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

[matthewh3]

There is a EU ASIC supplier coming online with 28nm chips    https://www.kncminer.com/products/saturn

175(GH/s)@$3795 to start shipping in September.

I think we should look to these when we upgrade for many reasons.  Firstly we will have to pay no import VAT and secondly at 28nm these are the most advanced and power efficient ASIC's to be announced so will last the longest.  Then thirdly at that price there the cheapest $/(GH/s).  We will need a new hoster in the EU or Iceland so if anyone can offer any ideas on that'd be helpful.

[arsenische]

There is a EU ASIC supplier coming online with 28nm chips    https://www.kncminer.com/products/saturn

175(GH/s)@$3795 to start shipping in September.

I think we should look to these when we upgrade for many reasons.  Firstly we will have to pay no import VAT and secondly at 28nm these are the most advanced and power efficient ASIC's to be announced so will last the longest.  Then thirdly at that price there the cheapest $/(GH/s).  We will need a new hoster in the EU or Iceland so if anyone can offer any ideas on that'd be helpful.

I know some other company that promised to deliver in September too.... (2012). Delivery date will probably be more important than power efficiency in foreseeable future. But still might be worth of investing part of the capital to make a pre-order. Is there a reason to trust them, why do you think they actually will start shipping in September 2013?

[matthewh3]

There is a EU ASIC supplier coming online with 28nm chips    https://www.kncminer.com/products/saturn

175(GH/s)@$3795 to start shipping in September.

I think we should look to these when we upgrade for many reasons.  Firstly we will have to pay no import VAT and secondly at 28nm these are the most advanced and power efficient ASIC's to be announced so will last the longest.  Then thirdly at that price there the cheapest $/(GH/s).  We will need a new hoster in the EU or Iceland so if anyone can offer any ideas on that'd be helpful.

I know some other company that promised to deliver in September too.... (2012). Delivery date will probably be more important than power efficiency in foreseeable future. But still might be worth of investing part of the capital to make a pre-order. Is there a reason to trust them, why do you think they actually will start shipping in September 2013?

We don't have the funds yet we need to earn it from mining and there due to ship in September so lets see how things go.

[matthewh3]

Picture of a SC hashing away at the conference.



BFL have stated there still shipping June 23rd orders our first order was on July 7th.  I guessing our first order will ship in about two weeks time in the beginning of June.

[matthewh3]

Summary

Red Star Mining, a mining stock with strong +<90% reinvestment of profits into growth until such a time we are greater than 51% of the network and/or company staff can make a living wage off their RSM wages solely.  All major decisions can be decided by motion apart from my (Matthew Holt) removal as Chief Operator and Chairman of RSM decisions plus operations.  No motions can also be held on reducing the growth fund unless one of the two conditions are met above or the Chief Operator and Chairman agrees to it being held.  A salary of 5% of profits will be used to pay RSM staff.  To increase this payout it must be decided by motion with the proposal reach a majority of at least 51%.  This amount of 5% can’t be reduced by motion unless more than 51% of RSM staff also agree.  The Chief Operator and Chairman have the ultimate decision on employment of RSM staff unless a motion is held on the individuals sacking and reaches a 51% majority.

All operating costs will be paid first then 5% of profits taken for RSM staff pay.  Then at least 90% of the remaining profits will be reinvested into increasing RSM Hash-rate and/or into other strong growth/profit investments.  The reminder will be paid out in dividends.  With eventually the full amount for the dividend fund being passed through Pyramining and/or other suitable investments.  So eventually the full amount earned by RSM for dividends will be passed through other investments before the full same amount eventually gets paid out into dividends.  So as the total dividend payment remains unchanged.  With the extra bonus income earned by the dividend investment fund investments to be reinvested in RSM growth.

Any major shareholder can force a motion or any group of small investors with a combined holdings of at least 5% of shares unless the subject of the suggested motion effects one of the subjects of the two prohibited motions.  Then if the suggested motion can effect one of the subjects of the two prohibited motions then its up to the chief operator and chairman on whether to run the motion.

If RSM is forced to close (with the ultimate decision on that decided by the chief operator and chairman).  Then all assets will be shared equally between all shares.

Total hardware and wallet assets = ~$9000(of hardware[BTC900 valued in ASICMiner Blade pre-orders])+BTC0.00 | Total shares distributed ~63865 | 180(GH/s) total hash-rate and each share worth 2.818445158(MH/s) per share.

