CoinTerra Unveils a 2TH/s ASIC Bitcoin Miner : TerraMiner IV

[dhenson]

We are currently working with both Paypal(Credit Cards) and Bitpay(Bitcoin). This early unveiling of our 2TH/s TerraMiner IV was due to the incredible amount of requests we have received on our site. We will be publishing our full delivery and refund policy when we have our full product line release later this month.

Thank you for your patience.

This was a huge failure on your part.  You had the entire community ready to purchase and you got greedy.

December/January delivery of 2Th should have been ~8k usd.  Nice try, I'll take my mining investment elsewhere.

[1714118470]

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[dopamine]

Whoa get your Baby Jet while you still can lol

[Xialla]

omfg, why you are generating every single day another stupid cointerra thread? NO ONE CARES, especially when it cost 15k $



and please note:

No one cares for your pre-order nonsense, come back when you have something in hand and ready to ship.

[rammy2k2]

another pre-order story .. no thanks

[Rampion]

Pre-orders? Risking customers money, a nice business model indeed.

If this preorder thing does not stop soon enough the mining scene will suffer a lot. Why nobody works on small USB devices, very cheaply priced and that could sell hundred of k's of units? That would be something huge for BTC, and really help with decentralization. Asking for $15k preorders is an insult.

[monkee]

funniest thing is they do not take bitcoin, lol

[gkm22d]

This was a huge failure on your part.  You had the entire community ready to purchase and you got greedy.

December/January delivery of 2Th should have been ~8k usd.  Nice try, I'll take my mining investment elsewhere.

Yes I had mobilized all my funds in anticipation of this announcement. Now I have to demobilize, all in all a pain in the ass.

For future announcements about upcoming announcements please don't mislead people, as;
Cheaper than competition != same price as BFL.
Smaller units to promote widespread, decentralized network != 15k

[VinCeCream]

Yeah !

I take one or two or ten for sure !

... but I pay when the device(s) is(are) at my door ok ?
Plus I need 1 year warranty AND a 30-day reimbursement warranty in the case the device doesn't meet requirements.

Do we have a deal ? Let me know...

Regards

[ASIC-K]

Way... Way... WAYYYY over priced IMO.   

By the time the KnC orders get fulfilled (Sept/Oct/Nov), difficulty is going through the roof, just look at the graphs to see for yourself.. even IF.. and big IF cointerra can deliver on time, IMO it's not worth it, the introduction of more and more TH make's diminishing returns and this is just overpriced right now.

It's currently 5x the power of a Jupiter at 2x the cost ~ which sounds good, but the calculations speak for themselves : http://mining.thegenesisblock.com/a/294c1f0fab

The price includes the power supply, and it also includes a powerful controller integrated in the solution to manage the ASICs. Note that the power consumption is a fraction of other devices out there per Gh/s.

thats one fucking expensive powersupply.

no thanks. NEXT.

[Bitweasil]

You're not benefiting anybody but yourselves.

You're free to run "Charity ASICs" as your own business, should you care to...

The ASIC vendors are standard businesses.  They are in it to make money.  They are, so far, proving to be exceptionally good at it.

[Carlton Banks]

With such large chip-dies for these miners, I fail to see how much cheaper the products can be made. The yields on cutting edge process geometries are always lower than established ones, so to be making the hashing equivalent of an Intel Xeon only exacerbates matters further. How much for the Terraminer I, $6000? Seems like an odd business decision for a company whose perceivable capital right now is their employment of experienced industry insiders. I fail to see how experienced insiders would deem to walk the riskiest route in what should be seen as a venture that already carries considerable risk; witness the various levels of success that the current mining manufacturers have had, none have had unmitigated success except ASICminer.

[Rampion]

You're not benefiting anybody but yourselves.

You're free to run "Charity ASICs" as your own business, should you care to...

The ASIC vendors are standard businesses.  They are in it to make money.  They are, so far, proving to be exceptionally good at it.

Standard businesses risk THEIR OWN MONEY in order to make a profit - ASIC vendors are not "standard businesses", as they take no risk for themselves as all the operation is financed by customer's money.

