Texas Bitcoin Mining Company CoinTerra Files Bankruptcy
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....
Related News
Bitcoin mining company CoinTerra has filed for bankruptcy. CoinTerra has between $10m and $50m in assets, with liabilities within the same range, according to court documents. The firm has filed for Chapter 7 bankruptcy protection, meaning it is likely to liquidate all assets in its bid to repay secured creditors. CoinTerra stated that it would be unable to repay unsecured investors and named hundreds of creditors in its filing, which was submitted on 24th January. The move comes soon after CoinTerra became the target of a lawsuit launched by C7 Data Centers, a data center colocation....
Bitcoin mining firm Compute North filed for Chapter 11 bankruptcy protection in Texas on Thursday as the crypto winter continues to put pressure on crypto mining operations. The bankruptcy petition filed on September 22, indicates the company looks to stabilize operations in order to repay creditors.
Compute North Files for Chapter 11 Bankruptcy Protection
Five months ago last April, Compute North revealed the company was building a 300 megawatt (MW) data center in Texas. Months before that at the end of 2021, Compute North entered a deal with Marathon Digital Holdings (Nasdaq:....
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....
Austin, Texas-based CoinTerra has announced on Monday mining contracts, in a move that will see the popular mining hardware producer enter the cloud mining realm. The company, who says they've delivered over 10 petahash of bitcoin mining hardware to customers (which powers 15 percent of the bitcoin network), announced plans ranging from 200 GH/s to above 1 PH/s. The company says they're able to offer these plans below industry averages. "Many prospective Bitcoin miners don't have the space or power requirements to operate their own Bitcoin mining hardware, especially at scale. In addition,....
The folks over at CoinTerra today announced the shipment of their 1,000th TerraMiner bitcoin miner, less than a month following the first delivery of the powerful device. In that time frame, TerraMiner units are responsible for 1.7 Petahash of mining power by CoinTerra's estimation - over 6 percent of the bitcoin network. "We handed over the very first TerraMiner to a customer at the end of January and now I am very pleased to say that we have shipped over 1,000 TerraMiners and are at full production volume," said company CEO Ravi Iyengar. The company says they're working as fast as they....