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TerraHash announces it’s going out of business

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The ASIC Bitcoin mining gear producer TerraHash has announced this Wednesday (25) it’s going to shut down the company, due to events that “happened last week”.

The news was revealed through the forum and immediately caused strong reactions from the Bitcoin community, mainly because TerraHash is only announcing a refund of “about 50% of every order”.

According to the company, based in Silicon Valley, a series of events is forcing the manufacturer to go out of business. “A lot of issues compounded to press us to do this. The failure of the Klondike project was one. Chase, our bank, shut down our accounts. Also the delay in the shipment of the chips [from Avalon] has resulted in a lot of customers asking for refund”, they wrote.

“We already owe a lot of money to PayPal, and with all the refund requests, it is impossible for us to continue our operation profitably. So we have decided to dissolve the company”, the announcement added.

But here is where the message originated a lot of complaints.

We are going to ask for a refund from Yifu [Guo, Avalon’s founder]. As soon as we get a refund from him, we will start refunding all the orders. We will be able to refund about 50% of every order with this amount. We are trying to get our money out of Chase, which will help us refund another ~5% of each order. We are trying to return as many components as we can, and as soon as we get more money back, we will send additional pro-rated payments to each order.

Once we get a refund from Yifu, we will be sending an email to everyone asking for a current Bitcoin address where to send the payments.

The messages from customers and participants in the forum showed the general feeling of disappointment towards the company. No surprises, here. Now let’s see how the refund process will occur. For now, there aren’t any time frames provided by the company, since they still have to wait for their own refund.

Although the company published the announcement on the forum, there isn’t any type of information regarding this issue on their website yet.

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

View all Posts by Maria Santos

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