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Author Topic: [796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)]  (Read 120261 times)
matthewh3 (OP)
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June 25, 2012, 11:15:07 PM
 #301

i rather say we buy a stake in a biger ASIC-mining venture with the 100 bitcoin.

like BTC-Mining or NASTY

Much as I'm all for mining I prefer coins.  Are they investing in a 1TH/s unit.  If so what do we get MH/s a share.  Also OpenBitASIC will have a European seller meaning no import taxes.

I could turn RSM into an investment fund but we are about to pay our biggest dividend ever from mining depending on the verdict of the current motion.

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June 26, 2012, 06:28:35 PM
 #302

Motion text
Continue buying more FPGA's that won't be delivered maybe until September or wait until October to order ASIC's. Yes: continue buying FPGA's No: wait until October to order ASIC's (Please ignore other motion with same date)

Voting result
% to pass motion: 51
Voted Yea:330
Voted Nay:1803(1306)


I had to vote with RSM's holdings of 497 shares/votes to end the motion as there was a bug with it finishing properly and the result in brackets is the vote with 497 shares/votes removed.

Motion text
Yes: saved all btc mined to help towards ASIC expansion in October instead of paying a weekly dividend. No: don't save any mined funds just pay the dividend.

Voting result
% to pass motion: 51
Voted Yea:1345(848)
Voted Nay:778


So in total we now have 107.57715260btc and need $1,387 to order the BFL-40GH/s-ASIC meaning if we don't sell any of the 497 shares RSM holds at 0.40btc then we should have enough funds raised to order by October.  Also OpenBitASIC should have made an announcement by then and they reckon there product will outperform BFL's.  I will update the Google Doc's spreadsheet - (https://docs.google.com/spreadsheet/ccc?key=0Ap02rO_j4NLvdDB2cFRTS0ctVGRHRE5yQ2RfNUZFcUE#gid=0) - every Friday with our current holdings.

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June 26, 2012, 09:53:20 PM
 #303

We have currently paid for two 840MH/s FPGA that have yet to be delivered but we have received a $200 refund because they are late and the supplier has loaned us 1.6GH/s of mining power until there delivered.  497 shares remain at 0.40btc and we currently have 107btc and are earning about ~6btc a week towards an ASIC.  We may buy a BFL-Single 2nd hand so we can trade it in for an BFL ASIC at a later date after mining on it for now.  Although that ties us into buying a BFL-ASIC and OpenBitASIC look very interesting and promise an EU seller so no import taxes.  If we don't sell any of those 497 shares at 0.40btc then it would take us up to 18 weeks saving all mining profits until we can order a BFL-Single-ASIC but lets see what OpenBitASIC can deliverer (if we don't buy a 2nd hand BFL-Single-FPGA for trade in). 

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June 26, 2012, 11:36:32 PM
 #304

Simple, question, it seems like 1 day does not go by without you deciding to change direction. Initially it was bfl, then mod miner, now back to bfl. Yes getting returns for investors is good, but if motions change on a weekly basis it is not good.

People are investing on what your promises are. And they (your promises) keep changing. One week a dividend. Next week dividends are being saved up until a bfl is ordered.

What is the plan with the mod miners now? What will happen once you order a bfl ASIC but it then happens to be delayed by 3+ months, especially if you are not in the set of orders this week? Openasic is nice but nothing has been seen of the hardware and who knows what will happen. It cold be 6+ months under your plan for people to receive dividends again. Buying a bfl ASIC bond is better value for money at the moment.

I'm glad I sold out of my shares a while ago, as things are changing too reactionary for me.

Btw, I have a mod miner, and do have new bfl hardware ordered (but do not expect to see it in oct).

Phil

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matthewh3 (OP)
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June 27, 2012, 01:00:17 AM
 #305

Simple, question, it seems like 1 day does not go by without you deciding to change direction. Initially it was bfl, then mod miner, now back to bfl. Yes getting returns for investors is good, but if motions change on a weekly basis it is not good.

People are investing on what your promises are. And they (your promises) keep changing. One week a dividend. Next week dividends are being saved up until a bfl is ordered.

What is the plan with the mod miners now? What will happen once you order a bfl ASIC but it then happens to be delayed by 3+ months, especially if you are not in the set of orders this week? Openasic is nice but nothing has been seen of the hardware and who knows what will happen. It cold be 6+ months under your plan for people to receive dividends again. Buying a bfl ASIC bond is better value for money at the moment.

I'm glad I sold out of my shares a while ago, as things are changing too reactionary for me.

Btw, I have a mod miner, and do have new bfl hardware ordered (but do not expect to see it in oct).

