1. Dividends are paying 10% of 1.88 MH/s right now, correct? 90% of mining income is reinvested?
2. What's the mining pool used for those BFLs?
Thanks.
Topic: [796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)] - page 9. (Read 120276 times)
September 17, 2013, 01:17:09 AM
September 16, 2013, 11:25:03 PM
Mining Update
RSM has taken deliver and is now hashing upon our second BFL 60GH/s miner. This brings our total hashing power to 120GH/s or approximately 1.88 MH/s/share.
Looking forward, RSM has another 60GH/s BFL miner due and two 400GH/s KNC miners. All of which we expect by mid to late October and combine would bring our total hashing power to 980 GH/s. Past this time RSM is evaluating expansion options based on our 90% re-investment fund.
RSM has taken deliver and is now hashing upon our second BFL 60GH/s miner. This brings our total hashing power to 120GH/s or approximately 1.88 MH/s/share.
Looking forward, RSM has another 60GH/s BFL miner due and two 400GH/s KNC miners. All of which we expect by mid to late October and combine would bring our total hashing power to 980 GH/s. Past this time RSM is evaluating expansion options based on our 90% re-investment fund.
September 16, 2013, 01:37:48 PM
Sounds great. Thanks for sharing!
No problem. Let us know if you have any questions.
September 15, 2013, 03:28:33 PM
Any news on the second order? BFL had stated that they are shipping the 30 Aug batch of SC's.
Hey Cmark0 we got good news. Summary, should be hashing by end of business Monday.
Thanks for the extended info chalbersma, all questions answered now.
That's what I like to hear. Get a new question feel free to ask we'll do our best to answer.
Sounds great. Thanks for sharing!
September 15, 2013, 01:37:26 PM
New Share Issue - Clarification
We get a lot of questions about just how new shares are going to be issued. We detailed this on our new share spreadsheet. But what we lacked to mention on the spreadsheet is where those funds went. This has been corrected. Checkout our spreadsheet, now with more info.
The funds used to purchase the first KNC 400GH/s miner are noted as are the second. Shares will be released when the related miner comes online. Unless the shares would be released within 120 hours of a pending dividend, then the shares will be released directly following the dividend.
You can see the updated spreadsheet here.
We have updated our Expansion Plan Posts to reflect this.
We get a lot of questions about just how new shares are going to be issued. We detailed this on our new share spreadsheet. But what we lacked to mention on the spreadsheet is where those funds went. This has been corrected. Checkout our spreadsheet, now with more info.
The funds used to purchase the first KNC 400GH/s miner are noted as are the second. Shares will be released when the related miner comes online. Unless the shares would be released within 120 hours of a pending dividend, then the shares will be released directly following the dividend.
You can see the updated spreadsheet here.
We have updated our Expansion Plan Posts to reflect this.
September 15, 2013, 01:18:07 PM
Any news on the second order? BFL had stated that they are shipping the 30 Aug batch of SC's.
Hey Cmark0 we got good news. Summary, should be hashing by end of business Monday.
Thanks for the extended info chalbersma, all questions answered now.
That's what I like to hear. Get a new question feel free to ask we'll do our best to answer.
September 15, 2013, 01:15:17 PM
Mining Update - 9/15/2013
Our second BFL 60GH/s is ready. We are contacted our hosting provider they say the machine will be up and hashing sometime tomorrow. This will bring our active hating power to 120 GH/s.
Our second BFL 60GH/s is ready. We are contacted our hosting provider they say the machine will be up and hashing sometime tomorrow. This will bring our active hating power to 120 GH/s.
September 14, 2013, 08:08:58 PM
Thanks for the extended info chalbersma, all questions answered now.
September 14, 2013, 01:53:46 PM
Any news on the second order? BFL had stated that they are shipping the 30 Aug batch of SC's.
September 14, 2013, 10:40:54 AM
Red Star Mining is proud to announce the launch of www.redstarmining.com. That's right we got ourselves a domain name! All of our old content redirects from one to the other so if you've got an old link it's a-okay.
September 14, 2013, 09:56:56 AM
RSM Expansion
One of RSM's biggest selling points is our 90% re-investment rate. It allows us to continually upgrade hardware and ideally not have to dilute share holder value by offering bonds or additional shares. With that in mind late July and early August of 2012 RSM ordered hardware from BFL. To maximize our potential earnings we traded in our FPGAs and other mining hardware in order to get a miner that was suppose to be delivered in "two weeks (c)".
