[AMC]-The Official Active Mining Cooperative Discussion

[Deprived]

BFL : Shipping chips?

https://forums.butterflylabs.com/announcements/3014-butterfly-labs-announces-bulk-chip-sales.html

They aren't shipping anything.

They're just taking more pre-orders before delivering on the ones they accepted last year.  A cynic might suspect they have to sell some of these pre-orders to afford to build the machines they already owe.

[ChronoX5]

EDIT: I guess the IPO ended at 19:00 PST, on June 1st.

https://bitfunder.com/asset/AMC

How did you come to that conclusion? The absence of asks was what led people to paying too much for their shares the last time. As long as 20,000,000 shares haven't been sold the IPO is probably still going on.

Edit: wording

[bobboooiie]

Hey Ken,
As of now things are kinda chaotic. Would you be so nice and post some plans for near future to sort this a bit ? For example what are we waiting for now and how much of it (avalon HW), do you want to sell it all as you stated on the chat above? How much of it will mine. What are the plans and expected time lines with and after that ?

[drdanishkhan]

I think he should let the first batch of 5 million be sold at 0.0005 and then stop issuing shares until the avalons ship in and the first dividends get payed.. that way there will be some stability for the moment regarding prices and then when he wants capital he can issue a next batch at predetermined price.. but what is happening right now is very chaotic and his whole IPO is just being speculated upon like bitcoin

[Vbs]

Hey Ken,
As of now things are kinda chaotic. Would you be so nice and post some plans for near future to sort this a bit ? For example what are we waiting for now and how much of it (avalon HW), do you want to sell it all as you stated on the chat above? How much of it will mine. What are the plans and expected time lines with and after that ?

There are 6 avalons from batch 2 (feb 18 order) arriving shortly, followed by 68 Bkk-16 (~305GH/s IIRC). There are already orders placed with Avalon for 20,000 chips, all of them going to AMC mining hardware. (edit-20k chips).

[drdanishkhan]

And wouldnt it be more logical to pay dividends only to the shares which are sold.. i mean who gets the dividends paid to the millions of unsold shares?? 

[ADgordo]

And wouldnt it be more logical to pay dividends only to the shares which are sold.. i mean who gets the dividends paid to the millions of unsold shares?? 

The shares still held by AMC go to reinvestment for more equipment.

[Malawi]

And wouldnt it be more logical to pay dividends only to the shares which are sold.. i mean who gets the dividends paid to the millions of unsold shares?? 

The shares still held by AMC go to reinvestment for more equipment.

Where can you find current price and trade the shares?

[stereotype]

And wouldnt it be more logical to pay dividends only to the shares which are sold.. i mean who gets the dividends paid to the millions of unsold shares?? 

The shares still held by AMC go to reinvestment for more equipment.

Where can you find current price and trade the shares?

https://bitfunder.com/asset/AMC

[Vbs]

And wouldnt it be more logical to pay dividends only to the shares which are sold.. i mean who gets the dividends paid to the millions of unsold shares?? 

The "Growth/Expansion Fund" receives all dividends from unsold shares. So, with only 5M sold, for all intents and purposes it receives dividends from 35M shares.

Think of it like a mechanism to always keep available funds ready for hardware buying.

[kslaughter]

Now that our First Batch of Early Adopter shares has sold out we are waiting for the Avalon machines to come in and start producing revenue.  We will then start paying dividends to our Investors after the first week of mining with the Avalon's.  Due to the fact that shares were selling with good demand at the .0008 price level, before Ukto of Bitfunder.Com forced us to reduce the price to a bargain level, we will only be releasing shares in batch 2 at no less than .0008 BTC.

Also, we are implementing our Investors Protection Program (IPP) for those Investors who purchased shares higher than .0005 after May 28, 2013 04:59 CDT and on or before May 31, 2013 14:59 CDT.  IPP will reimburse our Long Term Investors the difference between the price they purchased their shares at, and the price of our shares on August 31, 2013 at 00:01 CDT or .0005 whichever is higher, only if the share price is below .0008 BTC on August 31, 2013 at 00:01 CDT.  The Investor must still own the shares to be reimbursed.  This program is being implemented due to Bitfunder.Com forcing us to price our shares at .0005, without due cause.  Of course we will strive in the coming months to raise the share price and add shareholder value to the shares our Investors hold.  

Update:

The group after May 28, 2013 04:59 CDT and before May 31, 15:59 CDT are add to the above group.

[abuelau]

Insert Quote
Now that our First Batch of Early Adopter shares has sold out we are waiting for the Avalon machines to come in and start producing revenue.  We will then start paying dividends to our Investors after the first week of mining with the Avalon's.  Due to the fact that shares were selling with good demand at the .0008 price level, before Ukto of Bitfunder.Com forced us to reduce the price to a bargain level, we will only be releasing shares in batch 2 at no less than .0008 BTC.

