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

[matthewh3]

Josh@BFL - 22 June 2013 - ASIC Update

I haven't updated in awhile because I thought the shipping was self explanatory, but people seem to be clamoring for an update, so here we are.

We have been working our way through the backlog of orders over the past month. Production is slowly ramping up and we are easily able to manufacture 200 units a day currently - there will be no problem hitting 400 units a day once things are in full production. Right now, we are stymied by the inflow of chips. However, the inflow rate of chips is increasing and we expect it to be quite high within the next week or two. It's been a long road to smoothing out these bottlenecks here and there.

Lots of Jalapeno's have been sent out the door, as well as some singles and minirigs. Production on the longoard lines are really going to start to ramp up next week and the following weeks.

We have been refining the firmware for both the short board but mostly for the longboard. One of the primary changes has been to switch from a one job per board method to a one job per chip method. This has fixed a lot of the latency issues we were experiencing with the early firmware and what held up production on some of the 60 GH/s units. We have not yet finished the XLINK portion of the firmware to be operating at 100% yet, so the first few minirigs that are going out the door are shipping as individual USB devices (8 per box) instead of 1 big USB device. Going forward, once the XLINK stuff is finalized, minirigs will be shipped out as XLINK equipped.

We will continue to refine the firmware as we go along. With the current firmware, we are seeing between 260w to 280w per 60 GH/s unit, or 4.3w - 4.6w per GH at the wall on 120v. Actual chip wattage is just under 3w per GH.

In other news, we have released all the documentation necessary for people to begin creating their own boards to house our chips and we have begun selling our chips in bulk. The first deliveries of our chips are expected in roughly 100 days from the time of order. We still expect the current back order backlog to be cleared by the middle of September or so, although given what we can likely achieve with our production rate, I suspect it may be sooner than that. No guarantees on that either way, though.

Also did any of our investors want first choice on the 80 chip vouchers we have.

[chalbersma]

How much would it cost for RSM to buy up all these chips directly. If it's above our current finances should we consider offering a bond on BTCT for purchase of these chips? This would give us some significant hashing power and a long term hashing solution.

[matthewh3]

How much would it cost for RSM to buy up all these chips directly. If it's above our current finances should we consider offering a bond on BTCT for purchase of these chips? This would give us some significant hashing power and a long term hashing solution.

The discount codes are worth $2,000 and 100 chips is the minimum purchase.  If we can find a group buy project for devices built from BFL chips I would prefer to put them into one.  Where we swap our 80 chip codes for a device with 40 chips.  So can investors please keep an eye for such a project.  Even if we only get a 20 chip device for our 80 chips discount codes I would prefer to do that then sell them for $1,000 of BTC.  As a 20 chip device should give us an extra 100(GH/s) which would cost us $4,000 to buy.  So getting a $4,000 ASIC would be a better deal than selling the chip codes for $1,000 of BTC.  The project would also get 20 free chips out of the deal.  So please keep an eye for such a BFL chip build/buy project.

[chalbersma]

How much would it cost for RSM to buy up all these chips directly. If it's above our current finances should we consider offering a bond on BTCT for purchase of these chips? This would give us some significant hashing power and a long term hashing solution.

The discount codes are worth $2,000 and 100 chips is the minimum purchase.  If we can find a group buy project for devices built from BFL chips I would prefer to put them into one.  Where we swap our 80 chip codes for a device with 40 chips.  So can investors please keep an eye for such a project.  Even if we only get a 20 chip device for our 80 chips discount codes I would prefer to do that then sell them for $1,000 of BTC.  As a 20 chip device should give us an extra 100(GH/s) which would cost us $4,000 to buy.  So getting a $4,000 ASIC would be a better deal than selling the chip codes for $1,000 of BTC.  The project would also get 20 free chips out of the deal.  So please keep an eye for such a BFL chip build/buy project.

Just doing some math here. 100 chips minimum order. 80 discounted chips ($50/chip); 20 Full price chips ($75/chip).
Chip costs approximately $5,000.
Assume that we can get devices to house 100 chips for $2,000 ($20 chip slot).
Total Capital Needs $7,000
@$100/1BTC
70 BTC needed.

Issue 140 .5BTC bonds.

Pay intrest on bonds out of future profits. In the end RSM ends up with +400GH/s

[matthewh3]

How much would it cost for RSM to buy up all these chips directly. If it's above our current finances should we consider offering a bond on BTCT for purchase of these chips? This would give us some significant hashing power and a long term hashing solution.

The discount codes are worth $2,000 and 100 chips is the minimum purchase.  If we can find a group buy project for devices built from BFL chips I would prefer to put them into one.  Where we swap our 80 chip codes for a device with 40 chips.  So can investors please keep an eye for such a project.  Even if we only get a 20 chip device for our 80 chips discount codes I would prefer to do that then sell them for $1,000 of BTC.  As a 20 chip device should give us an extra 100(GH/s) which would cost us $4,000 to buy.  So getting a $4,000 ASIC would be a better deal than selling the chip codes for $1,000 of BTC.  The project would also get 20 free chips out of the deal.  So please keep an eye for such a BFL chip build/buy project.

Just doing some math here. 100 chips minimum order. 80 discounted chips ($50/chip); 20 Full price chips ($75/chip).
Chip costs approximately $5,000.
Assume that we can get devices to house 100 chips for $2,000 ($20 chip slot).
Total Capital Needs $7,000
@$100/1BTC
70 BTC needed.

Issue 140 .5BTC bonds.

