Fourth Pillar News

Syan Technologies drop price of their Vega mining machines in response to rising difficulty levels

Following on from their announcement last week regarding the increase in production quantities for the first batch of their new Vega Home Bitcoin mining machine, Syan Technologies has now decided to cut the price of the machine by just over 15 percent due to a combination of rising difficulty levels and reduced production costs.

Syan Technologies, the Hong Kong based FinTech subsidiary of the multi-national investment and finance conglomerate the Zahrani Group, initially launched the Vega Home Bitcoin Miner – the first in the Vega Series of mining machines – officially on sale on Monday 9th October at a retail price of $1,895.00. As of Friday the 27th October that basic price has been reduced by $300.00 to $1,595.00, and all the customers who have already paid the higher price will be re-credited with the difference. Customers who paid in cryptocurrency will be refunded at the exchange rate which was in force when the initial purchase was made.

Speaking from their Hong Kong offices and design workshop, Koji Tanaka, Chief Technology Officer of the Zahrani Group and Hong Kong based Syan Technologies’ spokesman said “There are many underlying factors upon which this decision has been based. We have increased the initial batch size by 800 units thereby reducing the manufacturing costs. Batch one sales have been quicker than we expected, in fact if we hadn’t extended the run we would be sold out already, and the vast majority of these sales have been paid for in Bitcoin, the price of which has – as I’m sure you are aware – continued its upward trend leaving many purchasers feeling uneasy about the relative dollar amount they have paid for their machines. Add to all this the recent hikes in mining difficulty adversely influencing the miners’ return on investment, and the overall deal wasn’t looking as good as we wanted it to, or indeed as good as it did when we initially made our price calculations. Syan is a new company, and one of our main objectives is to secure a satisfied and loyal customer base for our forthcoming range of products; we feel that this price drop is the right thing to do, and the fair thing to do under the circumstances. It’s quite simple really; if our customers are happy we will keep them, and that’s exactly what we intend to do.”

The Vega Bitcoin Home Miner is based on Syan Technologies’ brand new 14nm ASIC chip, the STA1220, which promises impressive performance coupled with vastly reduced power consumption, the combination of these two factors giving the new machine a more than 20% advantage over its nearest competition in terms of sheer efficiency. It is due to ship in January 2018 and a SCRYPT Litecoin version is slated to follow soon after.

Syan Technologies are a Hong Kong based designer and producer of digital currency mining machines and FinTech, currently focusing on the release of their Vega Home Currency Mining series. They comprise a dedicated and highly motivated team of designers, technicians and mathematicians of diverse backgrounds – from as far afield as California, London, Sweden, Russia and Vietnam – with just one thing in common; they aim to design and produce the most cost-efficient and durable ASIC mining machines in the world.

For further information please visit: www.syanmining.com

Media Contact
Company Name: Syan Technologies Limited
Contact Person: Samuel Cornwell
Email: Send Email
Phone: +852-2861-8794
Address:Yen Sheng Centre, 64 Hoi Yuen Rd.
City: Kwun Tong
State: Hong Kong SAR
Country: HongKong
Website: https://www.syanmining.com