Phil

Well we have 1.68GH/s of mining power and over 108btc saved.  The motion went in favour of saving all mining profits until we have an ASIC.  The motion was open to all investors.  Investors are not loosing weekly profits from mining but investing them in to an ASIC.  Meaning we have to sell less shares to buy more hardware increasing their MH/s in the process.  Yes we could of paid a very health dividend and attracted more share sales but investors voted on saving there weekly dividend towards at least a 40GH/s ASIC  If we don't sell any of the remaining 497 shares at 0.40btc it will take us another 17weeks of saving mining profits to purchase an ASIC.  Since you own FPGA's and have ordered ASIC's then good for you but this company was set up for micro-investments from people who don't have the funds to spend thousands of dollars on FPGA's or ASIC's.  All I took was 75 shares from 2300 as payment for running the company

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June 27, 2012, 01:55:06 AM
 #306

I plan on buying shares privately from RSM holdings at 0.40btc meaning we could order an ASIC within ten weeks and by then we will have the option of looking at OpenBitASIC.

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June 27, 2012, 02:06:10 AM
 #307

senbonzakura thinks the motion about saving dividends towards a ASIC wasn't worded correctly and as it went against him wants it running again.  So I'll put the motion back up within 24hrs to run until next Wednesday as follows.

Yes: vote save all mining profits and any dividends until we have paid for a ASIC

No: vote don't save any mining profits or dividends towards a ASIC pay weekly mining profits in a weekly dividend instead.

If we don't save the weekly mining profits towards a ASIC we will have to wait for the current ~150 shares below our 0.40btc offer to sell.  Then sell ~450 shares from our holdings at 0.40btc before we can pay for an ASIC.

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June 27, 2012, 02:19:48 AM
 #308

senbonzakura thinks the motion about saving dividends towards a ASIC wasn't worded correctly and as it went against him wants it running again.  So I'll put the motion back up within 24hrs to run until next Wednesday as follows.

Yes: vote save all mining profits and any dividends until we have paid for a ASIC

No: vote don't save any mining profits or dividends towards a ASIC pay weekly mining profits in a weekly dividend instead.

If we don't save the weekly mining profits towards a ASIC we will have to wait for the current ~150 shares below our 0.40btc offer to sell.  Then sell ~450 shares from our holdings at 0.40btc before we can pay for an ASIC.

Motion up until 12pm BST 4th July please vote.  No dividend will be paid this week as following the last motion result it will be saved towards the ASIC purchase.

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June 29, 2012, 07:21:47 PM
 #309

6.58050823BTC earned this week 109.11443647BTC in total saved - https://docs.google.com/spreadsheet/ccc?key=0Ap02rO_j4NLvdDB2cFRTS0ctVGRHRE5yQ2RfNUZFcUE#gid=0

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June 29, 2012, 10:47:07 PM
 #310

voted No

pay dividends every week , then october we buy ASIC

How do we pay for the ASIC when over 650 shares on offer need to be sold to purchase one.  You have already told me your more interested in short term profits while I'm a lot more interested in RSM survival post ASIC!

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June 29, 2012, 10:50:02 PM
 #311

voted No

pay dividends every week , then october we buy ASIC

How do we pay for the ASIC when over 650 shares on offer need to be sold to purchase one.  You have already told me your more interested in short term profits while I'm a lot more interested in RSM survival post ASIC!

If your selling your shares and you want out of RSM I can see why you'd vote no but if you want your shares to still be making a profit post ASIC you'll vote yes in the current motion.

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June 30, 2012, 01:20:10 AM
 #312

If he wants short term gains that is upto him, you put the offer up and are running it as a business. You have to accept the decisions of share holders.


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─── إمركس ───
   
...Whitepaper...
   
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New Digital Economy
   
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matthewh3 (OP)
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June 30, 2012, 05:57:49 PM
 #313

If he wants short term gains that is upto him, you put the offer up and are running it as a business. You have to accept the decisions of share holders.



It's not me asking for motions to be rerun.

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July 01, 2012, 08:24:28 PM
 #314

i requested cancellation in his thread

Cool then we could order a 40GH/s ASIC right away and pay dividends off the one board until it arrives if he agrees.

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July 03, 2012, 08:37:06 PM
 #315

i requested cancellation in his thread

Cool then we could order a 40GH/s ASIC right away and pay dividends off the one board until it arrives if he agrees.

We got a refund on one board and still have the other mining for us.  We have enough to pre-order our first ASIC once I receive the refund.  That will take us to 22.22MH/s a share ignoring the FPGA post ASIC.  If we issue another 800 shares and sell a total of 1300 new shares from RSM holdings we can offer at least 38MH/s a share or over 1GH/s for under 11BTC of shares post ASIC.  I'll give a full update along with the motion result and what that changes once it closes tomorrow.

