FTC Complaints Detail Troubled Past of Bankrupt Bitcoin Miner CoinTerra
"I feel like I [was] cheated." The statement is just an excerpt from one of the 39 formal complaints filed with the US Federal Trade Commission (FTC) against now-bankrupt bitcoin mining company CoinTerra and revealed in a new Freedom of Information Act (FOIA) request. The 39 complaints are a far cry from nearly 300 complaints lodged against competitor Butterfly Labs before it was temporarily shut down by the FTC in September. However, the complaints paint a detailed picture of the frustrations long faced by CoinTerra customers. The full complaints, which were received with personal....
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Bitcoin mining hardware producer CoinTerra has moved to reassure customers after it emerged a number of complaints about the company have been lodged with the Better Business Bureau (BBB). Some 11 complaints relating to CoinTerra have been closed with the BBB in the last 12 months. Two of these related to advertising and sales issues, one related to guarantee and warranty issues and eight related to problems with the company's products or service. The BBB is a private entity, not a government agency, which aims to improve trust between consumers and businesses. Complaints are closed when....
ASIC mining firms CoinTerra and HashFast have updated their product offerings as they jockey for position in the 28 nm hardware space. CoinTerra announced a new entry-level unit and slashed the price on its flagship ASIC miner whilst HashFast announced a higher-performance unit to complement its smaller device. CoinTerra's new 1 TH/s TerraMiner II, based on the same GoldStrike1 chip as its 2 TH/sec TerraMiner IV, will sell for $3,499. January batches of the firm's TerraMiner IV have been priced at $5,999 for January delivery to customers. At the end of last month, CoinTerra had already cut....
CoinTerra has announced the AIRE Miner, the company's first bitcoin miner based on 16nm silicon. The Texas-based mining hardware maker said the AIRE will deliver a substantial increase in efficiency and performance when it ships in the first quarter of 2015, as the chip will be one of the first commercial products based on 16nm technology. CoinTerra CTO Timo Hanke framed the offering as one that would benefit the wider consumer market, saying: "With exceptional hashing performance and power efficiency, we are ready to put the power of high performance bitcoin mining back into the hands of....
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....
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....