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Author Topic: -[ActiveMining/Virtual Mining Corp] Basic facts/summary etc [Self-Moderated]-  (Read 3311 times)
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minerpart
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January 28, 2014, 10:04:07 PM
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On this thread you will find details from the most important Official ACtM news releases, statements and published facts for easy reference.



Active Mining Corporation (ACtM) is the parent company of Virtual Mining Corp (VMC) and is made up of a team of dedicated Bitcoin mining professionals with over 30 years of combined experience.

The current company structure is as follows:

Active Mining Corporation Management Team:

Kenneth E. Slaughter, CEO/CTO

Virtual Mining Corporation Management Team:

Kenneth E. Slaughter, CEO/CTO
Gerald L. Slaughter, COO/CFO
Micah Slaughter, VP Manufacturing Operations
Darin Carolus, VP Marketing

VMC also has 2 in-house Engineers in San Jose and a Project Manager working very closely with eASIC.
ACtM company offices are in Springfield MO - VMC website http://virtualminingcorp.com/index.html






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eASIC 28nm ASIC

Since IPO, ACtM/VMC has been perusing a 28nm ASIC chip with eASIC. http://www.easic.com/
In September ACtM and eASIC released a joint statement:

Santa Clara, CA and Springfield, MO – September 4, 2013 – eASIC Corporation, a
leading provider of NEW ASIC devices and Virtual Mining Corporation (VMC) today announced
that VMC will use eASICs 28nm Nextreme-3 devices to create a series of scalable Bitcoin
mining machines capable of generating up to 24.756 TH/s.


The above chip roll-out was delayed by ACtM in September due to concerns over ROI with BTC value at only 140 USD and competitors chips at 4-500GH/s. The ACtM chip was therefore returned to the design stage and the result is a more refined and more efficient full custom 28nm device which eASIC are presently in the process of producing. Chip specs will be known shortly.

This chip will be available for: bulk sales, the ACtM mining farm, and will be sold in premium high-power machines for retail and industrial customers.  
This chip is expected in Q3 2014.

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UMC 55nm ASIC

On the 21st January 2014 ActM surprised investors when they published this press release:

Springfield, MO and Santa Jose, CA – January 21, 2014 – Active Mining Corporation (Belize) (AMC) a bitcoin Mining and Hardware Manufacture, and  People's ASIC a stealth Silicon Valley startup founded by two veteran engineers is proud to announce today the tape-out of their 55 nm UMC Bitcoin Mining ASIC. Simultaneously, AMC has acquired the Intellectual Property for the 55nm UMC Bitcoin Mining ASIC.  Delivery of chips is expected in Q2/2014.  Also, AMC will use the same design team and code which successfully taped out the 55 nm on AMC's eASIC's 28 nm.


This new full custom 55nm project (wholly owned by ACtM) is at a more advanced stage than the eASIC custom 28nm ASIC and has been taped out by UMC. http://www.umc.com/english/process/c.asp
This chip will be utilised in scalable bitcoin mining machines capable of generating upto 10.488TH/s.

The published specs of the UMC fabbed chip include:
11mm x 11m package,
1.9 GH/s, 2.5 Watts per chip
which is 1.315789474W/GH (before Intellihash is applied)

This chip will be available for: the ACtM mining farm. Bulk chip sales and production of budget medium-power machines for retail and industrial customers is yet to be confirmed.
This chip is expected in Q2 2014.

_______________________


Update: VMC has been slotted into UMC's February production run for the 55nm chip. Expected deliveries are 6 wafers in mid-April, 19 wafers by April-end, and in May VMC will receive full production batches of any quantity required. Expected 24x55nm chips per PCIe board. Engineering team are working on the sourcing and design of the boards and boards are due to be ready when chips arrive in April. Estimated yield of 6,800 chips per wafer giving 40,800 chips in mid-April for 77.52TH/s and then 245.48TH/s April-end to total 323 TH/s before full production commences in May.

Weekly update from 29/1/14 - 'We are expecting to add 1 to 2 Petahashs of mining [from 55nm chip] in Q2.'

Genisis block payout schedule (official): http://thegenesisblock.com/mining/a/423f77e0be


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Intellihash (TM)

Intellishash (TM) is a unique in-house process designed by ACtM and its engineering team which extends or boosts the usefull hashing life of Bitcoin mining ASIC's. For commercial reasons the full details of this technology are confidential. The process can be applied to ACtM chips and will boost chip lifetime-performance as hash-difficulty rises. The percentage of increased life-time efficiency over a standard ASIC chip is not public knowledge, but the boost is expected to be significant over non-Intellishash capable chips (ie competitors chips).


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ACtM mining farm

With their own mining farm ACtM expect to utilise first their 55nm based rigs which generate 10.488 TH/s and shortly after their 28nm based rigs which generate 24.576 TH/s.
Electricity costs for ACtM are stated to be around 0.017 $/kWh.


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Shares

Since the close-down of the BTC-TC exchange and thereafter the Bitfunder exchange, ACtM shares have been unlisted and untradable except for a very small number on Cryptostocks. Dividends have also been suspended. The CEO has been concentrating on developing the core of the business in the meantime but has actively considered the emerging Coloured Coins network as a trading solution. However due to increased shareholder requests to implement a trading solution ASAP ACtM shares will be listed on Hong-Kong based Crytpo-Trade https://crypto-trade.com/ in the next few days. 28/1/2014.