I'd say ASIC vendors are a "too good to be true" businesses. The point is that this madness will end soonish, mining will get "pro" and amateurs will be just cut out of the business, mining will be profitable only for those being able to design their own chips, cover NRE costs and then produce tons of chips at a small cost, "consumers" will just be totally cut out of the equation. Meanwhile, some see the huge business opportunity in getting advanced money by greedy customers, and they are just trying to exploit the short time window in which these pre-order shenanigans still work.

[ASIC-K]

not when everyone thinks they are jackasses and dont buy the product they are selling. use your head.

[ASIC-K]

Cointerra Dear Keenan,

We feel sorry to have disappointed you and others. It seems that either the expectations about our commercial offer were overinflated (possibly due to our own communication), or that our value offer is somewhat misunderstood.

We feel that our product offers not only a competitive price per Gh, but also has additional value because of
- low shipping cost due to compact size
- high energy efficiency leading to longer shelf life
- complete package: no additional costs, plug & play
- possibility to trade your spot in the order queue (under development)

That being said, any commercial offer made to the public will excite some and put off others. That is the way the market works, and we accept that.

Best wishes,

CoinTerra support

[dhenson]

Cointerra Dear Keenan,

We feel sorry to have disappointed you and others. It seems that either the expectations about our commercial offer were overinflated (possibly due to our own communication), or that our value offer is somewhat misunderstood.

We feel that our product offers not only a competitive price per Gh, but also has additional value because of
- low shipping cost due to compact size
- high energy efficiency leading to longer shelf life
- complete package: no additional costs, plug & play
- possibility to trade your spot in the order queue (under development)

That being said, any commercial offer made to the public will excite some and put off others. That is the way the market works, and we accept that.

Best wishes,

CoinTerra support

Dear Cointerra,

At what point does shockingly under-delivering on hype become over inflated expectations by your customers.  Our expectations were simple, we expected to be able to buy a mining device we could actually turn a profit with.

 - Low shipping cost?  Exactly how is $260/device inexpensive shipping?  
 - Energy efficiency?  Had these units had the possibility of returning initial investment before churning along at just over electricity costs this would have been a selling point.  Would you personally purchase a mining device for $15k that will most likely only return $12k over its functional life time?
 - Complete package?  What additional costs are you saving us over the competitors... A 600W PSU will set us back maybe $80.
 - Order queue trading?  All this does is over-inflate your pre-orders by people who have no intention of actually taking shipment.  Am I buying a miner or speculating on selling my place in line?

Put yourself in your customers shoes and evaluate your own products cost/benefit before trying to pin our disappointment on "Inflated Expectations".

Edit...
If you are wondering why many are so upset, it's because most of us actually believed your hype and exited other investments to prepare for this pre-order.  I feel deliberately mislead.

[dopamine]

They dropped the bomb on overprice miner for late delivery and they dont accept BTC, someone should get fired. Good luck on the arms race to be a threat to competition because the hype is over...

[DeathAndTaxes]

I just don't get not accepting BTC.  That just seems insane.  They have to be the only ASIC/FPGA company yet that doesn't accept BTC.

[CoinHoarder]

At current prices if they are late one month (which as we've seen thus far in ASIC R&D that is very possible) then they will not ROI. I don't get how Cointerra thinks this is a good deal... I may still purchase one in my diversified group buy.. just to diversify a little more, but nothing like I would have ordered had they been looking out for their customers when deciding prices.  

Cointerra needs a miner protection program and I'll get free chips if they're late. If Cointerra is late, all I'll get is a loss of half my investment.  

[gkm22d]

It does seem to be a bit of an over saturated market with all these preorders going around right now. No idea what the difficulty will be in December.

For smart people to go through all the trouble of even thinking of starting an asic company, I assumed they must know something I don't. If that is as cheap as cointerra can make products for, then maybe a levelling out of the hashrate is on the horizon.

But why try to release a product with very little chance of making any money? Both for cointerra or potential customers, it seems like both sides are going to lose.

[kaerf]

this announcement seems like it was made by engineers who thought it would be cool and very lucrative to jump on the bitcoin bandwagon, but don't understand the bitcoin ecosystem.