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Author Topic: [796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)]  (Read 112565 times)
lenny_
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September 17, 2013, 05:17:09 AM
 #821

1. Dividends are paying 10% of 1.88 MH/s right now, correct? 90% of mining income is reinvested?
2. What's the mining pool used for those BFLs?

Thanks.
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chalbersma
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September 17, 2013, 02:33:27 PM
 #822

1. Dividends are paying 10% of 1.88 MH/s right now, correct? 90% of mining income is reinvested?
2. What's the mining pool used for those BFLs?

Thanks.

There is a bonus dividend of 50% to thank our investors for sticking with us. So our first month's dividend will be 50% and 50% will go into our reinvestment fund. The next dividend should be 10%. Do keep in mind that the next dividend will have (in all likelihood) 860GH/s more than our current hashrate in addition to more shares (See a full summary here).

Currently we are on Slush's pool.  We are considering other pools like P2P pool in order to help diversify the network but, at the moment we are not pursuing this option.
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September 17, 2013, 04:52:14 PM
 #823

why are funds leaving address?

https://blockchain.info/address/1KMLjhgjGLxZTJT5TSWxV2HCZHBqpDEpa1
matthewh3
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September 17, 2013, 07:57:06 PM
 #824


We've had to pay for the first months hosting and instillation fee of all three of our BFL SC Singles so far.  As I expect our third to come online this week.  This month we'll have to pay a total of $795 for two months hosting on three devices and instillation fees plus $11 for the domain name www.redstarmining.com  Then from next month on it'll cost $285 a month hosting the three BFL's but we are planning on selling them after we receive our second Jupiter.  To help purchase either two 400(GH/s)@28nm BabyJets by Hashfast for $3,500 each or two more Jupiter's if we can afford it.  Both for delivery in November.

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September 18, 2013, 01:34:19 PM
 #825

KnC is getting ready: https://www.kncminer.com/news
chalbersma
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September 19, 2013, 07:03:44 AM
 #826

KnC is getting ready: https://www.kncminer.com/news

Exciting Times.
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September 19, 2013, 04:46:45 PM
 #827

I am a bit worried regarding the difficulty increases that are happening. Matthew's plan is sound about a 90% reinvestment but we can only do that for a  period of time as the cost of units to price of each btc on difficulty rise is going to shrink a lot faster than we think.


I know we are going to sell the equipment we have bought to fund towards more equipment but at this rate they are going o be worthless. do we have a Plan b,c,d etc.

Just airing my personal take on things, any comments welcome.
chalbersma
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September 20, 2013, 12:03:42 AM
 #828

I am a bit worried regarding the difficulty increases that are happening. Matthew's plan is sound about a 90% reinvestment but we can only do that for a  period of time as the cost of units to price of each btc on difficulty rise is going to shrink a lot faster than we think.


I know we are going to sell the equipment we have bought to fund towards more equipment but at this rate they are going o be worthless. do we have a Plan b,c,d etc.

Just airing my personal take on things, any comments welcome.

I think everyone in the bitcoin mining industry is worried about the difficulty increases that are happening. But we don't think that mining hardware and network hashrate will increase indefinitely. Until the network catches up with two decades of Moore's law well see some pretty significant gains in difficulty.

We're hoping (based off our calculations) that the two Jupiter's will make us a lot the first three months of operation.  During which we'll be able to order more efficient equipment that'll make us a lot in its first three months.  Which again will help us to bring more efficient equipment on-line which will do the same and so on. And when Moore's law finally catches up to the network we should be in a good position to really lean on our 90% re-investment rate.

We're also looking at the customer protection schemes of Hashfast and CoinTerra which could really help us lock in revenues and decrease risk. The customer protection programs do cost more money and it may not be worth the extra money so more KNC is definitely an option. Our projection put us somewhere around 2TH/s around January which is over 16 times faster than we are at right now and should keep us above the network difficulty increases.

Our investment in Pyramining is probably our "Plan B." Pyramining has it's own custom ASIC hardware and a track record of bringing that hardware online. Even if our mining operations go belly up there will be some income from this investment coming in steady from the future (We are working detailed financial plan and when we've finished it I'll link it to this post.).

We are planning on putting some money into our share buyback plan which will give us some treasury shares and give us a second funding option (selling those shares) should the need arise. I guess this could be considered our "Plan C."

And we have been looking around at potential non-mining sources of income. For example my day job is as a Unix System Administrator. We tend to have talent like that among our shareholders and in people who are interested in RSM. Utilizing this talent in a profitable way is something being considered although it is admittedly on the "back burner." This would be our most likely "Plan D."

TLDR : We're worried about difficulty increases too and we think we've got a path forward that will keep us faster than them.
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September 20, 2013, 10:25:29 AM
 #829

Thank you for the in depth reply, was well written and good to see the other avenues of investment we might have.
Thank you.
chalbersma
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September 20, 2013, 03:06:25 PM
 #830

Thank you for the in depth reply, was well written and good to see the other avenues of investment we might have.
Thank you.

Not a problem. If you have any other question don't hesitate to ask.
chalbersma
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September 20, 2013, 03:18:02 PM
 #831

Salary Cut

RSM Employees have unanimously and voluntarily agreed to a 50% salary cut for our first month's salary. The money saved from this cut will be used for our share buyback program to purchase treasury shares off the open market thereby functionally increasing MH/s of the rest of the open market shares. Keep in mind that treasury shares will receive no dividends and have no voting rights. They cannot be resold or transferred to the market or other individuals. Shares can't be destroyed on Burnside's exchange but effectively these share's will no longer exist as they'll sit dormant, off the market indefinitely.
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September 21, 2013, 02:20:22 AM
 #832

Financials

As shareholders or potential shareholders you deserve to know exactly what is happening with company funds. Thus, RSM has committed itself to being a better about our financials. This post is designed to inform shareholders of our financial plan and allow them to see where and what we plan to do with our funds.

