[796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)]

[matthewh3]

I've managed to find a cheaper electricity supplier -

ELECTRICITY

Excluding VAT - 13.444 pence per kwh.  When 7.900 kwh has been reached, the price will then go down to 10.653p per kwh.

Hopefully I will be able to only charge RSM's use in the £0.10653/$0.1684985/€0.1345474 price range.

[matthewh3]

I've managed to find a cheaper electricity supplier -

ELECTRICITY

Excluding VAT - 13.444 pence per kwh.  When 7.900 kwh has been reached, the price will then go down to 10.653p per kwh.

Hopefully I will be able to only charge RSM's use in the £0.10653/$0.1684985/€0.1345474 price range.

Woops forgot 20% VAT so that's actually £0.127836/$0.20241552/€0.16149522

[matthewh3]

We have now purchased our second BFL SC Single 40GH/s ASIC taking us to 80GH/s over about ~1900 shares or over 40MH/s a share.  Our current wallet is left with 34.792BTC but we will need up to $600 for the import VAT of both devices.  If we can sell 650 shares from our offer at 0.30BTC each then we can fully pay for our third ASIC taking us to 120GH/s over 2600 shares or over 46MH/s a share.

[matthewh3]

I've managed to find a cheaper electricity supplier -

ELECTRICITY

Excluding VAT - 13.444 pence per kwh.  When 7.900 kwh has been reached, the price will then go down to 10.653p per kwh.

Hopefully I will be able to only charge RSM's use in the £0.10653/$0.1684985/€0.1345474 price range.

Woops forgot 20% VAT so that's actually £0.127836/$0.20241552/€0.16149522

Yeah after I have used 7.9 kwh within 24hrs the price drops to the lower rate.  So if all RSM's electrical usage fits within the amount used after 7.9 kwh (which it should) then I will only charge it at the lower rate.  Although I think it would be a good idea to purchase a kill-o-watt meter to properly manage the charging of RSM's electricity power usage.  I've asked my new power company if they would supply me with one for free    Also we will need to buy a new electrical extension lead.  I will pay for the extension lead and kill-o-watt meter if needs and just pay myself back the relevant amount of shares valued at MtGox average.

[matthewh3]

Hi me and Nefario (guy who designed and built https://glbse.com) are meeting up early Friday evening in Manchester, UK (for Pizza at the Cornhouse or food at Wagamamas [Print Works one]) this Friday (2012-09-07) to discuss bitcoin if anyone is interested in coming along??

[matthewh3]

Update

~2050 shares on market, 562 remaining to be sold for the third ASIC.  Two BFL SC Single 40GH/s ASIC's paid for current wallet ~BTC62.392.  This will enable us to fully pay the 20%VAT on both ASIC's and starts us saving for our third ASIC which will take us from current (~39MH/s)per share to (>46MH/s)per share.  If those 562 shares sell we can issue another ~575 to purchase our fourth ASIC to take us to over (50MH/s)per share.  We may also look at btcasic.com ASIC's before paying for our next if they can beat BFL's (MH/s)/$ rate and if I can get us a discount too.

What I need to know from investors is when should we sell some of our BTC62.39 wallet for the possible up to £375/$600/€475 20%VAT fees.  If the coin price is to drop then we could be in trouble but if prices are to rise we are laughing.  The VAT fees need to be in my HSBC savings account (so I have quick access) within six weeks anyway or on news of BFL starting to ship.  I think prices are going to rise in the next six weeks but if they were to drop we could have a dilemma unless we have sold lots of more shares.

[idev]

Hi me and Nefario (guy who designed and built https://glbse.com) are meeting up early Friday evening in Manchester, UK (for Pizza at the Cornhouse or food at Wagamamas [Print Works one]) this Friday (2012-09-07) to discuss bitcoin if anyone is interested in coming along??

If it was in London i may of done.

[matthewh3]

Added this to the OP so the long term goals are clear.

