Topic: [AMC]-The Official Active Mining Cooperative Discussion - page 154. (Read 223316 times)

Currently the difficulty is increasing about 1 million every adjustment period.  However, AMC will continue adding
hashing power to keep up and get ahead of the difficulty.

The 360 million is predicted at the end of the 24 month period for the projections in our IPO.

Its stated earlier in the document that a difficulty of ~360 million is predicted but it is unclear if this is what AMC predicts for August when it starts receiving its first prototypes or When it has all of its promised mining hardware.

jeez... its really this easy ?
seriously... ?

How is VMC being funded, is it indirectly through this IPO?

^This.

What do you expect the difficulty to be in August?  (w/ asicminer, avalon, and bfl in the mix?)

Yes

And these are for the first machines estimated to go online in August, right?

.b

AMC To Add 160,000 GH/s and Increase Its Revenue To $2,491.14 Per Day

SPRINGFIELD, MO, – May 3, 2013 – VMC a manufacture of the Fast-Hash Bitcoin Mining Machines has announced today that they have purchased enough Avalon chips from the successful AMC IPO to build the first two Fast-Hash-80's for AMC.  The two machines will add another 160,000 MH/s to the cooperative hashing power for a total of 544,000 MH/s.   At the current Difficulty of 10,076,292.88 this will add another $732.69 to AMC's revenue stream for a total of $2,491.14 per day.  AMC is a hybrid mining and development cooperative and a business unit of VMC.

Virtual Mining Corporation (VMC) To Purchase 110nm Chips From Avalon To Build AMC Machines

SPRINGFIELD, MO, – May 2, 2013 – VMC a manufacture of the Fast-Hash Bitcoin Mining Machines has announced today that they have agreed to purchase 110nm chips from Avalon in china with a Group Buy. These chips will be the backbone of VMC's Fast-Hash-80 machines. AMC will be receiving the first 100 machines of each batch. AMC is a hybrid mining and development cooperative and a business unit of VMC.

AMC Declares Special Dividend

SPRINGFIELD, MO, – May 2, 2013 – AMC today has declared a special dividend of .0000001 per share for it members.

No.

Are you any relation to Jessi Slaughter ?

http://www.urbandictionary.com/define.php?term=Jessi%20Slaughter

The consequences for bitcoin will never be the same

Specific Question Above:

1.  Yes, See contract above.
2.  30 Days Written notice, See contract above.
3.  Yes, it could,  VMC has to take AMC's best interest into account.  See contract above.
4.  VMC will be selling machines to the public after AMC first 100.  VMC should be making a profit, which could be used to refund
     to AMC, see contract above.

General Questions:

1.  Yes, See the contract above.
3.  VMC will be selling machines to the public after AMC first 100 of each batch, so VMC will use Pre-Orders from the public and an
     IPO for their operating capital.  VMC was originally considered, thought up, and began investigating possibilities after Avalon first gave us
     3 days notice on their batch 3, the fact that they may not have a batch 4, and BFL delivery date is maybe the end of June.  Also BFL track record
     is not very good.  Avalon is also falling behind a month now on their delivery date.  So VMC was thought up to solve these problems and give
     AMC an advantage in getting the machines, a win for the investors in AMC.

Sorry for the delay in answering you post.  Our estimated delivery on our Fast-Hash-XX series (20-80 GHs) is August 2013.  We are purchasing Avalon chips which they say that can be supplies from TSMC is 9-10 weeks.  We are ready have the machines designed, we just need to spin up the Printed Circuit Boards (PCB)s get the Avalon chips and have them installed on the board.  After we receive the boards we would install them in our already design rack-mountable cases.  The rest of the system is off the shelf components which are readily available.  At the same time we will start our 45nm development project.

AGREEMENT OF UNDERSTANDING

BETWEEN

VIRTUAL MINING CORPORATION

AND

ACTIVE MINING COOPERATIVE



THIS IS A LEGAL AGREEMENT BETWEEN VIRTUAL MINING, CORPORATION A DELAWARE CORPORATION HEREINAFTER (“VMC”), WHICH MANUFACTURES BITCOIN MINING MACHINES, AND ACTIVE MINING COOPERATIVE HEREINAFTER (“AMC”) A  SEPERATE BUSINESS UNIT OF VMC WHICH MINES BITCOINS FOR IT'S MEMBERS.  THIS AGREEMENT APPLIES TO DELIVERY OF PRE-ORDERED BITCOIN MINING MACHINES TO BE PROVIDE TO AMC BY VMC PROVIDED IN ATTACHMENT A WHICH HEREIN IS INCORPORATED INTO THIS AGREEMENT BY REFERENCE.

