CoinTerra Ships 1,000th Miner, Powers 6% of Bitcoin Network

Over the course of four weeks the company's miners accounted for 1.7 petahash of bitcoin mining performance.

AccessTimeIconFeb 28, 2014 at 10:34 a.m. UTC
Updated Sep 11, 2021 at 10:24 a.m. UTC

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 TerraMiner IV rigs are on track and they should be delivered on schedule. The first batch was shipped a month ago. Ravi Iyengar, CoinTerra's CEO, said:

“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.”

It should be pointed out that the CoinTerra IV launch did not go as smoothly as planned. A few weeks ago it emerged that production units were falling short of the promised 2TH/s mark. They were running at 1.63TH/s to 1.72TH/s and they consumed between 1900W and 2100W rather than 1650W as projected by the designers.

At the time, Iyengar admitted the rig was somewhat under spec. He added that the company is already working on improvements to address the performance issue and bring it up to spec.

It appears that performance was affected by power circuit inefficiencies on the boards, not the GoldStrike I ASIC used in the rigs.

Going local

CoinTerra likes to point out that its mining hardware is engineered in Austin and assembled in Central Texas, making it a proud member of Austin’s “Silicon Hills” tech community. The company also announced that it will be sponsoring the Texas Bitcoin Conference, which takes place on March 5th and 6th in the Circuit of the Americas. Paul Snow, President of the Texas Bitcoin Association, said:

“The world-wide Bitcoin community will be heading to Austin next week for the inaugural Texas Bitcoin Conference and we could not wish for a more appropriate headline sponsor than Austin’s very own CoinTerra.”

The company is currently taking orders for the latest latest batch of TerraMiner IV miners, as well as the and the recently announced GSX I water cooled PCIe card for PC miners.

The GSX I is a 400GH/s unit based on a single GoldStrike I chip. The card is expected to ship in June 2014 and if you happen to order a TerraMiner IV it should also ship in June.


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