-- Company Launches with $1.5M in Funding and a World-Class Team of ASIC Designers, Mathematicians & Bitcoin Community Members; Chips and Rigs Available for December Pre-Order with Industry-First Price Protection Policy
AUSTIN, Texas, Aug. 27, 2013 /PRNewswire/ -- CoinTerra™ , a pioneer in the design of ultra high-performance Bitcoin™ ASICs (Application Specific Integrated Circuits) and systems, today announced the official launch of the company and its first products.
CoinTerra is now taking pre-orders for December 2013 delivery on both its in-house designed GoldStrike1™ ASIC and the company's 2 Terahash per second TerraMiner™ IV Bitcoin mining rigs – both representing the highest performance Bitcoin mining hardware that are currently announced.
The 28nm GoldStrike1 ASIC is both incredibly powerful and energy efficient: it is currently the highest-performance announced Bitcoin ASIC, processing hash calculations at an unprecedented 500 Gigahash/s at a power consumption of 0.5W/Gh/s. Fabbed at Global Foundries®, the GoldStrike1 is being offered by CoinTerra as both a chip for integration into other Bitcoin miner rigs as well as directly powering the TerraMiner IV system.
The TerraMiner IV offers a hashrate of greater than 2 Terahash/s., delivering unprecedented performance while maintaining an exceptionally efficient wattage rating. It is optimized and designed for use by Bitcoin mining professionals who demand the very best cost/performance ratio for their systems.
CoinTerra and Team
CoinTerra was founded by a team of world-renowned chip designers, mathematicians and Bitcoin community pioneers and recently closed a $1.5M seed round of funding from a range of private Angel investors who recognized the potential of the company's unique team and technology.
The company's founding members include CEO Ravi Iyengar, who was previously the Lead CPU Architect at Samsung® Corporation as well as holding senior design positions at Qualcomm®, NVIDIA®, and Intel®.
Other team members include:
- Dr. Timo Hanke, one of the world's leading experts on cryptography and mathematical algorithms;
- Tuur Demeester, one of the Bitcoin community's strongest proponents, editor of the financial newsletter "Macrotrends" and a leading financial advisor;
- Dr. Naveed Sherwani is the lead company advisor for Cointerra and brings decades of semiconductor industry leadership and perspective to the company. Dr. Sherwani co-architected the Intel microprocessor design methodology and environment used in several microprocessors
Having worked on several generations of low-power mobile devices, the CoinTerra team brings unmatched experience in power-efficient circuitry, design methodology and implementation to Bitcoin mining.
Unlike most Bitcoin hardware companies, CoinTerra wants people to know the capabilities of its full design and advisory team as well as their personal involvement in the Bitcoin community. As such, there is a video detailing the CoinTerra products, technology and team on YouTube® with a direct link found on the CoinTerra website. Detailed pricing on both chips and rigs are also at www.cointerra.com.
Fair and Transparent Dealings
The issues surrounding the failure of Bitcoin hardware vendors in delivering on-time products into the hands of customers are well-documented – failing to deliver products that can be up to a year late after taking orders is a trend that has badly tarnished the reputation of the entire industry. As such, CoinTerra has taken the following steps to prevent these issues from happening with its own products in the hope that other companies will reciprocate in supporting these customer-centric measures:
- On-Time Delivery Commitment – If CoinTerra fails to deliver chips or rigs within 30 days of its promised December delivery window, the company will credit your account 20% of the hash power of your order;
- Price Protection – For any undelivered orders, if the company changes the price of TerraMiner systems or GoldStrike1 ASICs before delivery, CoinTerra will re-price all orders and offer either a cash refund or a larger and more valuable hash power credit;
- Customer Exchange – If a customer has a confirmed order and their circumstances change to prevent them from completing the sale, CoinTerra will help them find another party amongst their existing customers to take their place in the product queue. While CoinTerra cannot guarantee there is a buyer for an order or a place in the queue, the company will do its best in good faith to help
"With the launch of CoinTerra, our hope is that we can support the Bitcoin community with not only the highest-performance ASICs and rigs on the market, but to further enable the Bitcoin network itself with additional security and resilience thanks to the adoption of our bleeding-edge technology," said Ravi Iyengar, CEO and founder of CoinTerra. "It's not just about making a profit for us, we want to see Bitcoin established as a trusted and secure solution for payment – and we intend to be the company that establishes that level of industry transparency and credibility with our customers."
CoinTerra™ designs and produces best-in-class Bitcoin™ mining ASIC processors and systems. The company's state-of-the-art design methodologies and advanced architectures enable the delivery of Bitcoin mining solutions with the highest performance ASICs for the lowest power and die area. CoinTerra boasts a highly experienced engineering team of semiconductor architects and designers who have previously designed some of the world's highest performance CPUs, GPUs and chipsets for NVIDIA®, Intel®, Samsung®, Qualcomm® and Nortel®.
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