Also, we are implementing our Investors Protection Program (IPP) for those Investors who purchased shares higher than .0005 after May 28, 2013 04:59 CDT and on or before May 31, 2013 14:59 CDT.  IPP will reimburse our Long Term Investors the difference between the price they purchased their shares at, and the price of our shares on August 31, 2013 at 00:01 CDT or .0005 whichever is higher, only if the share price is below .0008 BTC on August 31, 2013 at 00:01 CDT.  The Investor must still own the shares to be reimbursed.  This program is being implemented due to Bitfunder.Com forcing us to price our shares at .0005, without due cause.  Of course we will strive in the coming months to raise the share price and add shareholder value to the shares our Investors hold. 

Like!

Keep up Ken, let's get some revenue coming in and please keep us informed!

[pneumatic5]

Now that our First Batch of Early Adopter shares has sold out we are waiting for the Avalon machines to come in and start producing revenue.  We will then start paying dividends to our Investors after the first week of mining with the Avalon's.  Due to the fact that shares were selling with good demand at the .0008 price level, before Ukto of Bitfunder.Com forced us to reduce the price to a bargain level, we will only be releasing shares in batch 2 at no less than .0008 BTC.

Also, we are implementing our Investors Protection Program (IPP) for those Investors who purchased shares higher than .0005 after May 28, 2013 04:59 CDT and on or before May 31, 2013 14:59 CDT.  IPP will reimburse our Long Term Investors the difference between the price they purchased their shares at, and the price of our shares on August 31, 2013 at 00:01 CDT or .0005 whichever is higher, only if the share price is below .0008 BTC on August 31, 2013 at 00:01 CDT.  The Investor must still own the shares to be reimbursed.  This program is being implemented due to Bitfunder.Com forcing us to price our shares at .0005, without due cause.  Of course we will strive in the coming months to raise the share price and add shareholder value to the shares our Investors hold.  

Why the 28th of May? I bought shares before the 28th at 0.0007, shouldnt I be also reimbursed? I didnt buy a lot at that price, so it's not a big deal for me, and I am in it for the long run, but I am just wondering why the cutoff is at that date.

[kslaughter]

Now that our First Batch of Early Adopter shares has sold out we are waiting for the Avalon machines to come in and start producing revenue.  We will then start paying dividends to our Investors after the first week of mining with the Avalon's.  Due to the fact that shares were selling with good demand at the .0008 price level, before Ukto of Bitfunder.Com forced us to reduce the price to a bargain level, we will only be releasing shares in batch 2 at no less than .0008 BTC.

Also, we are implementing our Investors Protection Program (IPP) for those Investors who purchased shares higher than .0005 after May 28, 2013 04:59 CDT and on or before May 31, 2013 14:59 CDT.  IPP will reimburse our Long Term Investors the difference between the price they purchased their shares at, and the price of our shares on August 31, 2013 at 00:01 CDT or .0005 whichever is higher, only if the share price is below .0008 BTC on August 31, 2013 at 00:01 CDT.  The Investor must still own the shares to be reimbursed.  This program is being implemented due to Bitfunder.Com forcing us to price our shares at .0005, without due cause.  Of course we will strive in the coming months to raise the share price and add shareholder value to the shares our Investors hold.  

Why the 28th of May? I bought shares before the 28th at 0.0007, shouldnt I be also reimbursed? I didnt buy a lot at that price, so it's not a big deal for me, and I am in it for the long run, but I am just wondering why the cutoff is at that date.

Yes, I know the price was higher the week before, then dropped back to .0005 due to market demand dropping.  The shares were selling at .0005 before that date.  I hope to drive the share price up so this won't be an issue for you or me.  Let me think about this.  I will post an update to the program should I extend it, which I am thinking about doing.

Update:

Added a group to the program.

[kslaughter]

SPRINGFIELD, MO, – June 2, 2013 – VMC a manufacturer of the Fast-Hash Bitcoin Mining Machines has announced today that they have purchased a second full batch (10,000) of Avalon chips (Order # 10473)  to build ~31 Fast-Hash-80's for AMC, this would bring AMC's machine total to ~71 units. The ~71 machines will bring the cooperatives hash power to ~5,650,816 MH/s, ~35,651 GH/s, or ~5.651 TH/s.  Active Mining Corporation is a Vanuatu International Business Company DBA Active Mining Cooperative (AMC).