50% of profits will be reinvested into more hardware to increase the (MH/s)per share rate.  Once we have more hardware than I can house for free if renting accommodation is not viable then the 50% reinvestment will drop to =<25% and the other =>25% will be used to invest in other high yielding mining company's that have a strong organic growth plan and/or GLBSE investment funds.  The dividends RSM receives from these shares will be treated as normal profits and paid out in the normal way.

[HorseRider]

matthew3,

1.   is your ASIC mining rigs ordered from 'Tom' 'cablepair'? Has the order been placed or paid yet?

2.   can you show us some evidence about having placed the order or the connection between you and  'Tom' 'cablepair'? (like ask cablepair to post a short confirm words here that he knows you and talked about the FPGA and ASIC with you, you have placed the order and paid money. or you can give us some screenshots.)

3.   when do you expect that these rigs will be in your hand and mining based on all the information you have?

[matthewh3]

matthew3,

1.   is your ASIC mining rigs ordered from 'Tom' 'cablepair'? Has the order been placed or paid yet?

2.   can you show us some evidence about having placed the order or the connection between you and  'Tom' 'cablepair'? (like ask cablepair to post a short confirm words here that he knows you and talked about the FPGA and ASIC with you, you have placed the order and paid money. or you can give us some screenshots.)

3.   when do you expect that these rigs will be in your hand and mining based on all the information you have?

No so far we have only ordered two BFL SC Single 40GH/s ASIC as we ordered before his product was available for for pre-order.  We could look at 'Toms' btcasic.com next if they work out better value.  I don't know anyway I can prove I've ordered off BFL I think you'll just have to trust me but you should know I have bought over 250 shares my self in RSM out of my own pocket.  You should know I want my investment to make me good returns and I plan on buying more shares out of my own pocket.

[matthewh3]

Our current wallet is BTC88.79 and we need around £360/$560/€450 of cash to pay the 20%VAT fees.  The current MtGox 24hr average is £7.10534 so going to try and sell BTC50.00 for £360 or BTC25.00 for £180 so the 20%VAT cash is in my bank account for quick payment.  I'm trying to do a private deal so we don't pay the MtGox trade fees or the £25 international bank transfer fee.  That would leave us with BTC38.79 and 472 shares@BTC0.30 each towards ASIC #3.
I know the first board won't even ship for at least six weeks but I don't want our board(s) caught up in customs.  Also I will make sure the cash is in my bank before sending the coins to the buyer.

[matthewh3]

Current wallet ~BTC104.39, shares distrubuted ~2180.  At current exchange rates we need to sell another ~300 shares at BTC0.30 to fully pay for ASIC #4.  This would take us to 120GH/s over ~2480 shares or >48(MH/s)per share.

What I need to know is when to sell coin for the VAT fees as I currently have two buyers for £180 of btc each and this would cover us for the VAT fees of the two purchased ASIC's.  Even tho we don't need the cash until maybe November while I have the buyers with cash ready now it may be a good time to sell.  Although prices could rise considerably by November but they could also fall.  So what are investors feelings on me selling the btc now for cash so we have the VAT fees read in cash?  Or take a gamble on the price rising by November but that could mean a MtGox sale with the associated trade fees and a £25 international wire fee?

[Evolvex]

Matthew/all,

I just wanted to say in public (even if the sale is not approved by the investors) that I am one of the two people offering to buy £180 of BTC.

On another note, if I become an investor can I approve the sale of BTC to myself

[matthewh3]

Matthew/all,

I just wanted to say in public (even if the sale is not approved by the investors) that I am one of the two people offering to buy £180 of BTC.

On another note, if I become an investor can I approve the sale of BTC to myself

If your using the coin to buy shares then yeah 

[Evolvex]

Ahhh there's fee's - am I reading that right, 8btc on top of the btc to buy the shares?  

**edit**

Then I realised....

