CoinTerra acquires Bits of Proof, will leverage software for mining operations

Bitcoin mining equipment manufacturer CoinTerra has acquired Bits of Proof, a Bitcoin software startup. With the acquisition, Bits of Proof

Bitcoin mining equipment manufacturer CoinTerra has acquired Bits of Proof, a Bitcoin software startup. With the acquisition, Bits of Proof CEO Tamas Blummer becomes CoinTerra’s Vice President of Enterprise Software and CoinTerra gains access to Bits of Proof’s assets.

According to Bits of Proof’s website, the company “is an independent, self funded technology leader in Bitcoin, with development centre in Budapest, Hungary.” It has powered Bullion Bitcoin, a gold-bitcoin exchange; Trezor Web Wallet; and BopShop, a white label merchant solution.

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CoinTerra will in incorporate Bits of Proof’s software into its hardware mining operations to maximize growth. Bits of Proof is said to employ “a modern and modular, enterprise ready implementation of the Bitcoin protocol.” Said Ravi Iyengar, CoinTerra’s CEO:

“By acquiring Bits of Proof CoinTerra gains enterprise software expertise and solutions that complement our expertise in hardware development and significantly strengthen our offering. “The software solutions developed by Bits of Proof and the expertise of Tamas Blummer represent an important piece of the enterprise mining puzzle that will allow us to grow our operations quickly and security at peak efficiency.”

Apart from manufacturing and selling Bitcoin miners, a business that has been fraught with controversy, the company also runs its own mining operations. Powered by “TruePeta”, clients can purchase mining contracts ranging from 200 GH/s to 1 PH/s.

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