Here is the email I received, I assume this effects everyone and was quite surprised this topic didn't receive more inquiries to the status of our investments.
I'd like to thank everyone for their kind support and help in the process of getting everything started, I've worked very hard to appease everyone in the process of getting this established, (even went far into debt for everyone).
It took a great deal of time and effort but we finally seem to have gotten most the kinks smoothed out, except one that was unforeseen.
After the leasing sales have been made the FinCEN apparently provided an update on information stating that I cannot legally mine for others. I've been spending a long time trying to comply to be legal and there's only one feasible option for me that would also help everyone, and that is to provide refunds.
Apparently on December 30th or around there, these articles came out describing how the FinCEN looks at bitcoin mining. This is where I found out I won't be able to mine for others without a huge sum of money that isn't there.
Fortunately at this point in time you have better options available to you than what was available before, so a refund will open up those options. I asked Cointerra for refunds but they wont do it, so I will be working to earn funds and take losses again to provide the refunds over time.
Cointerra is far from being the leader in Bitcoin technology at this point, and better options are now available for both machines hardware and hosting services. I'm going to finish payments to everyone till they are fully refunded in Bitcoin, you are free to invest in other hosting services or bitcoin hardware.
links about this issue:
www.theverge.com/2013/12/30/5257478/bitcoin-miners-dont-have-to-register-with-the-us-governmentcointext.com/fincen-issues-bitcoin-friendly-ruling-for-miners/For large unit Hardware I would recommend this company:
www.spondoolies-tech.com/collections/productsFor small unit hardware I would recommend this product (needs a modified power supply):
www.bitmaintech.com/productDetail.htm?pid=00020140107162747992Ce5uBuxW06D6Power supply for the smaller unit:
www.newegg.com/Product/Product.aspx?Item=N82E16817139027&cm_re=psu_500w_corsair-_-17-139-027-_-ProductTo modify the power supply for the smaller unit:
bitcointalk.org/index.php?topic=344970.0For hosting options:
I believe this to be the best Option at this point in time:
hashop.io/This may be a good option when it comes out in the future:
www.knccloud.com/I wish I had gotten some of these machines earlier, but they weren't available at the time.
For additional ideas please email me, just keep in mind I'm not any official financial adviser of course so re-investing would be at your own risk,
Refunds will be in increments and completed around October,
Dell
