CoinTerra to Users: "We Cannot Issue Any Payments"
Bitcoin mining firm CoinTerra has put many of its customers on edge. While the company website is remaining operational, many users are receiving emails that the firm is unable to issue any payments following a default on its "secured notes," an alleged form of debt. A Reddit user posted a copy of the email online: "The company has defaulted on its secured notes. The note holders have senior, secured and, we believe, perfected liens on all of CoinTerra's assets, including servers. We have proposed a plan to the note holders. However, at this point we do not know how they are going to react....
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C7 Data Centers in Utah is suing CoinTerra for unpaid services and breach of contract. CoinTerra recently made news when due to an alleged debt it issued a message to its users saying that for the time being they would be unable to issue any payments. As their website remained fully functional, many customers looked at the message with a questioning eye. Now it appears as if things have taken an even greater turn downhill. C7, at one time a loyal and prominent business partner, is alleging that CoinTerra purposely underpaid for services and was continuously late in its repayment schedule.....
Bitcoin mining hardware firm CoinTerra has been the subject of speculation this week, as emails purportedly sent by the company to customers of its cloud mining service suggest the firm has defaulted on debt obligations. The email, signed by a representative of the CoinTerra support staff, claims that the firm is no longer capable of making payouts to customers. The message reads: "The company has defaulted on its secured notes. The note holders have senior, secured and, we believe, perfected liens on all of CoinTerra's assets, including servers. We have proposed a plan to the note....
CoinTerra's Ravi Iyengar. CoinTerra today announced the immediate deployment of their state-of-the-art tier-3 compliant datacenter. From this data center, CoinTerra plans to offer Bitcoin mining contracts to individuals around the world whom are unable to mine in their own homes due to constraints with mining hardware imports, high electricity costs, or nagging wives. They are offering contracts as small as 12 months at 200 GH/s for $999 all the way up to 24 months at 1 PH/s. According to Dr. Timo Hanke, CTO of CoinTerra, Inc., CoinTerra has a distinct advantage over its competitors:....
CoinTerra has good reason to break out the champagne today. The Texas-based mining outfit has announced the shipment of its 1,000th mining rig and it claims that CoinTerra hardware is now powering 6% of the Bitcoin network. The company says that over the course of four weeks its miners accounted for 1.7 petahash of bitcoin mining performance, slightly more than 6% of the entire network. New TerraMiner IV batches on schedule. CoinTerra says its second manufacturing facility is now operating at full capacity and that it is churning out the February batch of orders. Further batches of....
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