CoinTerra Sued for Over $5 Million
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.....
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This piece has been updated with a statement from CoinTerra regarding the lawsuit filed by C7. CoinTerra is being sued by a Utah data center operator for alleged breach of contract and $1.4m in unpaid services. In court documents, C7 Data Centers alleges that former partner CoinTerra acted in bad faith by intentionally underpaying for services and demonstrating a pattern of late repayment. In total, C7 is seeking $5.4m in damages, court fees and related charges. The court filings follow unconfirmed reports that CoinTerra is seeking to resolve problems with unknown senior debt holders.....
Following a string of recent problems including massive debts, the inability to pay customers, and a $5 million lawsuit from C7 Data Centers, bitcoin mining company CoinTerra has filed chapter 7 bankruptcy in a likely move to avoid any additional payouts. The bankruptcy was filed on January 24th, and the company has stated that it would be unable to pay several unsecured investors. CoinTerra is also listing hundreds of creditors in its filing, some of which are US-based bank Wells Fargo and CenturyLink, a data services provider that entered into an agreement with CoinTerra in July of last....
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....
CoinTerra has just announced its official launch and, with this, is cutting the price of its TerraMiner IV product from $15,750 to $13,999. This is a 28nm design that is claimed to achieve 2 TH/sec. Tuur Demeester, an investment expert and investor in CoinTerra, told us the company has done this in response to "signals" from bitcoin miners. Further feedback from miners led CoinTerra to begin working on lower price mining devices in addition to the TerraMiner IV. We asked CoinTerra CEO, Ravi Iyengar, about the lower-cost devices, but details were not forthcoming: "We will be announcing the....