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CoinTerra takes bitcoin mining to cloud

CoinTerra says it will be scalable and cost-effective alternative to owning and operating mining hardware.

By CBR Staff Writer

With bitcoin mining becoming cost prohibitive and resource intensive, crypto currency mining ASIC processor and systems manufacturer CoinTerra, has unveiled plans to offer cloud based bitcoin mining contracts.

CoinTerra says they will be scalable and cost-effective alternative to owning and operating mining hardware.

The company will be offering one and two-year contracts to bitcoin miners in a power range of 200 gigahash to one petahash.

Over the past year, bitcoin mining has become computing resource intensive, and miners are deploying increasingly powerful computers to be on the driver seat in the intense fight to pocket the crypto currency.

According to an estimate last September the entire mining network clocked 1 petahash/second rate, which is 40 times higher than what it was in January 2013, Bloomberg reported.

CoinTerra CEO Ravi Iyengar said many prospective Bitcoin miners don’t have the space or power requirements to operate their own Bitcoin mining hardware, especially at scale.

"In addition, some foreign countries have import restrictions on advanced cryptocurrency hardware or punitively high duties, but our new mining contracts truly enable mining without borders," Iyengar said.

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CoinTerra will offer range of plans with introductory cost starting at $999 for a 12 month, 200 GH/s mining contract and it can increase up to 1 PH/s for 24 month contract.

Bitcoin miners can order multiple contracts to create personalised hash power plans, the company added.

After ordering the contracts, customers can get weekly payouts in their Bitcoin wallet address, based on the hash power of the bitcoin mining contract purchased.

CoinTerra CTO Dr. Timo Hanke said unlike other cloud mining solutions, the company builds its own hardware, which allows it to rapidly deploy multi-Petahash solutions on-demand to the data centre.

"The systems are monitored by a team of experienced engineers, assuring twenty-four seven uptime in a controlled and secure managed environment," Hanke added.

The mining contracts will be powered by its TruePeta system is built on company’s GoldStrike I ASIC and TerraMiner platform, hosted at Tier-3 compliant data centre.

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