The delays at BFL have been legendary. And by the time we were looking to get our first piece of hardware the Bitcoin network had grown significantly. If we were to stay competitive we needed an influx of capital to increase our hash rate at a rate that would keep pace with the networks exponential growth and more significantly, make up for the hashing potential that we did not have while waiting for BFL hardware.
So RSM did what companies aught to do when they need more capital: We asked our shareholders for some. Together our shareholders were able to come up with a sizable amount of capital (See exact numbers here). Giving RSM enough capital to order two KNC Jupiter miners (400GH/s apiece) bringing our total mining power from 180GH/s to 980GH/s when all delivered and increasing our per share hashing power over two-fold to ~7MH/s (from 2.8MH/s).
Our shareholders who contributed received share in relation to the amount the contributed at the price of 0.002079128BTC per share. These shares are scheduled to be released after the second KNC miner comes on-line (est. October). Until then these shares are being held by RSM. (Edit: We've clarified release times. Read about it here. Summary, shares will be released after the related miner comes online.)
As of now, we are not looking for additional capital. We believe that this injection of capital and the additional hashing power it brings will be enough to grow as the network grows on the basis of our 90% re-investment plan.
Moving forward, Management is currently considering selling our BFL SCs and purchasing two Hash Fast Baby Jet which would bring us to 1.6TH/s (all at 28nm hardware) by late November. And/Or a TerraMiner IV which could bring us to 3.2TH/s or higher by January.
Also there has been some discussion in management about share buyback. It should be clarified that share buyback would not begin until we are past 1TH/s. The shares bought back under this plan would lie dormant until a time where we would need to issue shares again. But the shares bought would be owned by RSM and would effectively be taken off the market.
So there are our current expansion plans. As always if you have questions or comments leave them below or on our blog post.
One of RSM's biggest selling points is our 90% re-investment rate. It allows us to continually upgrade hardware and ideally not have to dilute share holder value by offering bonds or additional shares. With that in mind late July and early August of 2012 RSM ordered hardware from BFL. To maximize our potential earnings we traded in our FPGAs and other mining hardware in order to get a miner that was suppose to be delivered in "two weeks (c)".
The delays at BFL have been legendary. And by the time we were looking to get our first piece of hardware the Bitcoin network had grown significantly. If we were to stay competitive we needed an influx of capital to increase our hash rate at a rate that would keep pace with the networks exponential growth and more significantly, make up for the hashing potential that we did not have while waiting for BFL hardware.
So RSM did what companies aught to do when they need more capital: We asked our shareholders for some. Together our shareholders were able to come up with a sizable amount of capital (See exact numbers here). Giving RSM enough capital to order two KNC Jupiter miners (400GH/s apiece) bringing our total mining power from 180GH/s to 980GH/s when all delivered and increasing our per share hashing power over two-fold to ~7MH/s (from 2.8MH/s).
Our shareholders who contributed received share in relation to the amount the contributed at the price of 0.002079128BTC per share. These shares are scheduled to be released after the second KNC miner comes on-line (est. October). Until then these shares are being held by RSM. (Edit: We've clarified release times. Read about it here. Summary, shares will be released after the related miner comes online.)
As of now, we are not looking for additional capital. We believe that this injection of capital and the additional hashing power it brings will be enough to grow as the network grows on the basis of our 90% re-investment plan.
Moving forward, Management is currently considering selling our BFL SCs and purchasing two Hash Fast Baby Jet which would bring us to 1.6TH/s (all at 28nm hardware) by late November. And/Or a TerraMiner IV which could bring us to 3.2TH/s or higher by January.
Also there has been some discussion in management about share buyback. It should be clarified that share buyback would not begin until we are past 1TH/s. The shares bought back under this plan would lie dormant until a time where we would need to issue shares again. But the shares bought would be owned by RSM and would effectively be taken off the market.
So there are our current expansion plans. As always if you have questions or comments leave them below or on our blog post.
September 13, 2013, 10:31:52 PM
Right on good news.
Hey I was wondering, I knew about the new shares being issued, but what will there price initially be?
RSM share price is currently taking a beating
I'd agree with chalbersma - it's just a low liquidity point. FYI, I tried picking up some shares near the low, but the price has already headed back up again.
September 13, 2013, 08:17:43 PM
Wooh happy days! Congratulations! 
Edit: why are the bids so low and the asks so high? Very weird.