RSM blog - http://redstarmining.blogspot.co.uk/

Old Accounts Spreadsheet - https://docs.google.com/spreadsheet/ccc?key=0Ap02rO_j4NLvdDB2cFRTS0ctVGRHRE5yQ2RfNUZFcUE#gid=0 - New Accounts Spreadsheet - https://docs.google.com/spreadsheet/ccc?key=0AolvfZ07D-3SdHBuaGcxRUw3SEkwTzUyVXVqUzRPZFE&pli=1#gid=0

RSM's Pyraming - http://pyramining.com/faq#howdoesitwork - wallet donation address - 1RsRSss66dbgpNmgSaF68YvaT35ev54S8 - RSM Pyramining referral links - http://pyramining.com/referral/pdbkm3gzr - and - http://pyramining.com/referral/mrga6kts8 - all donations and referrals will benefit RSM financially.

Latest News

Three BFL 60(GH/s) SC pre-ordered last summer.  I expect delivery of our first in June.

OP updated.

[matthewh3]

Latest from BFL on 2013/05/22 is they are optimistic that the SC range will start shipping the week of the 26th.

[TheSwede75]

Latest from BFL on 2013/05/22 is they are optimistic that the SC range will start shipping the week of the 26th.

Feeling pretty damn good about my 1300 RSM at 0.0045 average

[matthewh3]

A quote from today 2013/05/23 by Josh@BFL

We are expecting several thousand chips next week from our new packaging facility and expect to start shipping all product lines next week. Beyond that, we will be receiving thousands of chips per week at an ever increasing pace between now and until all of the remaining 68 wafers are used up. We have additional wafers on order and they should be ready about the time we've used up all 68 wafers should we need them. Soon after, we hope to have product on the shelf for immediate shipment, depending on how many orders come in between now and when we catch up the backlog. *************

https://forums.butterflylabs.com/announcements/692-bfl-asic-status-2.html#post16043

[Streets 2.0]

And then on the 31st it will be more of the "we plan on shipping next week..."

[matthewh3]

Quote from Josh@BFL yesterday

We will be delivering plenty of singles and minirigs this month.

https://forums.butterflylabs.com/pre-sales-questions/3011-clearing-backlog-question.html#post37133

Late on the 1st of June 2013 - BFL_Josh - Shoutbox - :     Boards (long and short) arrived tonight.  They will be putting stuff together tomorrow all day. We  basically aren't taking any days off and will be running a 24 hours a day as required if we have stuff in stock and ready to go.

[Streets 2.0]

Quote from Josh@BFL yesterday

We will be delivering plenty of singles and minirigs this month.

https://forums.butterflylabs.com/pre-sales-questions/3011-clearing-backlog-question.html#post37133

Late on the 1st of June 2013 - BFL_Josh - Shoutbox - :     Boards (long and short) arrived tonight.  They will be putting stuff together tomorrow all day. We  basically aren't taking any days off and will be running a 24 hours a day as required if we have stuff in stock and ready to go.

Plenty, many, lots - these words to you and I mean something, to Josh and BFL they mean wiggle room.  Since those words can be subjective, plenty could mean 25? 50? 5000? either way, in BFL's eyes, saying plenty and shipping 50 wouldnt be misleading or a lie. 

I am pretty sure the BFL ship has sunk like tha titanic. 

[matthewh3]

Quote from Josh@BFL yesterday

We will be delivering plenty of singles and minirigs this month.

https://forums.butterflylabs.com/pre-sales-questions/3011-clearing-backlog-question.html#post37133

Late on the 1st of June 2013 - BFL_Josh - Shoutbox - :     Boards (long and short) arrived tonight.  They will be putting stuff together tomorrow all day. We  basically aren't taking any days off and will be running a 24 hours a day as required if we have stuff in stock and ready to go.

Plenty, many, lots - these words to you and I mean something, to Josh and BFL they mean wiggle room.  Since those words can be subjective, plenty could mean 25? 50? 5000? either way, in BFL's eyes, saying plenty and shipping 50 wouldnt be misleading or a lie. 

I am pretty sure the BFL ship has sunk like tha titanic. 

BFL shipped 750 orders today.  I'm confident our first order will ship this month and all three orders by the end of August almost certainly.  We will then be saving 90% of our mined coins towards a KNCMiner. 

