Tagbutterfly labs

Bitcoin Mining Firm Butterfly Labs Settles with FTC Over Customer Deception Charges

Bitcoin FTC

The US Federal Trade Commission (FTC) has announced that bitcoin mining hardware company Butterfly Labs and two of its operators have agreed to settle charges that pointed to the company deceiving customers. The FTC revealed today that bitcoin mining hardware manufacturer Butterfly Labs and two of its operators: part-owner and vice president of product development, Sonny Vleisides and general...

Is Butterfly Labs Liquidating Its Assets?


Early in January 2015, CCN carried the decision of a Kansas judge who allowed Butterfly Labs to resume operations so that it could refund all its customers for not delivering their machines, or for delivering machines that had already been premined. It appears that Butterfly Labs’ problems may not be over just yet. A series of posts (which can be seen here, here, here and here) on Craigslist...

Bitcoin Mining Company Butterfly Labs (BFL) Reopens; Starts Issuing Refunds


Infamous Bitcoin mining company Butterfly Labs (BFL) has reopened and has an updated website following their tussle with the FTC. The FTC started investigating Butterfly Labs in late 2014 because "consumers who have purchased the machines or services cannot use them to generate Bitcoins because Defendants [Butterfly Labs] never provide them with the machines or services." BFL would regularly mine...

FTC Denies Preliminary Injunction Against Bitcoin Mining Company Butterfly Labs (BFL)


The FTC proceedings against troubled Bitcoin mining company Butterfly Labs (BFL) continue. In a document submitted today, the Court revealed its decision to continue the case without granting a preliminary injunction against BFL. The Court has formally denied the Plaintiff's request for a "preliminary injunction, asset freeze, appointment of a receiver, and other equitable relief." Previous...

Butterfly Labs Attempts to Dismiss FTC Complaint


Three weeks ago, the Federal Trade Commission shut down Butterfly Labs. Butterfly Labs is a company that sells Bitcoin mining hardware. It's been accused of scamming and lying to customers time and time again. Recently, the Federal Trade Commission (FTC) reported that Butterfly Labs was lying to customers in multiple ways, one being that they mined on their customers' hardware for extended...

FTC Reports Butterfly Labs Mined on Customers' Bitcoin Miners


A week ago, the Federal Trade Commission (FTC) shut down Butterfly Labs (BFL), one of the reasons for this being that "consumers who have purchased the machines or services cannot use them to generate Bitcoins because Defendants [Butterfly Labs] never provide them with the machines or services." The FTC released new court filings today for its Butterfly Labs case. The most recent report by the...

Bitcoin News in Review: PayPal, Butterfly Labs, Goldman Sachs, and More

Connection lost. Saving has been disabled until you’re reconnected. We’re backing up this post in your browser, just in case.

With the end of a rather eventful week, it's time for the Bitcoin News in Review, where we feature some of the top stories of the week here on CryptoCoins News. This week, PayPal partnered with three major bitcoin exchanges, the U.S. Federal Trade Commission shut down Butterfly labs, the shady inner workings of Goldman Sachs were revealed, and more. Keep scrolling for this week's Bitcoin News in...

FTC Shuts Down Butterfly Labs... Finally


Butterfly Labs, a failed Bitcoin miner manufacturer, has been shut down by the Federal Trade Commission. According to a statement published on the regulator’s website, the FTC shut down Butterfly Labs pursuant to a court order obtained from a court in the Western District of Missouri. [divider]CCN[/divider] Also read "We need to talk about Butterfly Labs" This past week, the FTC slapped Butterfly...

Black Arrow Bitcoin Mining Addresses Miners Catching Fire and Censorship


Author's Note: The author and CCN have zero connection with Black Arrow. Claims of monetary compensation are blatantly incorrect. The accusations from customers are continually being investigated, ever since the original tip. However, accusations cannot be published as fact without clear evidence or authority. The same goes for Black Arrow. CCN will quote either side, but will not publish those...

LSM Labs is Dead (But Don't Celebrate Just Yet)

LSM Labs is Dead (But Don't Celebrate Just Yet)

Just yesterday, CCN exposed LSM Labs, a blatantly obvious scam. The so-called "world class semiconductor engineering company which manufactures leading edge Bitcoin ASIC processors and systems" used various shady practices to promote itself, including buying fake reviews on Bitcointalk and contributing several "articles" (that were really just advertisements for LSM) to various Bitcoin news sites...

We Need to Talk About Butterfly Labs

We Need to Talk About Butterfly Labs

Butterfly Labs is a problem. Not only because of an overarching plan to fleece Bitcoin users with empty promises but the audacity to proudly represent leading cryptocurrency entrepreneurs with an unprofessional attitude. If the people working at Butterfly Labs legitimately see Bitcoin as a game changing technology they are doing an appalling job of exemplifying the entrepreneurs involved with...

Butterfly Labs Announces Two Two Week Delays... Along With Free Upgrades, Full Refunds, And 0.45W/GH


In an email sent out today to former and current Butterfly Labs customers, BFL publicized their newest update on their Monarch line of 600 GH/s PCI-e 1x cards.   Unlike their handling of their first batch of Bitcoin ASIC Miners, BFL has decided to couple this bad news with some good news. The two biggest announcements are drastically improved power consumption, and of course the two "two week...

MultiMiner, Mining Made Easy


MultiMiner a mining program for Bitcoin and so many other coins. It is built as a GUI for BFGMiner. It's creator Nate Woolls also is the main contributor to scrypt mining support in BFGMiner. What sets MultiMiner apart from another mining software is 3 main things. First it the easy to use graphical interface. Second is its support of many types of mining hardware and coins. Third and the most...

CoinTerra Takes Aim At Butterfly Labs With GSX I: A 400 GH/s PCI-E Bitcoin Mining Card

gsx i closed loop liquid cooler

Having more or less completing development on their large Terraminer unit capable of 2 TH/s for a sum of $5,999, CoinTerra recently announced their GSX I Bitcoin mining solution.  CoinTerra is currently accepting preorders on the GSX I only, with expected delivery to be in June of 2014.  CoinTerra's CEO Ravi Iyengar had this to say: “Having delivered the TerraMiner, the most powerful Bitcoin...

Butterfly Labs Unveils 600 GH/s Bitcoin Miner


Butterfly Labs, makers of specialty Bitcoin-mining machines, just announced the Butterfly Labs Monarch, an insanely powerful new ASIC at CES 2014. This machine can mine at a whopping 600 GH/s while using 350 W of power. Despite it's hefty $2196 price tag, BFL claims that the Monarch is cheaper and more efficient than its competition. Gadget blog Gizmodo has some great images of the insides of the...