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

[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 shares distributed 135,000 | 1.75(TH/s)@28nm total hash-rate and each share worth 12.962962963(MH/s) per share.  |  15(TH/s)@20nm 0.109(GH/s) per share ordered for delivery by Spring 2014. | 100MH@2.4kW 0.740740741(KH/s) per share LTC Scypt ASICdelivery Q2/Q3


RSM blog - www.redstarmining.com

Twiiter page - https://twitter.com/redstarmining

Google+ page - https://google.com/+redstarmining

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://www.pyramining.com/referral/86ndtq4rx - and - http://www.pyramining.com/referral/p4rmzbs8x - 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.

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

Two 400(GH/s)@28nm KNC Jupiters be added for 80,000 shares by October.  One Jupiter is a day one pre-order due in September.  While the second Jupiter is due in October.

Spoke to and arranged hosting for our three BFL SC's plus they promised us PSU's if BFL can't provide them.  So if true I see no reason we can't start hashing very soon.

2013/09/10 - First 60(GH/s)SC has been hashing nearlly two weeks now.  I expect our second to start hashing by Monday - (2013/09/16).  KNC said our first 400(GH/s)@28nm should ship late September and the second by October 15th.  So I expect us to be hashing at 560(GH/s) by the start of October and the full 980(GH/s) within five weeks by the middle of October.

2013/09/24 - All three of our 60(GH/s) BFL SC Singles are now hashing.  We're expecting our first 400(GH/s)@28nm KNC Jupiter to ship within a week by the the 1st of October and our second to ship within three weeks by the 15th of October.

2013/10/18 - Jupiter #1 has been hashing for over two weeks now and we're currently at 700(GH/s).  With Jupiter #2 expected to ship today.

2013/10/26 - Both Jupiters are now hashing with #2 starting to hash a few days ago

2013/11/10 - The three SC's were sold for BTC11.70 a few weeks ago and another 550GH/s Jupiter has just been purchased for BTC17.00.  We're expecting delivery of Jupiter #3 before December.

2013/11/26 - The third Jupiter which will hash at 650(GH/s) is due to be shipped by the end of November.  Three 20nm KNC Neptunes pre-ordered today for just over BTC36 and we are considering pre-ordering a fourth within the two week window.

2013/11/27  Two more KNC Neptune pre-orders.

For latest updates and news please check our blog -  www.redstarmining.com

Industry Updates

Viper ASIC Update(Litecoin)

Greetings Miners!

Progress by our engineering partners has been picking up fast and a quick update for the week’s end is as follows:

Engineering Update

* ASIC design has been more optimized and frozen.
* ASIC Synthesis & Physical design is going on. Tape out target end of march.
* Provision for MBIST and boundary scan for DFT has been done.
* Architecture of Mining Board design has been finalized and design has been started.
* Sitara ARM AM335x Processor from TI for Host Board has been finalized and design has been initiated.
* Provision of power consumption & temperature on the LCD display has been incorporated.
* Eliminated switch from the enclosure. All the input and set up will be done through web pages just like a router. ### Mechanical Update
* Enclosure material will be of Aluminium.
* Universal power supply has been identified for 5mh design.
* 5Mh box will be 1u but much smaller in size ( easy for transportation, likely half of 19” rack).
* Power figures as of now are looking good
   * 5Mh<=70 watts
   * 25Mh<=300 watts

KNC Neptune Update (Bitcoin)

Neptunes are still very much in the preliminary design phase. As much as the timeline will be reduced significantly in comparison to a standard engineering project at 20nm, if such exists, because this is absolute bleeding edge we want to be absolutely sure what we commit to silicon will ensure a successful product at the end. This initial phase will not be rushed.

That said we have completely re-written and optimised the RTL code. The Jupiter project was very much focused upon safe speed to market and the window of opportunity hashing power presented in this present finite period prior to significant competition. The Neptune project whilst adhering to aspects of the aforementioned must focus upon power consumption as it's primary trait if customers (you guys) will be able to compete successfully over a longer period. We know that we are reaching limits on standard household circuits, we want you to remain competitive w.r.t. the unfolding mining landscape and we are all to well aware that electricity costs will come into focus in the not too distant future.

