CoinTerra Acquires Enterprise software company Bits of Proof

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Expanding its wings in the digital currency ecosystem, Bitcoin mining hardware company CoinTerra has acquired enterprise software company Bits of Proof. Ravi Iyengar, the CEO of the company, said that the software solutions developed by Bits of Proof and the expertise of Tamas Blummer represent an important piece of the enterprise-mining puzzle.

He added that it will allow his company to grow its operations quickly and security at peak efficiency. The press release regarding the acquisition says that by acquiring Bits of Proof CoinTerra gains enterprise software expertise and solutions that complement expertise in hardware development and significantly strengthens its offering.

The deal was signed by the two parties under various terms and conditions; one of them is that Bits of Proof CEO Tamás Blummer will join CoinTerra as the position of Vice President of Enterprise Software. Similarly, under the agreement, CoinTerra will gain access to BOP assets, including its ‘enterprise-ready’ implementation of the Bitcoin protocol.

Tamas Blummer said that with CoinTerra, the Bits of Proof software stack is sure to become the industry standard software stack for Bitcoin in enterprises. Currently, the company provides large scale Bitcoin mining hash power through its multiple state-of-the-art datacenters installations employing the highly scalable TruePeta™ deployment architecture.

The information published on the blog at the official website tells that the TruePeta™ architecture employs CoinTerra’s proven GoldStrike™ I ASIC and TerraMiner™ platform together with an enterprise implementation of Bits of Proof’s modern and modular implementation of the Bitcoin protocol.

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This will allow unrivaled reliability, performance and scalability for large scale Bitcoin mining operations which according to the company will help the people doing Bitcoin mining. However, there is no clarity yet on what will happen to the existing products like BopShop, myTREZOR server and Bullion Bitcoin products, etc. from Bits of Proof.

There were some projects in the pipeline before any decision on the acquisition by CoinTerra, what will happen to them is not clear. For instance, its Enterprise Bitcoin Server, which it dubbed the ‘Red Hat for Bitcoin’ became extremely popular, no comments came when the acquisition was being finalized.

Also, there is no clarity on what CoinTerra plans to do with the BOP software stack and ongoing development projects. However, this deal is all benefit for CoinTerra as it not just bought the promising Bitcoin company but also brought in Tamás Blummer, a real talent on board.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com