TerraHash, a Silicon Valley based company which makes ASIC Bitcoin Mining Gear using the Avalon ASIC chips made by BitSyncom has changed its refund policy for some compulsions know for it. The message has come from its FAQ page and the replies some customers got when they requested for a refund.
Now, the new Refund Policy says that all orders are final. However, at the same time it discloses that customers can request a refund before their order is shipped and it will process each refund request on a case-by-case basis.
Analysts are not shocked with the latest termination of the refund policy as for them this is not unusual in the ASIC mining market, they get a cue from Butterfly Labs which too fell short on shipping dates and specifications.
TerraHash has been trying a lot to get venture capital for designing and producing its own ASIC but according to it, it failed in getting funds for many VCs consider Bitcoin highly speculative in nature. As of now, the company is selling Avalon chips, assembled boards and kits using the chips. The company also assembles the chips that customers send and ships them back.
Unfortunate eventuality is that earlier the company had stated that it would not take payment until it finds the product is ready to ship; however, now it has started accepting pre-orders. Now, even when it is unable to deliver the product, it is not refunding to the customers who even request for the same saying that it will see the case on its merit before refunding.