Austin Bitcoin mining company hits milestone
Mar 3, 2014
Austin Business Journal
Cointerra Inc., the Austin-based tech startup that makes powerful computers designed to "mine" bitcoins, has sold its 1,000th TerraMiner since launching the product a month ago, the company said in a news release
The TerraMiner units now accounts for more than six percent of Bitcoin mining computers worldwide
The machines mine for bitcoins by processing other Bitcoin transactions (Bitcoin.org has a good, brief explainer on what mining actually is). The TerraMiners IV unit that Cointerra produces will set you back about $5,500 in old-fashioned U.S. currency
Austin has been making waves in the world of digital currency of late. The Austin Bitcoin community will host the Texas Bitcoin Conference on March 5-6 at the Circuit of The Americas, and the city is also the site of one of the first Bitcoin ATMs in the U.S.
CoinTerra, which launched in August, raised $1.3 million from investors in October