartment\">apartment<\/a> bitcoin mining is enjoying a wave of popularity right now as bitcoiners recognize all the positive spin-offs of mining at home&nbsp;<em>\u2014<\/em>&nbsp;home heating, greenhouse projects, and just plain being part of the bitcoin revolution.<\/p>\n<p>A number of companies including <a href=\"https:\/\/compassmining.io\/\" target=\"_blank\" rel=\"noopener\">Compass Mining<\/a>, <a href=\"http:\/\/www.kaboomracks.com\" target=\"_blank\" rel=\"noopener\">Kaboomracks<\/a>, and <a href=\"https:\/\/www.scottofford.com\/?__cf_chl_tk=xvgr1Z._kXz2jwFJp0IoVmoyLQOWsLzfU86ZlHK4mh8-1637690723-0-gaNycGzNB_0\" target=\"_blank\" rel=\"noopener\">Scott Offord<\/a> have stepped in to try and meet the increasing demand. <a href=\"https:\/\/www.upstreamdata.ca\/\" target=\"_blank\" rel=\"noopener\">Upstream Data<\/a> is marketing its new Black Box designed for home mining and will start shipping in early December.<\/p>\n<p>Many enthusiastic, would-be home miners in combination with supply chain delays have backed up sales causing companies to warn of long delays in delivery times.<\/p>\n<p>Kaboomracks, based in Houston, Texas, is currently advising customers it will be assuming longer 4 and 5 week delivery times.<\/p>\n<p>In a recent interview with <em>Bitcoin Magazine<\/em>, Kaboomracks VP Nick Foster told us:<\/p>\n<p>\u201cWe\u2019re very overwhelmed. We have more orders being made per day that we can fulfill per day. We\u2019re working and hiring to solve these problems. Often we miss orders because we can not close every sale fast enough.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Filled all of the fedex trucks fedex will send us so we have to drive around town in a uhaul offloading overnight parcels at fedex stores <a href=\"https:\/\/t.co\/pEZJwbURHo\">pic.twitter.com\/pEZJwbURHo<\/a><\/p>\n<p>&mdash; Nick Foster (@KaboomracksNick) <a href=\"https:\/\/twitter.com\/KaboomracksNick\/status\/1463214630117990402?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">November 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Kaboomracks got its start in 2017 dealing in used ASICs. Most of their sales were for companies getting set up. Now Foster estimates that 50% of their sales currently are retail for potential home mining.<\/p>\n<p>To help augment the supply of ASICs, they\u2019ve continued and expanded their used ASIC sales line, says Foster:<\/p>\n<p>\u201cWe\u2019ve acquired a couple of warehouses and are capable of inspecting the equipment, testing the equipment, and even refurbishing the equipment. Complimenting our refurbishing process we have started to take custody of the equipment ourselves and then sell them in small retail quantities to customers. This is one of our least profitable activities but most renowned from a public relations standpoint.\u201d<\/p>\n<h2>Supply Chain Issues&nbsp;<\/h2>\n<p>The combination of high demand and supply chain snags is keeping Kaboomracks on its toes. One experts&#8217;&nbsp;<a href=\"https:\/\/www.wired.com\/story\/supply-chain-crisis-future\/\" target=\"_blank\" rel=\"noopener\">prediction<\/a> on when we can see supply chains get back to normal is for the end of 2022.<\/p>\n<p>Foster is seeing the international shipping backlogs continue through early next year and understands the frustrations of other companies trying to meet their commitments to clients.<\/p>\n<p>\u201cIt\u2019s pretty common to have messed up timelines as a lot of the manufactures don\u2019t really have many penalties for shipping things late combined with an international shipping nightmare, it\u2019s pretty hard to meet any forecasted target,\u201d he said.<\/p>\n<h2>Getting Access To ASICs<\/h2>\n<p>Kaboomracks has been able to manage better than some and Foster credits his company&#8217;s approach starting in 2017, saying:<\/p>\n<p>\u201cKaboomracks has really been a grassroots organization growing slow and steady.\u201d<\/p>\n<p>Over the past few years, they\u2019ve been able to build up contacts in the large manufacturing companies and now have preferential access to buy large quantities.<\/p>\n<p>\u201cWe also use trusted partners in China to get us access to small quantities of machines and rare and unique machines,\u201d said Foster.<\/p>\n<p>Foster said they\u2019ve found both MicroBT and Bitmain to be \u201cincredibly reliable\u201d. In addition, he told us:<\/p>\n<p>\u201cA lot of home miners like to purchase an older generation machine from 2017, which is the Bitmain antminer S9. There are several reasons for this; it\u2019s appropriately sized for existing circuitry inside of a home, it\u2019s got plentiful firmware support from third-party vendors that have brought new life to the machine such as vnish and braiins, and it\u2019s one of the only miners that ships with 120V power supply. Meaning you don\u2019t need to rewire your outlet in your home as you could start without even calling the electrician.\u201d<\/p>\n<p>In a recent <a href=\"https:\/\/bitcoinmagazine.com\/business\/how-to-mine-bitcoin-at-home\">article<\/a>, Econoalchemist outlines a series of events that he believes helped put home mining on people&#8217;s agenda.<\/p>\n<p>What he calls \u201ca small, modest Bitcoin mining operation at home with the intent of dollar-cost averaging (DCAing) non-KYC bitcoin through your electricity bill.\u201d<\/p>\n<p>His thesis is that people are looking for non-KYC mining to balance the increasing control of bitcoin by large institutions is \u201copening the door to ESG initiatives, carbon credits and regulatory dangers that make me believe this is an attack on Bitcoin.\u201d<\/p>\n<p>Foster is not so sure &#8211; he sees a lot of people interested in mining but not trying to start a revolution.<\/p>\n<p>\u201cKYC is a concern for the home miner in some situations. we generally record info but don&#8217;t verify their identity in a definitive way, if someone purchased a miner as &#8216;miner mcminerface&#8217; I don&#8217;t think we&#8217;d investigate it. The majority of our customers are companies and are more than willing to share their accurate information,\u201d said Foster.<\/p>\n<p>How does Kaboomracks see things unfolding over the next few months? <\/p>\n<p>\u201cWe just want to be able to stand behind agreements if we make them. That\u2019s the hardest part about this is preventing scenarios where you are substituting equipment. It\u2019s very common in this industry to promise model a and ship model b,\u201d he told us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nick Foster of Houston-based bitcoin mining company Kaboomracks joins Bitcoin Magazine for an interview, discussing the current state of at home mining.<\/p>\n","protected":false},"author":2916,"featured_media":9168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[464,189,2494],"class_list":{"0":"post-12851","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-asics","9":"tag-bitcoin-mining","10":"tag-kaboomracks"},"author_data":{"id":2916,"name":"Jessie Willms","nicename":"jessie-willms","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/34e39b2d2b80d0f1b4eaf183ca23eff71d1e903536d749658f27936a80197dee?s=96&d=robohash&r=g"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/img_6162.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/12851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2916"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=12851"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/12851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/9168"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=12851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=12851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=12851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}