BBB warns about Bitcoin Mining Computers

People are complaining Austin, Texas-based Cointerra, computer manufacturer that “mines” bit coins, is not giving promised refunds.

Consumers, who say they spent over $6,000 per unit for the devices, sought refunds when the company stated in February that the machines they ordered in 2013 would not work as advertised. Complaints are coming from U.S., the United Kingdom and Australia customers.

Better Business Bureau (BBB) serving Central, Coastal, Southwest Texas and the Permian Basin has more information about the company and specific consumer complaints. A few customers received refunds, but many have not, and some say the business is not responding to calls or emails.

Cointerra first came to BBB’s attention in March and April when 11 complaints against the company were closed. In the past month, however, 39 complaints were filed, which prompted a warning. The company has not explained the recent wave of complaints nor responded to BBB.

The Financial Industry Regulatory Authority has issued an Investor Alert about bitcoins and calls them “more than a bit risky” as an investment.

BBB offers the following advice for shopping online:

  • Do your research. Check out the company’s BBB Business Review before purchasing anything from a website.
  • Pay with a credit card. Charges made on a credit card can be disputed after a purchase, whereas debit, cash or wire transfer transaction cannot.
  • Review refund and shipping policies. If you can’t find the terms and conditions, ask the seller through an email or telephone call to provide them to you in writing.
  • Keep documentation of your order. After completing the online order process, a shopper should be provided with a confirmation receipt. BBB recommends printing a copy of the confirmation and any sign of the expected delivery timeframe for future reference.
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