Report: Mining hardware maker CoinTerra buys developer Bits of Proof

Home » Report: Mining hardware maker CoinTerra buys developer Bits of Proof
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Is bitcoin hardware maker CoinTerra looking to expand beyond the mining game? According to a new report published today by CoinDesk, the Austin, TX-based company has acquired Hungarian bitcoin software maker Bits of Proof (BOP) for an undisclosed sum. BOP CEO Tamás Blummer will join CoinTerra as Vice President of Enterprise Software, bringing the developer’s existing assets and products with him.

Although not well known outside of development circle, BOP does have a few major bitcoin-related projects under its belt. Last year, the company released a major product in its Enterprise Bitcoin Server, marketed as the “Red Hat for Bitcoin.” The company’s protocol has also been used to develop a payment processing service called BOPShop and the Bullion Bitcoin trading platform. More recently, BOP’s system formed the foundation for the much-anticipated TREZOR hardware bitcoin wallet.

Speaking with CoinDesk, CoinTerra CEO Ravi Iyengar said of the deal: “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 acquisition strongly hints that CoinTerra is looking to diversify its product base beyond mining hardware. Only last month, the company narrowly avoided a class-action trial against disgruntled miners claiming that CoinTerra intentionally misled them about delivery dates for a recent batch of TerraMiner IV mining rigs. Like many other mining hardware makers, CoinTerra has recently focused on selling cloud-based mining contracts and other secondary services.

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