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July 04, 2012, 03:00:35 PM
 #316

Updated the OP -

4000 shares 1800 sold - Paid for one 40GH/s ASIC own one 840MH/s FPGA currently mining.  Once we have sold the 2200 shares we will be mining at 40MH/s a share or 1GH/s for 10BTC of shares.  The costs works out like buying your own Jalapeño ASIC but having someone else run it for you and if you live outside of the states and have to pay import tax then this works out cheaper than buying your own Jalapeño ASIC.  So if you want to get involved in bitcoin mining and don't have a large amount of cash to purchase an ASIC or you just want someone else to run it all for you and just receive the profits then micro-investing in RSM is for you.

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July 05, 2012, 11:16:43 AM
 #317

when you paying dividends, since we purchased the ASIC now

Were still at least £180 short for the import tax (VAT@20%) and about £20 short of RSM's own PC.  We have held two motions now on your request on whether to save profits until we can pay for the ASIC and that means paid in full.  With both motions going in favour of saving up all profits to pay for it.  If we don't buy the PC for RSM and rely on my old one I'm donating not dying and we don't sell any more shares from RSM holdings then it will take us six weeks of saving mining profits.  So what we could do is pay the dividend once every two weeks but that means RSM not getting a new PC and relying on my old donated PC not failing until over two-hundred shares on offer have sold.

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July 07, 2012, 09:47:19 PM
 #318

BTC23.58 now in wallet.  ~£180 needed for import tax of ASIC.  ~£100 needed for RSM own PC.  Just over 500 new shares from RSM holding's at BTC0.40 need to be sold to pre-order our next ASIC. 

If the shares don't sell I'll put forward the motion to save all the ASIC's profits towards another ASIC and so on.  Therefore making RSM into a growth and expansion company rather than just a dividend paying company until we have 1TH/s of mining power.  Remember RSM is not a bond but a stock and we all own a share of all the hardware.  BTC mining is a rat race and trying to buy hardware to just pay out dividends is very difficult on the small scale of funding we started on for the long term.  The original plan was to buy GPU's last February but if we'd have not gone FPGA and just paid out all profits as a dividend where would we be post ASIC trying to operate on GPU's.  So I think as we are a stock and not a bond we should focus on expansion and growth of our shares in the stock rather than a short lived dividend.  Although once were operating at 40MH/s a share (1GH/s for 10BTC) maybe we could pay 50% of profits as a dividend and put 50% of profits away for growth and expansion.  Please remember RSM is not a bond but a stock and we all own a share of all the hardware we buy.  So while we are not paying a weekly dividend like a mining bond has to that your profits are going on to expansion of the company portfolio only (nothing else) to increase the real value of our shares.

I've bought over 250 shares in RSM my self out of my own pocket and want to grow my investment as much as possible over the long term.  Buying a small amount of hardware just to pay out all profits as a dividend with no growth is a very short term view which RSM can't survive if it operates like that.  As hardware doesn't last forever and along with Moore's Law becomes obsolete.

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July 08, 2012, 12:24:13 AM
Last edit: July 08, 2012, 07:04:21 PM by matthewh3
 #319

So another 1700 shares are going to be issued to take us to 40MH/s a share (1GH/s for BTC10BTC).  I will be taking 5% (85 shares) as payment for being CEO although I won't receive the full payment until the 1615 shares on offer have been sold (I'll probably take 5 shares as payment for every 100 new shares from that issue sold).  If we don't sell the shares offered fast enough for expansion all profits will be saved from mining to buy more hardware.  Until we are operating at 40MH/s a share or 1GH/s for BTC10 then at least 50% - 90% of profits will be saved towards expansion and growth.   The higher the percentage we save for expansion the faster our dividends will grow.

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July 10, 2012, 03:32:34 AM
 #320

So another 1700 shares are going to be issued to take us to 40MH/s a share (1GH/s for BTC10BTC).  I will be taking 5% (85 shares) as payment for being CEO although I won't receive the full payment until the 1615 shares on offer have been sold (I'll probably take 5 shares as payment for every 100 new shares from that issue sold).  If we don't sell the shares offered fast enough for expansion all profits will be saved from mining to buy more hardware.  Until we are operating at 40MH/s a share or 1GH/s for BTC10 then at least 50% - 90% of profits will be saved towards expansion and growth.   The higher the percentage we save for expansion the faster our dividends will grow.

What would be the dividend rate say if I bought 50 shares?

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