Ignore me - I was being retarded (happens a lot)

**edit 2**

As I'm now a share holder, I vote yes, you sell me some bitcoins

[matthewh3]

We need to sell another ~250 shares @BTC0.30 to fully pay for ASIC #3 to take us to 120(GH/s) and 48(MH/s)per share.  If I issue another 300 shares and we can then sell a total of ~850 shares @BTC0.30 we can purchase ASIC #4.  Taking us to 160(GH/s) over 3100 shares or 51.612903226(MH/s)per share.  So shall I issue the 300 shares and stick everything we got (meaning we need to sell ~850shares @BTC0.30) on the market to purchase ASIC #4 taking us to 160(GH/s) over 3100 shares or 51.612903226(MH/s)per share.  If no disputes the idea then I'll issue the 300 shares on Monday for ASIC #4.  Meaning we have to sell ~850@BTC0.30 each.

[matthewh3]

We need to sell another ~250 shares @BTC0.30 to fully pay for ASIC #3 to take us to 120(GH/s) and 48(MH/s)per share.  If I issue another 300 shares and we can then sell a total of ~850 shares @BTC0.30 we can purchase ASIC #4.  Taking us to 160(GH/s) over 3100 shares or 51.612903226(MH/s)per share.  So shall I issue the 300 shares and stick everything we got (meaning we need to sell ~850shares @BTC0.30) on the market to purchase ASIC #4 taking us to 160(GH/s) over 3100 shares or 51.612903226(MH/s)per share.  If no disputes the idea then I'll issue the 300 shares on Monday for ASIC #4.  Meaning we have to sell ~850@BTC0.30 each.

I priced that at $10/BTC1 so the (MH/s)per share may end up higher if the exchange rate stays like this or climbs.

[matthewh3]

RSM now has a irc chatroom on freenode #RSM  I'll try and man it as much as possible to answer questions.

http://webchat.freenode.net/  channel:RSM

[matthewh3]

BTC116.70 in wallet, £180VATcash in my bank, $2723 in hardware assets and ~160 shares now need to be sold @BTC0.30 to fully pay for ASIC #3 at today's exchange rate.  So at current exchange rates means we would be at 120(GH/s)@2465 shares or 48.681541582(MH/s)per share. 

I was told by one new investor to wait before issuing the 300 new shares at BTC0.30 we would need to fully pay for ASIC #4 to takes to 160(GH/s)@~3100 shares or 51.612903226(MH/s)per share.  If I did issue the 300 new shares it would mean we would have to sell ~782 to fully pay for ASIC #4 (including the ~160 for ASIC #3).  Does anyone else have a view.

We currently have ~300 for sale at BTC0.30 but we only need to sell ~160 for ASIC #3.  Does this mean I should take the other ~140 shares down?  I think we should keep perpetually issuing new share as long as we can sell them if and only if it going to rise our (MH/s)per share rate and/or profits. 

Views anyone?  Or Should I hold a motion on issuing the 300 new shares @BTC0.30 to take us to 160(GH/s) from 120(GH/s).  Which is an increase from 48.68(MH/s)per share to 51.61(MH/s)per share?

[k3t3r]

I was told by one new investor to wait before issuing the 300 new shares at BTC0.30 we would need to fully pay for ASIC #4 to takes to 160(GH/s)@~3100 shares or 51.612903226(MH/s)per share.  If I did issue the 300 new shares it would mean we would have to sell ~782 to fully pay for ASIC #4 (including the ~160 for ASIC #3).  Does anyone else have a view.

We currently have ~300 for sale at BTC0.30 but we only need to sell ~160 for ASIC #3.  Does this mean I should take the other ~140 shares down?  I think we should keep perpetually issuing new share as long as we can sell them if and only if it going to rise our (MH/s)per share rate and/or profits. 

I would agree with the other investor. you dont want to have a large sell wall as it will encourage low ball bidding and undercutting of current share price.