[AMC]-The Official Active Mining Cooperative Discussion

[kslaughter]

Virtual Mining Corporation (VMC) To Purchase 110nm Chips From Avalon To Build AMC Machines

SPRINGFIELD, MO, – May 2, 2013 – VMC a manufacture of the Fast-Hash Bitcoin Mining Machines has announced today that they have agreed to purchase 110nm chips from Avalon in china with a Group Buy. These chips will be the backbone of VMC's Fast-Hash-80 machines. AMC will be receiving the first 100 machines of each batch. AMC is a hybrid mining and development cooperative and a business unit of VMC.

[kslaughter]

AMC To Add 160,000 GH/s and Increase Its Revenue To $2,491.14 Per Day

SPRINGFIELD, MO, – May 3, 2013 – VMC a manufacture of the Fast-Hash Bitcoin Mining Machines has announced today that they have purchased enough Avalon chips from the successful AMC IPO to build the first two Fast-Hash-80's for AMC.  The two machines will add another 160,000 MH/s to the cooperative hashing power for a total of 544,000 MH/s.   At the current Difficulty of 10,076,292.88 this will add another $732.69 to AMC's revenue stream for a total of $2,491.14 per day.  AMC is a hybrid mining and development cooperative and a business unit of VMC.

[furuknap]

AMC To Add 160,000 GH/s and Increase Its Revenue To $2,491.14 Per Day

SPRINGFIELD, MO, – May 3, 2013 – VMC a manufacture of the Fast-Hash Bitcoin Mining Machines has announced today that they have purchased enough Avalon chips from the successful AMC IPO to build the first two Fast-Hash-80's for AMC.  The two machines will add another 160,000 GH/s to the cooperative hashing power for a total of 544,000 GH/s.   At the current Difficulty of 10,076,292.88 this will add another $732.69 to AMC's revenue stream for a total of $2,491.14 per day.  AMC is a hybrid mining and development cooperative and a business unit of VMC.

And these are for the first machines estimated to go online in August, right?

.b

[kslaughter]

Yes

[burnside]

Yes

What do you expect the difficulty to be in August?  (w/ asicminer, avalon, and bfl in the mix?)

[jjdub7]

What do you expect the difficulty to be in August?  (w/ asicminer, avalon, and bfl in the mix?)

^This.

[fluidjax]

How is VMC being funded, is it indirectly through this IPO?

[Justin00]

jeez... its really this easy ?
seriously... ?

[Shasoudas]

Posted by: burnside
Insert Quote
Quote from: kslaughter on Today at 01:45:08 AM
Yes

What do you expect the difficulty to be in August?  (w/ asicminer, avalon, and bfl in the mix?)

Its stated earlier in the document that a difficulty of ~360 million is predicted but it is unclear if this is what AMC predicts for August when it starts receiving its first prototypes or When it has all of its promised mining hardware.

[kslaughter]

Posted by: burnside
Insert Quote
Quote from: kslaughter on Today at 01:45:08 AM
Yes

What do you expect the difficulty to be in August?  (w/ asicminer, avalon, and bfl in the mix?)

Its stated earlier in the document that a difficulty of ~360 million is predicted but it is unclear if this is what AMC predicts for August when it starts receiving its first prototypes or When it has all of its promised mining hardware.

The 360 million is predicted at the end of the 24 month period for the projections in our IPO.

[kslaughter]

What do you expect the difficulty to be in August?  (w/ asicminer, avalon, and bfl in the mix?)

^This.

Currently the difficulty is increasing about 1 million every adjustment period.  However, AMC will continue adding
hashing power to keep up and get ahead of the difficulty.

[kslaughter]

How is VMC being funded, is it indirectly through this IPO?

VMC is funded through private capital and sales.  VMC will be doing Pre-Order in the future and will have its own IPO.
Right now we are putting all of the technology together to provide machines to AMC.

[Shasoudas]

Sorry if this has already been covered.

It just seems highly optimistic to produce a 45nm die chips by the end of this month. I have no expertise in this area i am just reflecting on the difficulties that BFL had when trying to produce the 68nm die chips. Would be grateful if someone with more technical knowledge could discuss this.

Also a few other points that i would like to ask:

1, Has there been confirmation for all of the Avalon Batch 2 machines? Has there been any news of them shipping this specific order (I know they're ramping up their production line when they receive the hardware to do so). Once these machines arrive where will they be situated, what physical considerations in terms of security have been considered? Where will the rest of AMC's machines be situated?

2, Has design of the 45nm die chips already started or does its start depend on the IPO being a success?

3, What happens if the IPO is not completely fulfilled?

I appreciate the time taken in replying,
Shas

[furuknap]

Have you considered trading at BTCT? Once I see more progress on this, I might be tempted to put some money in, but for the life of me, I haven't been able to get an account with that WeExchange thing so I'm out from Bitfunder until they change that.

