A mysterious bitcoin-mining company based totally in Hong Kong this is promising to “infuse” the industry with the power of quantum computing claimed this week it’s far owned through massive-information corporation Palantir technology, the secretive records analytics company co-founded via assignment capitalist and PayPal co-founder Peter Thiel.
One problem: no person at the Silicon Valley organisation seems to have heard of CoinFac Ltd. Reached by international enterprise times, a Palantir spokesperson said there’s honestly no connection between Palantir and CoinFac and that the former — currently valued at $20 billion — had already requested the organisation dispose of all references to Palantir.
The declare caused a stir this week due to the fact Palantir, which in December raised $880 million, works closely with law enforcement businesses to help music terrorists and these days extended into the financial area — running with banks and hedge finances to assist them procedure big amounts of facts. The belief that it had invested in a bitcoin-mining operation appeared curious, if now not newsworthy.
in addition to claiming Palantir as an investor, CoinFac promised in a press release that those who use its services will be capable of take gain of the big will increase in processing electricity promised by the appearance of quantum computing. users will pay between 1 bitcoin (presently worth $450) and one hundred bitcoins to hire some of that processing strength for a yr from CoinFac.
The internet site says the 50-bitcoin and 100-bitcoin options are sold out, suggesting some of people have already paid the enterprise $22,500 and $forty five,000, respectively, to get right of entry to these services. The employer promises to provide paying clients get entry to to the energy of a quantum computer thru the cloud, even though it fails to mention wherein the quantum pc is placed or who owns it — and thinking about the only commercially to be had quantum pc charges round $10 million, this is a large issue.
CoinFac claims it is going to be able to make bitcoin mining four,000 times quicker than the modern-day generation of traditional computers and “carry beneficial mining lower back into Bitcoin industry.” currently bitcoin mining is achieved simplest by way of committed companies — more often than not based in China — who invest closely in computer systems designed totally to solve the complex equations had to mine bitcoin.
Palantir is referenced now not only inside the agency’s press release but also at duration on CoinFac’s approximately Us web page on its internet site, again claiming possession by way of Palantir, which it says is “properly-linked inside the banking, assignment capital and cryptocurrency enterprise.”
IBT spoke to someone in Hong Kong answering the smartphone number given on CoinFac’s internet site who stated a spokesperson turned into unavailable. An emailed query concerning the claimed Palantir possession and looking for rationalization of how many people have paid for the business enterprise’s services had no longer been replied at the time of ebook.
The organization’s internet site claims it was founded by means of Mike Howzer, described as a “idea chief within the cryptocurrency enterprise” who turned into previously an executive at Google, Intel and Oracle, and “a veteran of Silicon Valley for over 30 years with a strong community and solid members of the family with entrepreneurs, executives and assignment capitalists.”
The biography claims Howzer has been referenced in mainstream media retailers just like the Wall road magazine, the new york instances and BusinessWeek, but an internet search for such references in all three guides turned up no outcomes. indeed, there is no reference to a Mike Howzer as described on CoinFac’s internet site anywhere online.
