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

[matthewh3]

What is this "full warranty" and how long is it

Thanks !

The supplier said twelve month minimum but also said he was considering two years but hasn't confirmed that with me yet tho I get the feeling its going to be two years.  The supplier has also now asked me not to talk about the board publicly anymore until he goes public but I think that will be Monday.

[matthewh3]

Shipping will take three to five days and I would like to pay dividends on a Friday so not sure on whether to issue the first dividend on the first Friday after a full 24/7 of mining or do a smaller dividend on the first Friday after delivery of the board.  Looks like we are going to be mining on MtRed pool until we get our GPUmax pool invite so all mining stat's for RSM will be available from a browser or Droid App we will also be setting up a donate'r worker if anyone wants to donate any hashing.

[bulanula]

Is the company UK based ?

If so, I think they have to give folks in the EU a 2 year warranty as mandated by EU law.

[matthewh3]

We have only 60 shares left in the IPO @0.3BTC then we have about two-hundred left at 0.4BTC but the shares @0.4BTC are moving us on to board #3 which we will have to issue another 315 shares @0.4BTC but this will take us from the predicted dividend of two boards over 1900 shares creating a weekly dividend per share of ~0.3BTC to over 0.4BTC a week per share 2.4GH/s@120W@2215shares.  I think issuing another 315 shares at 0.4BTC each to take the weekly dividend per share to over 0.4BTC and a increase of over 33% in dividen profits is very good idea I will put forwarded the motion once the final 60 shares at 0.3BTC each are sold.

[matthewh3]

so once the 60 shares are sold, then total 1900 has been sold ?

No 262 PLUS 60 are remaining after those 60 sold we have enough to complete the payment of board #2 which should be ready to ship in the next three to four weeks and with a bit of luck board #1 will ship on Monday meaning the first weekly dividend could be paid a week on Friday.  I increased the ask of the remaining 262 shares as they will be moving us on to board #3 which would enable a dividend payment of over 0.004btc to be able to paid if we issue another 315 shares and selling shares @0.3BTC for a 0.0045BTC weekly dividend means we would be ripping ourself off.  The current price of 0.3BTC for a weekly dividend of 0.00333BTC is still one of the best if not the best offer on the GLBSE(EDIT: of any mining company).  Although the boards are going to need there own PC and PSU soon but I've seen 600W PSU for around £20 and a RaspberryPi should cost us around £30 maybe we should issue enough new shares to pay for that maybe 365 but the weekly dividend per share should still stay over 0.004BTC with 2265 shares on 2.4GH/s@125W.

[matthewh3]

We can issue up to another 375 shares at 0.4BTC and keep the dividend at 0.004BTC although I will be keeping 5% of any concurrent share issues as payment for being CEO and running the company.  So that would mean 618 shares at 0.4BTC raising 247.2BTC for purchase of board #3.  So a new 375 shares would take us to 2275 shares 2.4GH/s@125W leaving a new weekly dividend per share of 0.004BTC increase of over 30% from the current expected dividend of 0.00333BTC per share per week.

[matthewh3]

If all goes well on the software side of the board we should have a shipping tracking code by this time tomorrow (shipping will take three to five working days [which may include Saturdays {I'm not sure}]) and the new FPGA company should have gone public.  Fingers crossed.  Going with MtRed Pool at first so you can all see the hashing rates then may go with one of these 110% PPS private Pools or definitely P2Pool for the health of the bitcoin network.  We will then be paying a dividend every eight days until we have done a full 24/7 week upon to 00:00 GMT/UTC Fridays.  Board #2 has been completely paid for (Including Express shipping of three to five days) and should ship within three to four weeks.  The weekly dividend per share with all 1900 shares sold(currently over two-hundred remaining) and just two boards should be ~0.00333BTC.  The next thing to decide is if 51% of current investors agree with issuing another 375 shares at 0.4BTC each to raise the weekly dividend to 0.004BTC per share by the purchasing of board #3.  What are current investors opinions is a vote needed on issuing 375 more shares @0.4BTC each to raise the weekly dividend per share by over 30%?

[zapeta]

If all goes well on the software side of the board we should have a shipping tracking code by this time tomorrow (shipping will take three to five working days [which may include Saturdays {I'm not sure}]) and the new FPGA company should have gone public.  Fingers crossed.  Going with MtRed Pool at first so you can all see the hashing rates then may go with one of these 110% PPS private Pools or definitely P2Pool for the health of the bitcoin network.  We will then be paying a dividend every eight days until we have done a full 24/7 week upon to 00:00 GMT/UTC Fridays.  Board #2 has been completely paid for (Including Express shipping of three to five days) and should ship within three to four weeks.  The weekly dividend per share with all 1900 shares sold(currently over two-hundred remaining) and just two boards should be ~0.00333BTC.  The next thing to decide is if 51% of current investors agree with issuing another 375 shares at 0.4BTC each to raise the weekly dividend to 0.004BTC per share by the purchasing of board #3.  What are current investors opinions is a vote needed on issuing 375 more shares @0.4BTC each to raise the weekly dividend per share by over 30%?

I think it makes sense to issue enough shares to get the third board rather than having those funds sitting around doing nothing.

