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Coin Terra Ships 5,000th Bitcoin Miner 10 Weeks After Production

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April 22, 2014

Coin Terra Ships 5,000th Bitcoin Miner 10 Weeks After Production

By Michael Guta
TMCnet Contributing Writer

Currently there are dozens of digital currencies in the marketplace, but Bitcoin is the only one making any news because it is the most popular crypto currency, and it had the unfortunate incident of losing hundreds of millions of dollars resulting in the bankruptcy of Mt. Gox—one of the largest exchanges prior to this incident. As popularity of this form of currency continues to increase, many third-party organizations are introducing products and services to supply the industry. This includes CoinTerra, a designer and producer of Bitcoin mining ASIC processors and systems.

Bitcoin mining is how transactions are processed in the digital currency system adding blocks, which are the records of current Bitcoin transactions, to the record of past transactions, known as the block chain. This is a computer-intensive process in which miners use software accessing the processing power of their computers in order to solve transaction related algorithms. For providing this service miners are rewarded a certain number of Bitcoins per block.

The CoinTerra device uses state-of-the-art design and advanced architectures to provide users Bitcoin mining solutions with the highest performance ASICs. An application-specific integrated circuit, or ASIC mining is specifically designed for Bitcoin mining, and they are considered faster than all previous technologies.

In the past Bitcoin mining was conducted using the CPUs of individual computers but the introduction of ASICs now makes it possible to find more hashes using less power. The popularity of the ASIC systems has resulted in CoinTerra’s TerraMiner selling 5,000 units only 10 weeks after it started production. This is responsible for the company’s 5,000 TerraMiners accounting for 8 petahash of hash power, which is more than 15 percent of the entire Bitcoin network.

"Deploying eight petahash to the Bitcoin network in just ten weeks is an unprecedented achievement. As well as thanking the CoinTerra team, now that we are shipping from stock I wanted to give a big thank you to the entire Bitcoin community by offering the TerraMiner IV on sale for a limited time at a very special price." said Ravi Iyengar, CEO - CoinTerra, Inc.

TerraMiner is created by an experienced engineering team of semi-conductor architects and designers with experience in designing some of the most recognized and highest performance graphics solutions in the world for Apple, Intel, Nvidia, Qualcomm (News - Alert) and Samsung.

Edited by Maurice Nagle

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