Pay intrest on bonds out of future profits. In the end RSM ends up with +400GH/s

RSM is not issuing any more shares or doing any more fundraising.  If we can trade our chips into a BFL chip build project we will.  If we can't then the codes will be sold.  Do tho all please keep your ears to the ground for any BFL chip build projects that we could use our chip codes in.  If we could get a device built for us to use the chip codes we could use funds from the reinvestment fund rather than issuing new shares or bonds to fund the project.

[ft73]

Any news? Are the miners on their way? 

[matthewh3]

"Nasty Mining" have received tracking codes for there SC's but not received them yet AFAIK.  Our first pre-order is about two weeks down the cue from Nastys but as BFL are hosting our boards we'll have no shipping time to wait.  As soon as I receive any info I will make it public pronto.

[ft73]

"Nasty Mining" have received tracking codes for there SC's but not received them yet AFAIK.  Our first pre-order is about two weeks down the cue from Nastys but as BFL are hosting our boards we'll have no shipping time to wait.  As soon as I receive any info I will make it public pronto.

Thank you Matthew.

[matthewh3]

So BFL have shipped all Jalapenos pre-orders up to September 14th 2012 and now they've started shipping little SC's which were all pre-ordered many months after our three pre-orders.  Yet still no news on our July 7th SC pre-ordered.  I'm very frustrated with BFL and think SC pre-orders have been dealt with unfairly.  I have emailed them but think our first board will be hashing before they reply.  I do have my fingers crossed that we'll be hashing next week.

[mistercoin]

I want to invest a nice chunk into RSM, but can you give me one solid reason why I should?

[matthewh3]

I want to invest a nice chunk into RSM, but can you give me one solid reason why I should?

RSM is not fundraising any more we finished the IPO over a year ago.  The only reason we still remain publicly listed is to enable early investors to cash out.

[mistercoin]

I want to invest a nice chunk into RSM, but can you give me one solid reason why I should?

RSM is not fundraising any more we finished the IPO over a year ago.  The only reason we still remain publicly listed is to enable early investors to cash out.

Sounds good.

[matthewh3]

I want to invest a nice chunk into RSM, but can you give me one solid reason why I should?

RSM is not fundraising any more we finished the IPO over a year ago.  The only reason we still remain publicly listed is to enable early investors to cash out.

Sounds good.

If you had enough to order another SC or possibly the KNCMiner we could issue you shares of its value.  Tho that the finale decision may go down to a motion.

[matthewh3]

I want to invest a nice chunk into RSM, but can you give me one solid reason why I should?

RSM is not fundraising any more we finished the IPO over a year ago.  The only reason we still remain publicly listed is to enable early investors to cash out.

For those unsure on how we plan to grow RSM.  As stated in the contract we'll be reinvesting over 90% of profits into buying more ASIC's.  That is how we plan to grow RSM organically.  Rather than through issuing new shares for fundraising.

[lunarboy]

I want to invest a nice chunk into RSM, but can you give me one solid reason why I should?

RSM is not fundraising any more we finished the IPO over a year ago.  The only reason we still remain publicly listed is to enable early investors to cash out.

For those unsure on how we plan to grow RSM.  As stated in the contract we'll be reinvesting over 90% of profits into buying more ASIC's.  That is how we plan to grow RSM organically.  Rather than through issuing new shares for fundraising.

I'm guessing that's what he was actually referring too.

either way thanks for the good work mathewh3  long may it stay that way.

[matthewh3]

Well this Sunday (7th) will be a year and a day since we pre-ordered our first SC.  Still no new news from BFL but I'm very hopefully we'll start hashing (again) very soon.

[matthewh3]

Quick update:  I'm working on a share swap deal to have us two 80(GH/s) Avalons hashing for us by Monday.  So a rapid motion may be required over the weekend.  I'll keep you's updated.

[ft73]

Quick update:  I'm working on a share swap deal to have us two 80(GH/s) Avalons hashing for us by Monday.  So a rapid motion may be required over the weekend.  I'll keep you's updated.

Nice news.

[matthewh3]

Quick update:  I'm working on a share swap deal to have us two 80(GH/s) Avalons hashing for us by Monday.  So a rapid motion may be required over the weekend.  I'll keep you's updated.

Nice news.

Unfortunately we could not negotiate a profitable price for us.  So it looks like we'll have to wait for our SC's.  Today the 7th of July is now a year and a day since we pre-ordered our first SC.  In some other news we may have an investor who wants to put ~£1,500 into RSM.  I told them if they pre-order us a 50(GH/s) SC that we could issue them shares of its value.  I may try to match their investment.  Then all the coins would probably be parked at a known wallet address.  Then saved until either BFL are shipping next day, KNCMiner have a working prototype or that new UK cheap 65nm ASIC's are shipping.

[matthewh3]

https://forums.butterflylabs.com/bfl-forum-miscellaneous/3703-josh-its-time-update-bfl-asic-status.html#post45852

Not sure what there is to update that hasn't been updated. We are shipping products daily. We've shipped more product than any other ASIC vendor, with the possible exception of the Block Eruptors, since I don't know how many of those shipped exactly.

I don't have exact numbers of what units went out on what day. Here's just one rack from yesterday that the crew assembled, these are waiting for packaging. There is several more racks either fully assembled or partially assembled or waiting for burn testing.

There's singles and little singles burning in or being assembled and there's minirigs being assembled or burning in as well. That's pretty much the same update for the next couple months.

I did talk to suppliers and ran some calculations. With the current order book up to today, I expect it to be filled by the end of September. I'm not sure what order number we'll get up to by the end of August, but we'll be pretty far into it by then. I'll probably have a better idea by the middle of this month.