[796.com] Red Star Mining est. January 2012

[tekke]

Any news?

[1714516847]

1714516847

[1714516847]

1714516847

[1714516847]

1714516847

[Red Star Mining]

Yes, all the gear is currently being powered down at Netsolus.  Then soon after January the 1st all the gear will be sent to a new hosters in Washington.  Where we'll be saving around $1,250USD a month on hosting fees.  Which is the difference between running the gear or not.  We probably won't be buying any new gear until Q2 or Q3 next year.  14nm and 16nm gear should be out then and also much more efficient 28nm gear too.  Our new host'ers can potentially drop our hosting fees further by up to another 12.5% to possibly as low as $80/kW/month.  If we were to end up with enough kW's to make it worth their while.

The bitcoin network difficulty growth looks like the next adjustment may actually be the first negaitive adjustment in almost two years.  Including this next difficulty adjustment the last block of five adjustments combined have been the relatively smallest block of five changes in eighteen months.  So it currently looks like the network difficulty growth may be reaching a plateau for the first time in two years.  From when it had plateaued last time for around eighteen months.  So as long as the USD/BTC price at least roughly holds then we should be good to keep hashing away at the new location for some time with this current gear we have.   

[Red Star Mining]

This year for our annual Christmas and third year birthday donation we're planning on buying 1BTC worth of FairCoin.  That we will stake with.  This will indirectly help to benefit the FairCoop project.  Then next year we will donate 50% of any BTC gains made on the purchase to - https://fair.coop.  Up to the value of 1BTC.

[smartaction]

This year for our annual Christmas and third year birthday donation we're planning on buying 1BTC worth of FairCoin.  That we will stake with.  This will indirectly help to benefit the FairCoop project.  Then next year we will donate 50% of any BTC gains made on the purchase to - https://fair.coop.  Up to the value of 1BTC.

Great to count with you! 
Day by day Fair.Coop and Faircoin are growing with new supports like yours!

After get over the mintpal defeat,  Faircoin will be in Bittrex next days, and there will be more easy to buy 1 BTC value than the current lost volume exchanges.

Be pending of updates and keep in contact!

https://bitcointalk.org/index.php?topic=702675.new#new

https://twitter.com/faircointeam
https://twitter.com/fair_coop

[tekke]

any news about this month dividends? thanks

[Red Star Mining]

Very sorry for the delay the dividend has just been sent to 796.com

BTC0.31152 / 236 satoshi per share.

Hopefully all the gear will be shipped very soon.  Although the new hosting location won't be ready until at least January 1st and maybe as late as January 15th.  At current difficulty and USD/BTC price $315.33/BTC.  We would hash just over BTC2.00 profit per month after all hosting costs.

[lunarboy]

Any updates? 

[Red Star Mining]

The current plan of action is to hold onto our reserves until a major bitcoin price rally and better mining conditions.  We currently have around BTC100 of reserves and ASICspace can offer hosting down to $80/kW/month.  Prices of mining gear are falling all the time and mining efficiencies increasing.  While the network hashrate growth started to plateau in Q4 last year.  Which just need a bitcoin price rally to make a new purchase a lot more effective.  The dividend fund allocation from profits still holds over a years worth of monthly dividends.  Which is over BTC3 in total.  We've sold all our old gear which most now would be considered inefficient compared to whats shipping now from stock.  And bought a Ledger Hardware Wallet which we are in the process of moving funds over too.  There should also be less than 125,000 public shares not owned by RSM on 796 exchange now out of the 132,000 on there.  RSM has bids in to buy more shares back during this current lull in activity.

[lunarboy]

796 looks like it might slowly be on the way out. 

Is there a good backup in place in case it dies ?

[Red Star Mining]

We are currently waiting for better market conditions.  To buy a load of new gear and start mining again.  If the market never improves enough to a point where we feel confident.  About buying new gear to make a healthy return.  Then eventually we will use our substantial bitcoin reserves to buy all publicly traded shares back off the market.   If any current investors are not aware of how much bitcoin reserves with have.  Then please ask in the private shareholders management group.