So where we are now is that we have a working FPGA code and are in the process of testing that and tweaking any further refinements before it's submission.

With respect to the speculation above we sold out of Neptune's last night.

Viper ASIC Timeline Released

On Monday (13/01/2014) we released an outline of our set roadmap, today as promised we will be releasing a timeline with dates on each aspect of the development process. This shows our commitment to transparency and gives a better idea on what exact stage we are on at all times. As we go through multiple developmental stages in parallel, we will be releasing regular detailed updates on our progress. Our next updates will be consistent developmental updates on what is being worked on and what has been achieved.

Timeline:

Project Start: 16/08/13
Project Finish: 15/07/14

<-- Table Snipped See Posts for table -->


Roadmap (recap):

<-- Image Snipped See Posts for Images -->

With respect to Neptune we are where we intended to be at this stage and are still contemplating aspects of the design. Understand that the approach is not the same as that of Jupiter. 28nm was extremely disruptive at the time, of which the effect can plainly be seen. Hashrate was given priority to power consumption, and safety and speed to market even more so, but going forward and acknowledging that power consumption becomes more a critical factor the Neptune has to be created as more a long term solution. We will not skimp or rush the design here. This does not mean I'm indirectly verbalising a delay, so don't go looking for hidden meanings, there aren't any to find, just rest assured I'm stressing we value the integrity of the design more which is why Q1/Q2 was given to ensure that margin is present so we commit the best foot going forward in what is uncharted waters within bleeding edge silicon. We're not rushing the design at the cost of it's ability to function, and function well. The sha-256 implementation is actually relatively simple, but there is still quite a bit we can optimise to remain competitive for you and us.

[alatus]

Do I understand right, that beside the PSU and the harddrive no components needs to be financed, so that no deductions of "capital investment return" will be substracted from the mining income?

[matthewh3]

Do I understand right, that beside the PSU and the harddrive no components needs to be financed, so that no deductions of "capital investment return" will be substracted from the mining income?

No I'm paying for the PSU and hard-drive out of my own pocket and the IPO is to purchase the two Radeon HD 7970's.

[matthewh3]

Bought some shares, good luck.

Thanks 

[friedcat]

How often will you pay the dividends?

[matthewh3]

How often will you pay the dividends?

The dividends will be paid weekly starting from about two to three weeks after the IPO has finished.

[matthewh3]

Things have being going well with the IPO 24% of the shares were sold within 48hrs of the initial offering of 950 shares at 0.3BTC ech.  So 231 shares have been sold putting 69.30BTC in the GLBSE account leaving 719 shares to be sold during the IPO.  The 69.30BTC generated means were half way to purchasing the first Radeon HD 7970.

[matthewh3]

252 shares have now been sold putting 75.60BTC in to the account and leaving 698 shares to go.

[matthewh3]

I've created a community group for Red Star investors and potential investors on CoinConnect the Bitcoin social network - http://www.coinconnect.org/groups/profile/13713/red-star-mining - Please check it out and join if your interested.

[alatus]

Just bought some shares. GOGOGO! :-)

[matthewh3]

Just bought some shares. GOGOGO! :-)

Kool thanks 

[matthewh3]

391 shares (37% of the IPO) have now been sold raising 117.30BTC within nine days.  Things are going well.  If you haven't done so already buy some shares and if you have look into buy some more. 

[SaintFlow]

can someone tell me how to sign up on GLBSE

i do not get it

it is asking for password??

[matthewh3]

You don't need to set a password as you generate gpg keys.  There was a thread on this forum about how to set up an account.  I blogged about the thread - http://glbse.blogspot.com/search/label/how%20to%20buy%20shares -  Any more questions just ask here, on the blog or the original thread.