[matthewh3]

I offered our second pre-order for BTC225 as previously discussed.  This will enable us to pre-order another ten SC's and increase our hash-rate by 278% to 620(GH/s) from the current 180(GH/s) on pre-order.  While still leaving us with two early pre-orders to mine on while we wait for delivery.

https://bitcointalk.org/index.php?topic=228529.0

[matthewh3]

Quote from Josh@BFL last night Sunday 9th June.

The firmware is finalized and the long boards are finalized. I will get a count of how many longboards are coming in this week tomorrow (Monday) to see where we stand. I believe BFGminer is fixed (and I will be sending long boards to Con and Kano for CGMiner to have it fixed) and ready to go.

All product lines should start shipping next week unless something unexpected come up between now and tomorrow afternoon.

Looks like the SC's will start shipping this week.

[matthewh3]

The very first Single SC 60gh/s unit was shipped out on Tues 06/11/2013 during the 5 o'clock hour. I know this because I happened to visit BFL HQ on the right day. This is a momentous occasion for Butterfly Labs and the Bitcoin community as a whole. I will be posting a full write-up of my visit in the next couple hours. This write-up will contain a lot of information, some of which is unknown to the general public and other information will clarify a lot that has been left to speculation. There were maybe 8 Singles that had been built and tested while I was there, most of which did not have any problems getting into the 60gh range, even with un-binned chips, so no one should worry about getting a device with less than their ordered hashrate. Without further ado, here is some pics of the first Single being boxed up and shipped out to one very lucky customer..........................................

https://forums.butterflylabs.com/announcements/3214-first-single-sc-60gh-s-has-left-building.html

Not long now 

[matthewh3]

The very first Single SC 60gh/s unit was shipped out on Tues 06/11/2013 during the 5 o'clock hour. I know this because I happened to visit BFL HQ on the right day. This is a momentous occasion for Butterfly Labs and the Bitcoin community as a whole. I will be posting a full write-up of my visit in the next couple hours. This write-up will contain a lot of information, some of which is unknown to the general public and other information will clarify a lot that has been left to speculation. There were maybe 8 Singles that had been built and tested while I was there, most of which did not have any problems getting into the 60gh range, even with un-binned chips, so no one should worry about getting a device with less than their ordered hashrate. Without further ado, here is some pics of the first Single being boxed up and shipped out to one very lucky customer..........................................

https://forums.butterflylabs.com/announcements/3214-first-single-sc-60gh-s-has-left-building.html

Not long now  

If it was delivered today and difficulty didn't rise too quickly just one of our SC's could make ~BTC58.00 in its first month of mining.  I think with the first months profits enough should be taken to order a 50(GH/s) SC and then all the rest paid into a dividend.  I think this idea should be carried on until the second month of mining on our third SC.  Before we start the 90% reinvestment of profits.  What are investors views on this idea?  Does a motion need to be held on it?

[lunarboy]

The very first Single SC 60gh/s unit was shipped out on Tues 06/11/2013 during the 5 o'clock hour. I know this because I happened to visit BFL HQ on the right day. This is a momentous occasion for Butterfly Labs and the Bitcoin community as a whole. I will be posting a full write-up of my visit in the next couple hours. This write-up will contain a lot of information, some of which is unknown to the general public and other information will clarify a lot that has been left to speculation. There were maybe 8 Singles that had been built and tested while I was there, most of which did not have any problems getting into the 60gh range, even with un-binned chips, so no one should worry about getting a device with less than their ordered hashrate. Without further ado, here is some pics of the first Single being boxed up and shipped out to one very lucky customer..........................................

https://forums.butterflylabs.com/announcements/3214-first-single-sc-60gh-s-has-left-building.html

Not long now  

If it was delivered today and difficulty didn't rise too quickly just one of our SC's could make ~BTC58.00 in its first month of mining.  I think with the first months profits enough should be taken to order a 50(GH/s) SC and then all the rest paid into a dividend.  I think this idea should be carried on until the second month of mining on our third SC.  Before we start the 90% reinvestment of profits.  What are investors views on this idea?  Does a motion need to be held on it?

 This should perhaps be put forward as a motion on btct.co as its quite a deviation from your prospectus.