.b

[fluidjax]

How is VMC being funded, is it indirectly through this IPO?

VMC is funded through private capital and sales.  VMC will be doing Pre-Order in the future and will have its own IPO.
Right now we are putting all of the technology together to provide machines to AMC.

Will the funds from the IPO of AMC be used to fund VMC via pre-order, or will the payment be made at the point of delivery?

[jjdub7]

How many shares will be retained by AMC, and of the retained earnings from those shares, what percent will be reinvested in hashing power and on what time schedule?

[kslaughter]

Sorry if this has already been covered.

It just seems highly optimistic to produce a 45nm die chips by the end of this month. I have no expertise in this area i am just reflecting on the difficulties that BFL had when trying to produce the 68nm die chips. Would be grateful if someone with more technical knowledge could discuss this.

Also a few other points that i would like to ask:

1, Has there been confirmation for all of the Avalon Batch 2 machines? Has there been any news of them shipping this specific order (I know they're ramping up their production line when they receive the hardware to do so). Once these machines arrive where will they be situated, what physical considerations in terms of security have been considered? Where will the rest of AMC's machines be situated?

2, Has design of the 45nm die chips already started or does its start depend on the IPO being a success?

3, What happens if the IPO is not completely fulfilled?

I appreciate the time taken in replying,
Shas

Good Questions!

We have never said that we can produce a 45nm chip by the end of this month.  What we have said is that we are working with a Major Semiconductor company that can produce the 45nm chips in a 5-10 week time frame after we deliver RTL to them.

1.  Yes, all 6 Avalons which are on order have been confirmed and paid for.  See our images of the order confirmations here: https://bitfunder.com/asset/AMC
     The only news from Avalon was on May 1.  See this thread for more information. https://bitcointalk.org/index.php?topic=167726.msg1746355#msg1746355
     The first 6 machines will be in my current location, which has enough power and air conditioning for the 6 Avalons.  Security at this location is excellent.  At the current time we
     are looking for a location for the other machines.  I have an excellent location in mind, which has it own power and air conditioning.                

2. We already have Bitcoin Mining RTL synthesis, and should we convince the Major Semiconductor Company to work with us, then we will port the software.  It the short term
    we are using Avalon 110nm chips.

3.  It doesn't need to be completely subscribed, but would be better if it was.  We are putting 50% of the revenue from the 6 Avalons machines back into AMC to purchase more Bitcoin
     Mining Machines.  Also the dividends from the unsubscribed shares will go back into AMC.

[kslaughter]

Have you considered trading at BTCT? Once I see more progress on this, I might be tempted to put some money in, but for the life of me, I haven't been able to get an account with that WeExchange thing so I'm out from Bitfunder until they change that.

.b

Have you talked to Ukto on IRC?  You can use the web interface on bitfunder.com under the help menu.  Ukto is the operator on weexchange and should be able to help you.

[kslaughter]

How many shares will be retained by AMC, and of the retained earnings from those shares, what percent will be reinvested in hashing power and on what time schedule?

It is a little more complicated than that, so you should check out the description above or at https://bitfunder.com/asset/AMC.

The short answer is for the 12 months following the IPO 50% of revenue less expenses (max 10%) will be reinvested in more hashing power.  The time schedule is
ASAP.  Also the IPO funds are being used to purchase more hashing power along with R & D.

The plan is for AMC to build a large Bitcoin Mining Farm, starting with the 6 Avalons which are on order, having VMC build machines for AMC.

• Using Avalon chips and technology in the short term.
• Developing AMC's own technology using 45nm chips.
• Taking the 45nm chip technology and moving it to 28nm in a 12-13 month time frame.

Using all this technology to build AMC's Bitcoin Mining Farm bigger and better than anyone else.

[jjdub7]

How many shares will be retained by AMC, and of the retained earnings from those shares, what percent will be reinvested in hashing power and on what time schedule?

It is a little more complicated than that, so you should check out the description above or at https://bitfunder.com/asset/AMC.

The short answer is for the 12 months following the IPO 50% of revenue less expenses (max 10%) will be reinvested in more hashing power.  The time schedule is
ASAP.  Also the IPO funds are being used to purchase more hashing power along with R & D.

The plan is for AMC to build a large Bitcoin Mining Farm, starting with the 6 Avalons which are on order, having VMC build machines for AMC.

• Using Avalon chips and technology in the short term.
• Developing AMC's own technology using 45nm chips.
• Taking the 45nm chip technology and moving it to 28nm in a 12-13 month time frame.

Using all this technology to build AMC's Bitcoin Mining Farm bigger and better than anyone else.

Very well-answered.