To help demonstrate the basics of the system we have created a diagram which over time will get more and more complicated as we expand into a bigger business. But the basics of the system are in the diagram.

So following the diagram you can see Revenues box with the Revenues input/output. Basically our revenues are going to be any and all mining income we receive from our active hardware. With that money we will pay for our operational costs which include hosting fees, electric costs and all the little things that go into running a business except labour.

From whatever is left of this 5% will be taken to pay for labour. By doing this we ensure a fixed labour cost that rises and falls with the companies fortune. We do not have to commit to expensive salaries and remain able to offer top talent equity in our company. While giving them the incentive to be profit motivated as extra revenue will equate to extra compensation. Any unused labour funds will go into our re-investment fund. Currently we are paying 60% of the salary fund into the share buy back fund. Share buy back of course helps current shareholders by raising prices of the remaining shares on the market.

Diagram of Financial PlanAlso in the revenues column is Pyramining. RSM has made an investment into Pyramining. They are a company with her own custom ASIC (unfortunately not for sale) who has a history of bringing bitcoin mining hardware online. Pyramining's operations are used to pay investors back with bonus which can be increased by investors using our referral links. Previously RSM had made an investment into Pyramining and we plan to re-invest the payouts back. This will increase our holdings. As holdings are essentially stable, it provides us with a reliable income stream for the future that will persist even if our mining operations end up going "belly up." Additionally it gives us an avenue for future recapitalization. If you decided to invest in Pyramining head over to our Investor's Page and utilize our referral links. We've currently got 6 active referrals.

So after we have paid our costs from the revenue what we have left is profit. RSM will take 90% of this profit and place in in our re-investment fund which will go towards things like increased mining hardware and other potentially profitable ventures.

The last 10% will go into the Dividend Fund and be distributed out to our shareholders via Burnside's exchange.

We plan to create a financial summary every month that will come out with dividends and a full financial statement every quarter (in lieu of that months financial summary) so that you can view in more detail how we are doing.

Just like in a football game half time adjustments are sometimes necessary, RSM is committed to making the best adjustments that we can. But we could use your help. Leave us a comment below or on our Bitcointalk thread and it will get read and considered. We thank you in advance for your input.

See diagram.
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September 23, 2013, 10:31:55 AM
 #833

BTC-TC shutdown - how is this being handled?

matthewh3
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September 23, 2013, 12:46:13 PM
 #834

BTC-TC shutdown - how is this being handled?

If there's any shareholders who've not been invited to our management and planning group yet then please send me your email.  You'll have to use the same email as you used on BTCT.CO so I can verify you.

Edit:  For shareholders holding at least 100 shares.  If you own less you should use this thread and/or the blog to discuss any announcements.

chalbersma
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September 23, 2013, 06:18:41 PM
 #835

KNC Release New Video

Our KNC order is closer to being delivered and hashing. KNC has released a teaser video of their miners being put together. Check it out on youtube, or discuss it on their forums.

RSM has two 400GH/s miners on order from KNC and we view this latest news as a good sign of deliveries to come.
canth
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September 23, 2013, 07:32:46 PM
 #836

KNC Release New Video

Our KNC order is closer to being delivered and hashing. KNC has released a teaser video of their miners being put together. Check it out on youtube, or discuss it on their forums.

RSM has two 400GH/s miners on order from KNC and we view this latest news as a good sign of deliveries to come.

Despite the somewhat unlikely case that all Day 1 orders will ship by the end of September, I have to admit, I'm getting excited. Even if they're a few days late, it'll be extremely impressive to pull this off.

Power supplies have been received and we're ready to power these units on as soon as they arrive.

chalbersma
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September 24, 2013, 01:40:31 PM
 #837

BTCT.CO Coming Down

BTCT.CO, Burnside's exchange that so well hosts RSM equities trading is shutting down. RSM has experienced exchange vulnerabilities before and we had been discussing where to move to when Burnside began discussing shutting down the exchange because of regulatory concerns.

Obviously Burnside's shutting down will affect a few things. For the foreseeable future we will be going exchange less and privately managing RSM's ownership. This will most likely affect dividends we'll probably set an minimal payout limit you have to exceed before you'll receive dividends to cut down on blockchain transaction fees. If you're a small shareholder (100 shares or less) we will offer a buyback at a reasonable price (we are kicking around a .010-.008XBT/share short term price lock in). We plan on publishing our list from Burnside's exchange once the inevitable flurry of post announcement trading dies down. It will be listed by XBT addresses instead of email address in the interest of privacy.

When it comes to exchange shutdown this unfortunately isn't RSM's first rodeo. The thing that were really looking for is "stock-coin." The equivalent of bitcoin for stocks. It would be Distributed with a feature set necessary for handling equities; integrated motions and dividends the whole nine yards. We've seen bitcoinx and open transactions and we are currently evaluating them. So if you see a project or know of a project that is working on this feature set, please tell us we would very much so like to know when we can get off the exchange  roller coaster.

In addition if you wish to receive regular updates on RSM progress please consider adding yourself to our blog on the right. We will probably wind down bitcointalk updates as time progresses and focus on our blog to push out updates.
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September 24, 2013, 03:18:53 PM
 #838

Thanks for the update chalbersma.

Excellent work with the updates generally, btw.
matthewh3
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September 24, 2013, 06:32:30 PM
 #839

Thread title and latest news in the OP updated.

bziubek
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September 24, 2013, 08:35:09 PM
 #840

Thank you for the quick update. Going private for now seems like a best option imho.

After another exchange crisis we really need some effective decentralized solution...
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