[matthewh3]

The very first Single SC 60gh/s unit was shipped out on Tues 06/11/2013 during the 5 o'clock hour. I know this because I happened to visit BFL HQ on the right day. This is a momentous occasion for Butterfly Labs and the Bitcoin community as a whole. I will be posting a full write-up of my visit in the next couple hours. This write-up will contain a lot of information, some of which is unknown to the general public and other information will clarify a lot that has been left to speculation. There were maybe 8 Singles that had been built and tested while I was there, most of which did not have any problems getting into the 60gh range, even with un-binned chips, so no one should worry about getting a device with less than their ordered hashrate. Without further ado, here is some pics of the first Single being boxed up and shipped out to one very lucky customer..........................................

https://forums.butterflylabs.com/announcements/3214-first-single-sc-60gh-s-has-left-building.html

Not long now  

If it was delivered today and difficulty didn't rise too quickly just one of our SC's could make ~BTC58.00 in its first month of mining.  I think with the first months profits enough should be taken to order a 50(GH/s) SC and then all the rest paid into a dividend.  I think this idea should be carried on until the second month of mining on our third SC.  Before we start the 90% reinvestment of profits.  What are investors views on this idea?  Does a motion need to be held on it?

 This should perhaps be put forward as a motion on btct.co as its quite a deviation from your prospectus.

No its not its been stated from the start that 90% reinvestment wont start until all three SC's have been delivered.  So we can have some bonus dividends to make up for the twelve month wait.  What will exactly happen to dividends before the third SC is delivered has never been set in stone.  The last idea was only 50% reinvestment when mining on only one SC.  I think the idea of buying a new SC every month with the rest on dividends until the second month of hashing on all three pre-ordered SC's as long as at least a 10% dividend is paid is a suitable one.  A motion can be held if a consensus can't be agreed on the two separate starter plans.  I would be happy to go with the 90% reinvestment from the very start.  It was other major original backers who asked for the bonus starter plan when the 90% reinvestment was being planned.

[lunarboy]

Thanks for the clarification 

[matthewh3]

Looks like we have 80 chips discount to resell -

As a thank you to our customers for being patient with us as we move towards fulfilling our shipping we are instituting a chip credit program for all pre-orders prior to April 1st, 2013 (Including orders already delivered). This program will allocate a $25 discount per chip up to the number of chips you currently have on order. For example, if you have a Single SC on order, you will receive a $25 credit per chip for 16 chips (Meaning 16 chips can be purchased for $50 each). The chip count for each unit is as follows:

5 GH/s / Jalapeno: 2 chips
25/30 GH/s Miner: 8 chips
50/60 GH/s Miner: 16 chips
500 GH/s Miner: 128 chips
1.5 TH Minirig: 384 chips

Every customer with a current pre-order dated prior to April 1st, 2013 will receive a chip credit for the number of chips/units they have pre-ordered. What this means is that you will be able to purchase raw chips from us for $50 instead of $75 per chip, up to the number of chips you have credit for. We realize that not all of our customers are interested in or have the desire to make use of the chips themselves. To that end, you will be able to sell your chip credit to other people who may be interested in or have the ability to make use of the chips directly.

For our very earliest customers, the first three months of orders (June 23rd to September 23rd orders) will receive 2x the value of the chip credits. For example, a 60 GH/s miner will be worth 32 chips in credit, a Jalapeno will give a 4 chip credit.

You should see your chip credit code(s) in your account shortly, and you may do with them as you wish at that time.

There is a 100 chip minimum purchase, so if you are acquiring codes, please be sure to understand that you will need to order a minimum of 100 chips.

Terms: While we do not have the facilities or the ability to facilitate chip transfers directly, the chip credit codes are transferable from one person to another and we do not limit the resale or transfer of the chip credit codes. The customer is responsible for doing their due diligence when buying, selling or trading the codes, so please be sure to only trade with trusted, verified individuals. Codes can not be refunded, returned or canceled once they have been used or transferred. Butterfly Labs will not be responsible for what a user does with their codes and we are only providing the discount to verified, paid pre-existing pre-orders. Once codes have been redeemed and the payment process has begun, if you do not complete the payment, the codes will be invalid and can not be refunded or returned.

https://forums.butterflylabs.com/announcements/3272-customer-appreciation-chip-credit-program.html

Edit;  Which means we can save someone $1,000 of BTC on ordering BFL chips by selling our discount codes for $1,000 of BTC.