28 Jan '15, 9pm

Report: Bitcoin Mining Firm CoinTerra Files for Bankruptcy

CoinTerra , Austin-based vendor of bitcoin mining servers and provider of hosting services for mining equipment, has filed for bankruptcy, Austin Business Journal reported. The company is involved in at least two ongoing lawsuits. One of them is by a data center provider C7 Data Centers, which is suing it to recover millions of dollars in allegedly unpaid colocation fees . CoinTerra has filed a countersuit against C7 , claiming it hasn’t been able to make money and pay its customers and lenders because C7 shut down its servers, preventing it from mining the cryptocurrency. A rapid drop in bitcoin value, which went from $1,100 at one point in 2013 to about $240 today, is creating a stir in the bitcoin ecosystem. Some companies announced they would stop their bitcoin mining servers temporarily, until the market recovers, while others, such as CoinTerra, taking what is likely...

Full article: http://www.datacenterknowledge.com/archives/2015/01/28/bi...

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