All shares on Bitfunder were requested to be tendered to the 'AMC-TENDER' holding account before the closure of BF so that Ken could batch-process them onto a new exchange when one was ready. Any holder who carried out the tender on BF should receive an email notification will log-in to a site (that is in the process of being created by Ken) and after successful verification of your identity your shares will be auto-sent to the account associated with your email address on Crypto-Trade. At this point no account needs to be manually opened on Crypto-Trade

The most recent information on this move is: 'The transfer of shares from AMC-TENDER to Crypto-Trade will be via an automated site. To verify your shares, you will need an email address that you want to register as a account on Crypto-Trade (fine if you already have an account using that email, shares will just be added to that account), the number of shares transferred to AMC-TENDER, and your AMC-TENDER transfer date and time of transfer (from your Bitfunder transfer logs, or from the screenshot you made of the transfer).'  

For the many shareholders who did not carry out the BF tender (or who do not have the date and time of your tender), you will likely be requested to confirm your identity by signing from your BTC wallet address which you registered on the Bitfunder site before you can send your shares to your CryptoTrade account. Due to possible manual processing of your shares (not part of the tender batch-processing) you may gain access to your shares sometime after those who did fulfill the tender request.

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Shareholder guarantee

There are a total of 10,000,000 (10 Million) publicly held shares in ACtM that represent interests in all VMC, and ACtM profits. The shareholder guarantee states that these 10M shares will receive all dividends until a total of 0.0025BTC has been paid per share. Currently around 2.5% of this total has been paid out. After the 0.0025BTC has been paid to each publicly held share the CEO's holding of 15 Million shares will also begin to receive dividends so that all profits are then shared out equally between the final total of 25,000,000 shares.


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Dividends

All BTC mined by ACtM are currently paid into this wallet: https://blockchain.info/address/1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa
To date 629 BTC has been paid out to shareholders since IPO - equalling 0.00006291702 BTC per share. So 2.5% of the total shareholder guarantee (0.0025BTC) has so far been paid, leaving 97.5% still to be paid out to each of the 10million publicly held shares.

The balance of the current mining income (around 57BTC accruing from our Avalon miners) will be paid out to shareholders once the shares are listed on Crypto-Trade.


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Ukyo Shares

Through his Bitfunder securities exchange and WeExchange processing site Ukyo misplaced, lost or miss-invested over 6,000BTC from the community. ACtM had company funds in both Bitfunder (38BTC approx) and WeEx (70BTC approx) which represented assets raised from the IPO, funds for the purposes of paying dividends, and funds being used to transfer ACtM shares to CryptoStocks via a free transfer option for share holders. (This scheme was in it's very early days and so only a few thousand shares were exchanged to CS before Bitfunder was closed). These monies appear to have been lost and after legal notice was served on Ukyo for the return of these funds no refund was made. ACtM has therefore adopted the rights of lien under Corporation Law to seize Ukyo's ACtM share holdings. Ukyo held approx 232,000 shares in ACtM. These shares are being sold on Crypto Trade solely for the purposes of reimbursing ACtM lost funds and legal fees and costs relating to this case. Once these funds have been reimbursed the remaining shares/raised BTC will be returned to Ukyo so that hopefully the community can get back some of their lost monies. At the current listed price it is expected that most of the shares will need to be sold to recover ACtM's losses.

EDIT - all Ukyo shares appear to have been sold.

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Pre-order Refunds

With BTC savings retained from the IPO, and BTC having appreciated almost 10fold, ACtM has ample liquid assets to refund 100% of all pre-orders plus continue with full production of the 55nm and 28nm projects. Of the few pre-order customers who have requested a refund all have been repaid in full in a timely manner. Pre-orders paid for in FIAT are currently held in FIAT by the company to safeguard this company liability from a fall in BTC prices.
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January 28, 2014, 10:08:49 PM
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Shareholders please feel free to make relevant posts for inclusion in the above post.

NB - This thread is not designed to ramble on for 400+ pages like the official thread, so please expect you post to be deleted by the Mod to ensure this thread remains succinct.
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January 28, 2014, 10:22:49 PM
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Reserved
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January 29, 2014, 04:25:56 PM
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Wow great summary of whats going on while highlighting the important stuff.  Now I don't have to read through pages of crumb shit.

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January 29, 2014, 04:35:33 PM
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Thanks for the support damiano. I think this is genuinely needed and will attempt to keep it updated regularly.
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January 30, 2014, 12:16:08 PM
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Updated some details from Ken's weekly update and introduced Intellishash and Refunds section.
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February 01, 2014, 07:52:14 AM
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thanks MP, sort of helps sort out the bs i get a headache from, an end up drinking myself under the table to laugh at an mock from behind my computer screen.
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February 03, 2014, 05:42:18 AM
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thanks
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February 04, 2014, 05:33:02 PM
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small update - Dividends with wallet address included, plus updated 55nm section with latest news.
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February 12, 2014, 09:00:41 PM
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EDIT - all Ukyo shares appear to have been sold.
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