Also, thank you for your answers yesterday!
Edit: why are the bids so low and the asks so high? Very weird.
Also, thank you for your answers yesterday!
Well it's a market and like all markets it's hard to predict what the exact price will be at any given time. Also BTCT isn't the NYSE or a major stock exchange. There are a limited number of traders. When you see buyers and sellers disagree on a price you'll see the spread between bids and asks widen. Eventually they will come to an agreement and the spread will fall back down. If you wanted to know the specific reasons you'd have to ask the people with the positions themselves.
TLDR: Markets who actually understands them? It'll work itself out eventually.
Right on good news.
Hey I was wondering, I knew about the new shares being issued, but what will there price initially be?
RSM share price is currently taking a beating
We issued new shares at approx .002BTC/share which gave us the ability to purchase two KNC 400GH/s miners on pre-order. We increased our hashrate per share on that move from 2.8MH/s/share to approx 7MH/s/share.
The RSM shares are being held by the company until both KNC miners are up and hashing as to not dilute the existing shareholder's position.
This may be affecting the share price as it stands currently. But to be sure you'd need to go and directly ask the buyers and sellers over at Burnside's exchange themselves as to why they are buying or selling.
If you're willing to purchase a miner or wish to sell a miner for shares we would hear your offer. Obviously we'd only accept if we though it was of significant benefit to existing shareholders and it passes a motion. Feel free to get into contact with us if that's the case.
September 13, 2013, 04:21:17 PM
Mining Update - 5BTC
We just received our fifth mined bitcoin!
As of yesterday BFL had shipped August 19th 2012 SC. RSM expects our August 30th 2012 SC pre-order to start hashing later next week. Assuming, the first KNC Jupiter arrives close to the dividend the funds it mines will be withheld from the dividend. With the first 40,000 new shares issued after the dividend.
Follow our progress live by watching our public address (and throw in a few cents if you like.
We just received our fifth mined bitcoin!
As of yesterday BFL had shipped August 19th 2012 SC. RSM expects our August 30th 2012 SC pre-order to start hashing later next week. Assuming, the first KNC Jupiter arrives close to the dividend the funds it mines will be withheld from the dividend. With the first 40,000 new shares issued after the dividend.
Follow our progress live by watching our public address (and throw in a few cents if you like
.Right on good news.
Hey I was wondering, I knew about the new shares being issued, but what will there price initially be?
RSM share price is currently taking a beating
September 13, 2013, 02:33:45 AM
Wooh happy days! Congratulations!
Edit: why are the bids so low and the asks so high? Very weird.
Also, thank you for your answers yesterday!
Edit: why are the bids so low and the asks so high? Very weird.
Also, thank you for your answers yesterday!
September 12, 2013, 11:09:28 PM
Mining Update - 5BTC
We just received our fifth mined bitcoin!
As of yesterday BFL had shipped August 19th 2012 SC. RSM expects our August 30th 2012 SC pre-order to start hashing later next week. Assuming, the first KNC Jupiter arrives close to the dividend the funds it mines will be withheld from the dividend. With the first 40,000 new shares issued after the dividend.
Follow our progress live by watching our public address (and throw in a few cents if you like.
We just received our fifth mined bitcoin!
As of yesterday BFL had shipped August 19th 2012 SC. RSM expects our August 30th 2012 SC pre-order to start hashing later next week. Assuming, the first KNC Jupiter arrives close to the dividend the funds it mines will be withheld from the dividend. With the first 40,000 new shares issued after the dividend.
Follow our progress live by watching our public address (and throw in a few cents if you like
. 
September 12, 2013, 12:47:06 PM
New blog update by our new PR officer chalbersma - http://redstarmining.blogspot.nl/2013/09/now-hashing.html - Please add yourself and follow the blog for important news updates.
Hey there!
Thank you for this new press release. Your communication with the shareholders is something that makes me confident this is a good investment.
I already asked on the blog, but not here: are you Dutch?
Dutch heritage but my grandfather was born in raised in Minnesota. Unless your asking Matt then I'll let him answer.
