CoinTerra Creates ASIC For Bitcoin Mining, Gets Funding

In what might be the first piece of hardware specifically created to take advantage of the Bitcoin currency, Austin-based Cointerra said today that it has raised $1.5M in a funding round, and launched its products. Cointerra has created application specific integrated circuits (ASICs) that it says are specifically designed for mining Bitcoin--the electronic currency which has risen to prominence in the last year. The Bitcoin currency is based on "mining" for Bitcoins by providing data processing operations, and originally had only been available to people running special Bitcoin processing software. Cointerra says it has developed an in-house designed ASIC specifically to run those operations and generate Bitcoin for customers. Name of the investors in the startup were not announced. The company is headed by Ravi Iyengar, who was previously lead CPU architect at Samsung Corporation. More information »