[matthewh3]

Just 3BTC get's you a 1% share in the company and all profits.  30BTC would get you a 10% stake.  At the moment I'm just planning on saving the NMC generated for expansion and paying all BTC generated after electricity costs are paid as dividends weekly.  Although I may put a vote to the shareholders on retaining some extra or all the profits to speed up expansion to buying another rig containing three 7990's.

[friedcat]

Do you have future plans of buying BFL Singles? It seems that GPU mining will become less and less profitable soon or later.

[matthewh3]

Unfortunately the PC being donated motherboard was blown.  So we are now purchasing a new motherboard but one that has 3xPCI Express*16 2.0 sockets to give easy expansion for a third Radeon HD 7970 taking our mining power to over 2GigaHash/s.  Which should generate us around 40BTC a month at current difficulty levels.  To power three cards a 1200W PSU is needed which will cost around £185 for a decent one built to last 24/7 use.  We are also buying 25W dual core Athlon CPU this should save us a lot of electricity thus increasing profits although it costs £50.  The motherboard will cost £95 the PC case and fans are being donated.  So in total the IPO needs to raise £1200 so from the 285BTC generated from the IPO we need to sell the BTC at £4.32 which is very possible.  I have already put in an order on Intersango for that price with all the money me and a friend has used to buy shares.  Once the IPO is completed a vote will be held on whether to hold out for £4.32 or issue more shares to cover the additional costs that will help us to reach 2GH/s very quickly from the two initial cards purchased which will give up to 1.4GH/s.  Also after we have three cards running in the rig I will be looking it to the potential to run USB FPGA boards off the rig.  For any of the shareholders unhappy with this I will be putting in an order to buy back all shares purchased for 2.99999999BTC and will increase the volume of that order as more shares are purchased.  So any existing or new shareholder(s) can sell the shares back at a loss of 0.00000001BTC at any time up to within a week before we start mining or the order for £4.35088 is put in if we decide after the vote to hold out for that price instead of issuing more shares.  Thank you for reading and I hope you don't decide to sell your shares and decide to buy more instead.  If you haven't already decided to get in on this new GLBSE listed mining venture then do so.  The two initial cards should give us 35BTC+ a month and once the third is added 50BTC+ a month then once we start adding USB FPGA boards who knows?
If the shareholders vote decides to issue more shares a extra 500 will be offered meaning we can liquidize the IPO funds for the hardware purchase as low as £2.85058 if I pay the first months electricity my self out of my own pocket?.  If we think a higher price than that can be reached less shares may be offered or the extra final 500 shares offered during the IPO may be at a reduced price but there is no guarantee on that so buy shares while they are still available.  Also if anyone is unhappy with the new plan to enable the rig for rapid expansion to a third Radeon 7970 then I will put an order in on the GLBSE to buy back your shares at 0.29999999BTC meaning you have only lost 0.00000001BTC per share.  I can't put an order in to buy back the shares at 0.3BTC as this would purchase the shares I'm selling.  I hope you stick with us and buy more shares or if you haven't already then get involved.  Thanks.

[matthewh3]

Have the cards been purchased yet?

Is the mobo the only part you need?

A Mobo, PSU, CPU and two 7970's will be purchased from the IPO funds.  I have put an order in on Intersango for £4.32 with the money raised from all the shares me and a close friend have bought.  A vote will be held when the IPO is over on whether to hold on for £4.32 per BTC or issue more shares.  I have kept everyone else's BTC raised from selling shares in the GLBSE account in case anyone decides they want to leave the project meaning I will put an order in on the GLBSE exchange to buy back all shares purchased for 0.29999999BTC if they decide to leave the project due to the change of plans for expansion.  No one's money will be withdrawn unless £4.32 per BTC can be reached or the vote on whether to issue more shares is held.

[Nefario]

Hey Mathew,
RSM is mentioned as one of the mining shares in this article.

http://bitcoinmedia.com/crowdfunding-gets-some-back/

Thought you'd be interested in it.

Nefario.

[matthewh3]

Cool thanks