I'm British a mix of English, Irish and Welsh. Although my surname is also popular in Norway and Denmark. So I like to think I'm a viking
This is some more stuff wrote by chalbersma -Quote
Issuer Details
==================
Matthew Holt
Red Star Mining
Virtual Corporation
[email protected]
[About your Company]A mining stock with a strong organic growth plan that may
end up also investing some of its profits into other investments. It has been
operating since January 2012
Website:
http://redstarmining.blogspot.com/
Financials:
https://docs.google.com/spreadsheet/ccc?key=0AolvfZ07D-3SdHBuaGcxRUw3SEkwTzUyVXVqUzRPZFE#gid=0
Bitcointalk:
https://bitcointalksearch.org/topic/796com-redstarminingcom-the-oldest-public-mining-security-150ths-63257
Contract
==================
Section I - PreAmble
Red Star Mining, a mining stock with strong +<90% reinvestment of profits into growth until such a time we are greater than 50% of the network and/or company staff can make a living wage off their RSM wages solely.
Section II - Corporate Control
All major decisions can be decided by motion apart from Matthew Holt's removal as CEO, Chief Operator and Chairman of RSM decisions plus operations. Matthew Holt can only be removed as CEO, Chief Operator or Chairman in the cases of death or resignation. He can decide the next CEO and Chief Operator or shall be succeeded by the oldest RSM employee who shall be the temporary CEO until one is chosen by shareholder's motion.
No motions can also be held on reducing the growth fund unless one of the two conditions are met or the Chief Operator and Chairman agrees to it being held.
Section III - Staff
A salary of 5% of profits will be used to pay RSM staff. Modification of this amount up can only be decided by a majority motion of shareholders. Reduction of this amount can only be decided by the CEO and Chief Operator.
The CEO has the ultimate decision on employment of RSM staff. Shareholders can fire, but not hire, staff with a 51% motion.
Section IV - Clarification of Profit
RSM receives revenue from mining. All operating costs will be paid from these revenues creating post-cost revenues. 5% of post-cost revenues will be used for labour costs and go into the staff fund what remains is profits.
Section V - Re-investment and Dividends
At least 90% of profits will be reinvested into increasing RSM Hash-rate efficiency and/or into other strong growth/profit investments. The reminder will be paid out in dividends and/or used as a share buyback fund. Eventually the full amount for the dividend fund being passed through other suitable investments helping migrate RSM from just a mining corporation to a bitcoin conglomerate. 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.
Section VI - Motions
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.
Section VII - Liquidation
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.
Executive 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.
Business Description
==================
Red Star Mining is a bitcoin mining corporation. We strive to acquire quality mining hardware and process bitcoin transactions.
Definition of the Market
==================
Bitcoin mining enables bitcoin as a currency to function properly and securely across the whole of the internet. See the wiki [https://en.bitcoin.it/wiki/Mining] for a technical introduction to bitcoin mining. Miners who successfully solve a block either individually or in tandem receive transaction fees from the latest set of transactions and a subsidy
Products and Services
==================
While Red Star Mining does suggest some other services we do not have customers in the classical sense. Our provided service is bitcoin hashing and while highly competitive our customer is the bitcoin network as a whole.
Organisation and Management
==================
CEO, Chief Operator & Chairman Matthew Holt (Matthew3h)
Staff
=====
Mining Foreman Canth
CFO Evlovex
Website/PR Guy Chalbersma
Marketing Strategy
===================
In bitcoin mining the best way to "market" your findings is by having a well connected node. It's possible that when RSM acquires enough hardware to make it "solo mining" that we may have to revisit our setup. Until then we will mine only on established/well connected pools to minimize the opportunity for orphaned blocks.
Financial Management
==================
Our broad financial plan includes taking 90% of profits (not revenues) and re-investing it in mining hardware to continually increase our hashing power. Our latest financial details can be found on our company spreadsheet. [https://docs.google.com/spreadsheet/ccc?key=0AolvfZ07D-3SdHBuaGcxRUw3SEkwTzUyVXVqUzRPZFE&pli=1#gid=0]
==================
Matthew Holt
Red Star Mining
Virtual Corporation
[email protected]
[About your Company]A mining stock with a strong organic growth plan that may
end up also investing some of its profits into other investments. It has been
operating since January 2012
Website:
http://redstarmining.blogspot.com/
Financials:
https://docs.google.com/spreadsheet/ccc?key=0AolvfZ07D-3SdHBuaGcxRUw3SEkwTzUyVXVqUzRPZFE#gid=0
Bitcointalk:
https://bitcointalksearch.org/topic/796com-redstarminingcom-the-oldest-public-mining-security-150ths-63257
Contract
==================
Section I - PreAmble
Red Star Mining, a mining stock with strong +<90% reinvestment of profits into growth until such a time we are greater than 50% of the network and/or company staff can make a living wage off their RSM wages solely.