[Red Star Mining]

Yeah unfortunately we let our PR person go on semi-permanent unpaid leave quite a while ago.  Until we are back earning again so unfortunately the thread title got missed for an update, but has been updated now.  Here is a link to the English language version of 796 - https://796.com/?lang=en - Our dividends work by only paying out one twelfth of the dividend fund at any one time.  Originally to help smooth out any rapid growth of dividends and keep a smoother emission.   That is how we can continue to issue monthly dividends as per usual.   There's been a lot more action in the private shareholders management group.  Then in the public outlets of RSM.  Any shareholder can join the private management group.  Just please PM us for an invite and we will need to verify the email account you use for 796.com  Although you will need to be holding over 100 shares.  Which is actually less than 1/1000 of public stock.

[OgNasty]

We currently have around BTC100 of reserves

Looks like it's been around a year since anyone has commented on this operation.  Are there still plans to do something with this asset?

EDIT: There is still 18.86 BTC held here: https://blockchain.info/address/16QuagYMUDNRqnwroeZ2B6QYGCAZA6BzS4

After the last financial statement, 83.82 BTC has been spent without being accounted for.  The last transaction being made on 9/10/2015.  Any updates?

[matthewh3]

We currently have around BTC100 of reserves

Looks like it's been around a year since anyone has commented on this operation.  Are there still plans to do something with this asset?

EDIT: There is still 18.86 BTC held here: https://blockchain.info/address/16QuagYMUDNRqnwroeZ2B6QYGCAZA6BzS4

After the last financial statement, 83.82 BTC has been spent without being accounted for.  The last transaction being made on 9/10/2015.  Any updates?

Yeah I've moved things around a little to make it both harder to steal while also taking some punts.  The last investment in mining gear we made didn't break even.  While I've took some punts on altcoins and overall that's paying off nicely.  I may partially close some positions temporally soon to try and leverage a little harder.  Anything that has been spent (read burnt) since that last mining hardware purchase has been accounted for on a spreadsheet.  That spreadsheet can be viewed upon request.  All other spending is since January 2012 is accounted for in this thread.

[shmoula]

I read at loomio that they are waiting for another exchange to be opened to reschedule dividends payments (796 is not processing their payments) and selling provess there. But there was no ETA for that.

[OgNasty]

EDIT: There is still 18.86 BTC held here: https://blockchain.info/address/16QuagYMUDNRqnwroeZ2B6QYGCAZA6BzS4

After the last financial statement, 83.82 BTC has been spent without being accounted for.  The last transaction being made on 9/10/2015.  Any updates?

Well, it appears they cleared out the remaining BTC and disappeared.  No responses in months to messages.  Looks like it ended up netting matthewh3 about $70,000.  Anybody care?

Without proof that funds exist, it is time to label this a scam.

[canth]

EDIT: There is still 18.86 BTC held here: https://blockchain.info/address/16QuagYMUDNRqnwroeZ2B6QYGCAZA6BzS4

After the last financial statement, 83.82 BTC has been spent without being accounted for.  The last transaction being made on 9/10/2015.  Any updates?

Well, it appears they cleared out the remaining BTC and disappeared.  No responses in months to messages.  Looks like it ended up netting matthewh3 about $70,000.  Anybody care?

I spoke to Matthew and he's not dead nor has disappeared. Anyone looking to take a share buyback can message matthewholt3@outlook.com. I'm not looking to take up a spokesperson role, I'm an investor just like a number of other folks here. Please email from the account that matches your 796.com account for verification purposes.

[petscii]

So the email that Canth provided, bounces.  Matt does not answer either his other email (of record) nor does he respond to requests on the loomio "management forum".

I don't like this one bit.

[canth]

So the email that Canth provided, bounces.  Matt does not answer either his other email (of record) nor does he respond to requests on the loomio "management forum".

I don't like this one bit.

Chatted w/ Matthew - looks like he got locked out of his bitcointalk.org account. Since he's not using this thread as a place for updates, see blog update here: http://www.redstarmining.com/2016/08/as-posted-numerous-times-previously.html#links

[shmoula]

I'm already on loomio, but no news there. So what's going on?

[petscii]

Matt has not responded to requests on Loomio in some time.  Canth is the only one who has "talked" to him and other than a tersely worded update on the now defunct Red Star Mining webpage there has been zero communication with him.

The website that was down is back up. Maybe Matt will talk to us now.

UPDATE

Matt has posted on Loomio.  Let's see where this goes.  I'll update as I find out anything.