The venture-backed Bitcoin startup CoinTerra has filed for bankruptcy, making it the second major miner manufacturer to do so in recent months.
The Chapter 7 filing, which begins the process of liquidating company assets, was submitted on Saturday and comes just weeks after a Utah-based data center sued CoinTerra over a contract dispute.

In June 2014, CoinTerra was sued by a California man for failing to deliver his miner on time. According to court filings, CoinTerra has $10 million to $50 million in combined estimated assets and liabilities and around 400 creditors spread out worldwide from Canada to Russia to Hong Kong.

Rival firm HashFast has also all but collapsed in recent months—a Venezuelan businessman recently stepped in to buy the company’s remaining assets. CoinTerra's representatives have not responded to Ars' requests for comment since 2013.

Back in August 2013, CoinTerra announced that it had raised $1.5 million in investment. That money would likely be used for the production of the TerraMiner IV, a two terahash per second ASIC Bitcoin miner that was originally priced at $13,999 and was set to ship in December 2013.

Initially, CoinTerra seemed well-placed to succeed. The startup was founded by a team that appears to have extensive experience in the industry. The company’s CEO, Ravi Iyengar, was lead CPU architect at Samsung for two years and worked out of the Samsung Austin Research Center. The head of the company’s advisory board is Naveed Sherwani, an Intel veteran and current chair of the Global Semiconductor Association Technical Steering Committee. Sherwani literally wrote the book on very-large-scale integration (VLSI) semiconductor design and production.

But even they couldn’t seem to get their act together. While the TerraMiner IV’s price got slashed, the ship dates started to slip. When the TerraMiner IV didn’t arrive by the end of January 2014, CoinTerra offered its customers two compensation items to apologize for missing its deadline.