VMC AGREES TO:
Only use per-order funds supplied by AMC to pay the manufacturer's cost of manufacturing the  herefore said machines to be supplied to AMC.
Deliver the herefore said machines within 60 days of the estimated delivery date stated in the  herefore said Attachment A.
That it has that ability to manufacture the herefore said machines with only the funds provided by AMC.
To do whatsoever is in the best interest of AMC and its members and use its Best effort to provide the herefore said machines to AMC in a timely manner.

AMC AGREES TO:
Provide the funds for the manufacture's cost of manufacturing the here fore said machines to be supplied in Attachment A  to VMC  at least 120 days before the date said machines are to be delivered.


TERM  
This Agreement is effective until terminated.  VMC or AMC may terminate this Agreement by giving
the other 30 days written notice and VMC returning to the other any funds not used or needed in the manufacture of the said machines to be supplied in Attachment A and AMC paying any cost that VMC may have accrued from AMC.  After termination of this agreement if any funds have been used to order parts for the manufacture of the said machines to be supplied in Attachment A, said funds shall not be refunded to AMC, however AMC will have the option of VMC transferring the parts to AMC or letting VMC use the said parts in manufacture of other Bitcoin mining machines.  If the said parts are used in the manufacture of other Bitcoin mining machines, then the cost of said parts will be refunded to AMC within 30 days.  AMC shall take a vote of its members with each member getting one vote for each share that they own on Bitfunder.com to determine the above option.


GENERAL PROVISIONS
Entire Agreement.  This Agreement sets forth the entire understanding between VMC and AMC with respect to the subject matter hereof.  This Agreement may be amended only in a writing signed by both parties.  No vendor, distributor, dealer, retailer, sales person or other person is authorized to modify this Agreement or to make any warranty, representation or promise which is different than, or in addition to, the representations or promises of this Agreement.

Other.  No waiver of any right under this Agreement shall be effective unless in writing, signed by a duly authorized representative of SplendidCRM.  Failure to insist upon strict compliance with this Agreement shall not be deemed a waiver of any future right arising out of this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina. The parties agree that sole jurisdiction and venue for any dispute relating to this Agreement shall be in a state or federal court in Wake County, North Carolina. The United Nations Convention on Contracts for the International Sale of Goods is expressly excluded and shall not apply to this Agreement.   If any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, such provision shall be fully severable, and this Agreement shall be construed and enforced as if the illegal, invalid or unenforceable provision had never been a part of this Agreement.  You may not assign or transfer this Agreement, and any such attempted assignment or transfer shall be null and void.  The prevailing party in any action to enforce this Agreement shall be entitled to recover its reasonable attorney’s fees from the other party.  



Virtual Mining Corporation                 Active Mining Cooperative
                                                    a Business Unit of VMC.

___________________________         _____________________________
Kenneth E. Slaughter, CEO                 Kenneth E. Slaughter, Managing Member

Attachement A:  https://bitfunder.com/asset/AMC

VMC for its Fast-Hash-XX series will be purchasing chips from Avalon.  Avalon has said that the chips can be provided in 9-10 weeks.  VMC has already done the design work
on all the other components of the system.  VMC will use  a low volume production method for the PCB to have them ready when the chips arrive.  The chips will then be
added to the board.  Estimated to be delivered August 2013.  The investors will start receiving dividends as soon as the 6 Avalon get here and AMC receives revenue from them.

Hash Rate Question:

From the AMC Offering:

Estimated as of this writing with 40 times the current Difficulty of 8,974,296 or
a Difficulty of 358,971,840 (~6,903,305 per difficulty adjustment) and a decline
in profitability of .61 per year.

End AMC Offering

We have been very conservative on our projections.

See complete offering here: https://bitfunder.com/asset/AMC

Apologies if this is answered elsewhere, I saw some dates in the original post but I'm not sure if they are right.

How quickly will VMC be able to deliver the hardware that they are creating?  If looks like BFL is finally shipping some units so that will begin to have a big impact on hashrates and therefore the profitability of AMC.

I never said that AMC was a bad investment. I asked questions, told you my impressions based on the information available to me, then I asked more questions. Those are questions that other people might have as well, so if anything, by posting those logs I'm saving you time. I'm not trying to campaign against you and I wish you luck.