[matthewh3]

If all goes well on the software side of the board we should have a shipping tracking code by this time tomorrow (shipping will take three to five working days [which may include Saturdays {I'm not sure}]) and the new FPGA company should have gone public.  Fingers crossed.  Going with MtRed Pool at first so you can all see the hashing rates then may go with one of these 110% PPS private Pools or definitely P2Pool for the health of the bitcoin network.  We will then be paying a dividend every eight days until we have done a full 24/7 week upon to 00:00 GMT/UTC Fridays.  Board #2 has been completely paid for (Including Express shipping of three to five days) and should ship within three to four weeks.  The weekly dividend per share with all 1900 shares sold(currently over two-hundred remaining) and just two boards should be ~0.00333BTC.  The next thing to decide is if 51% of current investors agree with issuing another 375 shares at 0.4BTC each to raise the weekly dividend to 0.004BTC per share by the purchasing of board #3.  What are current investors opinions is a vote needed on issuing 375 more shares @0.4BTC each to raise the weekly dividend per share by over 30%?

I think it makes sense to issue enough shares to get the third board rather than having those funds sitting around doing nothing.

Cool If I get more positive feedback and not much negative feedback I will issue them (full accounting will be issued and announced at least twenty-four hours beforehand of any issue).  Concurrent issues may only raise the weekly dividend by 2.5% but rest assured new issues will only be considered if they raise the weekly dividend per share(although I will be keeping 5% of this and any concurrent share issues as payment for being the company CEO and running the company.)

[matthewh3]

The board designer has hired one of the core devs from [CENSORED]  to finish off the software side of things and they reckon the software side of things should be completed today (the hardware was completed a few days ago) so it should ship by tomorrow.  So latest delivery will be by next Thursday and earliest of this Monday the first dividend will be paid eight days after delivery and then every eight days until we have done a full 24/7 of hashing upon 00:00 GMT/UTC Fridays.

So the first weekly dividend of at least 0.0015789BTC per share should be paid between 24th of April to 28th of April if all goes well. Then the dividend should appropriately double in four to five weeks then raise to 0.004BTC if I issue another 375 shares at 0.4BTC each.  Is there no objections in that share issue?  Full accounting of the issue will be made public at least 24hrs before the issue.

[matthewh3]

So the first weekly dividend of at least 0.0015789BTC per share should be paid between 24th of April to the 28th of April if all goes well. Then the dividend should appropriately double in five to six weeks with delivery of board #2 then raise to 0.004BTC if I issue another 375 shares at 0.4BTC each.  Is there no objections in that share issue to raise the weekly dividend per share by over 30%.  Full accounting of the issue will be made public at least 24hrs before the issue.

The next issue after that may only raise the weekly dividend per share by ~>2.5% but new share issues will only be considered if they raise the weekly dividend per share.

[rjk]

[CENSORED]

Uh huh. Deadlines and all that shit, who needs them.

[eroxors]

This thread is so confusing, lol. Didn't this start as a single 7970 purchase? Details seem to have changed over a dozen times.

[matthewh3]

This thread is so confusing, lol. Didn't this start as a single 7970 purchase? Details seem to have changed over a dozen times.

Yes 7970's but the PC being donated died then BFL's came out but got feed-up of waiting for delivery so ordered these new ~800MH/s@~40W boards.  Hopefully the first one will ship tomorrow and the second in three to four weeks then 375 more shares are being issued at 0.4BTC each to purchase board #3 to raise the weekly dividend to ~0.004BTC per share.

[HorseRider]

we can start to guess what excuse matthew will use next time.

[matthewh3]

we can start to guess what excuse matthew will use next time.

Niggles in the software are still being ironed out by a team of software developers (this is probably why they haven't gone public yet [the hardware was completed a week ago]) but I was given a "Priority Mail" tracking code yesterday dated the 12th April and told one day after that item is delivered then our first board will ship.  Board #2 is still on time and may actually be early.

I understand peoples worries but I have photographs of our completed hardware I'm just not allowed to share them until the new FPGA company goes public which I think should be by early next week.

[matthewh3]

Quick update board #1 should ship to us by no later than this Wednesday or Thursday at the very latest and board #2 probably two weeks later at the most.  So the first weekly dividend should be paid by no later than 29/04/12 - 04/05/12 then the full weekly dividend of 0.00333BTC per share off both boards two weeks later.  Then as soon as we can sell another 600+ shares (400 remain to be issued) at 0.4BTC each then we can raise the weekly dividend per share to ~>0.004BTC by the purchase of board #3.

[DeathAndTaxes]

I may sound like I'm doing poor/bad business but for the second time I have managed to increase profits
before production has even began.

  The new FPGA board should be ready to ship within two weeks    

So all going well the board will be hashing away a week on Friday

      

The board supplier is just waiting for his final parts to assemble our board which should be recived by the end of the week so hopefully he can ship it next week  

It's very likely board #1 will ship this Monday as the supplier has all the parts he's just assembling the boards and testing them

The board designer has hired one of the core devs from [CENSORED]  to finish off the software side of things and they reckon the software side of things should be completed today (the hardware was completed a few days ago) so it should ship by tomorrow.  So latest delivery will be by next Thursday and earliest of this Monday

Niggles in the software are still being ironed out by a team of software developers (this is probably why they haven't gone public yet [the hardware was completed a week ago]) but I was given a "Priority Mail" tracking code yesterday dated the 12th April and told one day after that item is delivered then our first board will ship.

Quick update board #1 should ship to us by no later than this Wednesday or Thursday at the very latest

Hmm ...

[matthewh3]

I was given a "Priority Mail" tracking code yesterday dated the 12th April and told one day after that item is delivered then our first board will ship.  Board #2 is still on time and may actually be early.

I understand peoples worries but I have photographs of our completed hardware I'm just not allowed to share them until the new FPGA company goes public which I think should be by early next week.

Board #1 will be shipped this Wednesday/Thursday after they have been delivered to our supplier(that's what the tracking code is for) board #2 two weeks later.

[rjk]

Hmm ...

+1