Section II - Corporate Control
All major decisions can be decided by motion apart from Matthew Holt's removal as CEO, Chief Operator and Chairman of RSM decisions plus operations. Matthew Holt can only be removed as CEO, Chief Operator or Chairman in the cases of death or resignation. He can decide the next CEO and Chief Operator or shall be succeeded by the oldest RSM employee who shall be the temporary CEO until one is chosen by shareholder's motion.
No motions can also be held on reducing the growth fund unless one of the two conditions are met or the Chief Operator and Chairman agrees to it being held.
Section III - Staff
A salary of 5% of profits will be used to pay RSM staff. Modification of this amount up can only be decided by a majority motion of shareholders. Reduction of this amount can only be decided by the CEO and Chief Operator.
The CEO has the ultimate decision on employment of RSM staff. Shareholders can fire, but not hire, staff with a 51% motion.
Section IV - Clarification of Profit
RSM receives revenue from mining. All operating costs will be paid from these revenues creating post-cost revenues. 5% of post-cost revenues will be used for labour costs and go into the staff fund what remains is profits.
Section V - Re-investment and Dividends
At least 90% of profits will be reinvested into increasing RSM Hash-rate efficiency and/or into other strong growth/profit investments. The reminder will be paid out in dividends and/or used as a share buyback fund. Eventually the full amount for the dividend fund being passed through other suitable investments helping migrate RSM from just a mining corporation to a bitcoin conglomerate. 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.
Section VI - Motions
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.
Section VII - Liquidation
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.
Executive 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.
Business Description
==================
Red Star Mining is a bitcoin mining corporation. We strive to acquire quality mining hardware and process bitcoin transactions.
Definition of the Market
==================
Bitcoin mining enables bitcoin as a currency to function properly and securely across the whole of the internet. See the wiki [https://en.bitcoin.it/wiki/Mining] for a technical introduction to bitcoin mining. Miners who successfully solve a block either individually or in tandem receive transaction fees from the latest set of transactions and a subsidy
Products and Services
==================
While Red Star Mining does suggest some other services we do not have customers in the classical sense. Our provided service is bitcoin hashing and while highly competitive our customer is the bitcoin network as a whole.
Organisation and Management
==================
CEO, Chief Operator & Chairman Matthew Holt (Matthew3h)
Staff
=====
Mining Foreman Canth
CFO Evlovex
Website/PR Guy Chalbersma
Marketing Strategy
===================
In bitcoin mining the best way to "market" your findings is by having a well connected node. It's possible that when RSM acquires enough hardware to make it "solo mining" that we may have to revisit our setup. Until then we will mine only on established/well connected pools to minimize the opportunity for orphaned blocks.
Financial Management
==================
Our broad financial plan includes taking 90% of profits (not revenues) and re-investing it in mining hardware to continually increase our hashing power. Our latest financial details can be found on our company spreadsheet. [https://docs.google.com/spreadsheet/ccc?key=0AolvfZ07D-3SdHBuaGcxRUw3SEkwTzUyVXVqUzRPZFE&pli=1#gid=0]
Tho I did edit a sentence or two and tried to Anglicise it to British English. I'll let shareholders read it over and see if anything needs to be added or omitted then it'll be put up for motion.
September 12, 2013, 10:40:55 AM
New blog update by our new PR officer chalbersma - http://redstarmining.blogspot.nl/2013/09/now-hashing.html - Please add yourself and follow the blog for important news updates.
Hey there!
Thank you for this new press release. Your communication with the shareholders is something that makes me confident this is a good investment.
I already asked on the blog, but not here: are you Dutch?
Dutch heritage but my grandfather was born in raised in Minnesota. Unless your asking Matt then I'll let him answer.
September 12, 2013, 03:19:54 AM
New blog update by our new PR officer chalbersma - http://redstarmining.blogspot.nl/2013/09/now-hashing.html - Please add yourself and follow the blog for important news updates.
Hey there!
Thank you for this new press release. Your communication with the shareholders is something that makes me confident this is a good investment.
I already asked on the blog, but not here: are you Dutch?
September 11, 2013, 03:49:46 AM
New blog update by our new PR officer chalbersma - http://redstarmining.blogspot.nl/2013/09/now-hashing.html - Please add yourself and follow the blog for important news updates.
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