Friday, February 28, 2014

CoinTerra Hits Bitcoin Mining Milestone

Austin-based CoinTerra, which develops ASIC-based hardware specifically used for "mining" Bitcoin, reported today that it has shipped its 1,000 TerraMiner unit to the market--just one month after its initial shipment. CoinTerra's hardware is used to "mine" the electronic currency Bitcoin. CoinTerra said it is now powering over 6 precent of the Bitcoin network--the vast network of groups who compete to generate Bitcoins. Bitcoin is the electronic currency--currently facing a crisis due to the shutdown of a major Bitcoin exchange, Mt. Gox--which is not regulated or controlled by any government entity. Bitcoin can be either purchased or "generated" by competing to complete very complex, mathematical equations. CoinTerra's ASIC-based hardware is specifically developed to complete those equations in hardware.