You can use the link below to calculate the income:

http://www.bitcoinx.com/profit/

Estimated Hash Rate: 5,650,816
Estimated Power: ~60,000

Avalon Shopping Cart Screenshot:

https://bitfunder.com/asset/AMC profile->images

[TheGovernedSelf]

Avalon Shopping Cart Screenshot:

https://bitfunder.com/asset/AMC profile->images

http://www.axs.net/AMC/AMC-Profit-Estimate.png

Now correct me if I'm wrong, but you entered 992 TERA-hash into that mining calculator...not gigahash.

It also states that you're expecting 1600 BTC/day, but only ~3600 is currently generated each day. You expect to control ~45% of the total mining network?
You don't even have a single functioning ASIC yet.

[kslaughter]

Avalon Shopping Cart Screenshot:

https://bitfunder.com/asset/AMC profile->images

http://www.axs.net/AMC/AMC-Profit-Estimate.png

Now correct me if I'm wrong, but you entered 992 TERA-hash into that mining calculator...not gigahash.

It also states that you're expecting 1600 BTC/day, but only ~3600 is currently generated each day. You expect to control ~45% of the total mining network?
You don't even have a single functioning ASIC yet.

This is our 24 month projection with a 40X times increase in the difficulty.  We have gone from 384,000 MH/s on order to 5.651 TH/s on order in just one month.
Since we are putting back 50% of the revenue back into purchasing more mining power we will cause an exponential growth of hashing power over the next 24 months.
Of course the 992 TERA is just a projection.  Also, should we get to 45% of the network hashing power, we would not add anymore hashing power until
our control of the network falls back to 40%.

[canuckgal]

http://www.axs.net/AMC/AMC-Profit-Estimate.png

Now correct me if I'm wrong, but you entered 992 TERA-hash into that mining calculator...not gigahash.

It also states that you're expecting 1600 BTC/day, but only ~3600 is currently generated each day. You expect to control ~45% of the total mining network?
You don't even have a single functioning ASIC yet.

I aree that you have a good point, but even with the competition getting their own ASICs, I'm confident that we're still up in the BTC Rush.  

So no, 45% is unlikely, but AMC will still have a good chunk of power.

[Entropy-uc]

Avalon Shopping Cart Screenshot:

https://bitfunder.com/asset/AMC profile->images

http://www.axs.net/AMC/AMC-Profit-Estimate.png

Now correct me if I'm wrong, but you entered 992 TERA-hash into that mining calculator...not gigahash.

It also states that you're expecting 1600 BTC/day, but only ~3600 is currently generated each day. You expect to control ~45% of the total mining network?
You don't even have a single functioning ASIC yet.

This is our 24 month projection with a 40X times increase in the difficulty.  We have gone from 384,000 MH/s on order to 5.651 TH/s on order in just one month.
Since we are putting back 50% of the revenue back into purchasing more mining power we will cause an exponential growth of hashing power over the next 24 months.
Of course the 992 TERA is just a projection.  Also, should we get to 45% of the network hashing power, we would not add anymore hashing power until
our control of the network falls back to 40%.

LMAO.

As an exercise for the reader who doesn't recognize what a complete fraud this is.  Consider this.

45% of 992 TH = 446 TH

Avalon power requirement.  10 W / GH.

Power needed for 446 TH  = 4.5 MW

Are you building a power plant along with your imaginary silicon?

[kslaughter]

Avalon Shopping Cart Screenshot:

https://bitfunder.com/asset/AMC profile->images

http://www.axs.net/AMC/AMC-Profit-Estimate.png

Now correct me if I'm wrong, but you entered 992 TERA-hash into that mining calculator...not gigahash.

It also states that you're expecting 1600 BTC/day, but only ~3600 is currently generated each day. You expect to control ~45% of the total mining network?
You don't even have a single functioning ASIC yet.

This is our 24 month projection with a 40X times increase in the difficulty.  We have gone from 384,000 MH/s on order to 5.651 TH/s on order in just one month.
Since we are putting back 50% of the revenue back into purchasing more mining power we will cause an exponential growth of hashing power over the next 24 months.
Of course the 992 TERA is just a projection.  Also, should we get to 45% of the network hashing power, we would not add anymore hashing power until
our control of the network falls back to 40%.

LMAO.

As an exercise for the reader who doesn't recognize what a complete fraud this is.  Consider this.

45% of 992 TH = 446 TH

Avalon power requirement.  10 W / GH.

Power needed for 446 TH  = 4.5 MW

Are you building a power plant along with your imaginary silicon?

One point you are missing, is we did not say that we are going to use Avalon chips for all of the 992 TH/s, so your calculation are a fraud.  If fact I have
told you over and over that we are working on a 45nm and a 28nm chip.  Those chips will use 10X less power that Avalon's.