Mining Roundup: Pen-and-Paper Mining, ROI Uncertainty and the Latest on Butterfly Labs
Between predictions of a difficulty drop and the recent legal maelstrom surrounding Butterfly Labs, you might think that it was all bad news in the mining community. However, those who have been active in this market segment for long enough know it would take more these events to stop miners from hashing. Read on to learn more about some of the latest happenings in the bitcoin mining world. FTC pleased with Butterfly Labs reopening. The US Federal Trade Commission (FTC) has agreed to allow troubled bitcoin mining hardware company Butterfly Labs to reopen for business, albeit in a limited....
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Infamous Bitcoin mining company Butterfly Labs (BFL) has reopened and has an updated website following their tussle with the FTC. The FTC started investigating Butterfly Labs in late 2014 because "consumers who have purchased the machines or services cannot use them to generate Bitcoins because Defendants [Butterfly Labs] never provide them with the machines or services." BFL would regularly mine on customers' hardware for days before finally shipping it out. Also read: Judge Considers Allowing Bitcoin Mining Company Butterfly Labs (BFL) to Reopen. Butterfly Labs (BFL) Reopens. The....
Butterfly Labs was one of the very first mining firm is now in deep trouble as US Goverment is taking legal actions against them. Butterfly Labs was accused of fraud and misrepresentation. FTC documents say that the companies assets were frozen. The story began with really upset customers who failed to received their pre paid miners. Butterfly Labs has violated Section 5(a) of the FTC Act. BFL were basically engaging in “unfair or deceptive business practices in or affecting commerce”. We have contacted butterfly Labs to get some information regarding the shut down but they said
According to BizJournal coverage of the Butterfly Labs (BFL) FTC case, federal Judge Mark Wimes may be considering allowing the tainted Bitcoin mining company to reopen its doors in an attempt to make money to pay back customers from around the world. Butterfly Labs has been notorious in the Bitcoin mining space for failing to deliver on its promises, due to intentional and malicious business practices, according to the FTC. The FTC first shut down Butterfly Labs in September of 2014. Butterfly Labs' lawyer, Jim Humphrey of Polsinelli PC, emphasized to the judge that BFL had been fully....
CoinDesk's Daniel Cawrey recently visited and toured the facilities at Butterfly Labs, one of the most prominent and written about producers of bitcoin mining technology. In this second part of this series, he reports on the factors involved in the bitcoin mining arms race. Now that Butterfly Labs is shipping ASIC bitcoin miners at a steady pace, their production plus that of Avalon and mining pools like ASICMiner are causing the mining difficulty to go up quite quickly. What this means is that it takes more computational power to complete proof of work algorithms. It means that a race is....
Butterfly Labs has agreed to settle the Federal Trade Commission’s charges of making misleading claims about their products to their customers. In a lawsuit that has dragged on since September 2014, the Kansas-based Bitcoin company presold computer hardware that was optimized for mining Bitcoin, charging as much as $30,000 for the specialized hardware. According to the U.S. trade watchdog FTC, Butterfly Labs was taking orders for Bitcoin mining machines, but very few machines were actually shipped, as Butterfly Labs was building and using the hardware to mine bitcoin for itself. In the few....