Saturday, 7 July 2012

Weekly update

23.58btc now in wallet.  ~£180 needed for import tax of ASIC.  ~£100 needed for RSM own PC.  Just over 500 new shares from RSM holding's at BTC0.40 need to be sold to pre-order our next ASIC.

If the shares don't sell I'll put forward the motion to save all the ASIC's profits towards another ASIC and so on.  Therefore making RSM into a growth and expansion company rather than just a dividend paying company until we have 1TH/s of mining power.  Remember RSM is not a bond but a stock and we all own a share of all the hardware.  BTC mining is a rat race and trying to buy hardware to just pay out dividends is very difficult on the small scale of funding we started on for the long term.  The original plan was to buy GPU's last February but if we'd have not gone FPGA and just paid out all profits as a dividend where would we be post ASIC trying to operate on GPU's.  So I think as we are a stock and not a bond we should focus on expansion and growth of our shares in the stock rather than a short lived dividend.  Although once were operating at 40MH/s a share (1GH/s for 10BTC) maybe we could pay 50% of profits as a dividend and put 50% of profits away for growth and expansion.  Please remember RSM is not a bond but a stock and we all own a share of all the hardware we buy.  So while we are not paying a weekly dividend like a mining bond has to that your profits are going on to expansion of the company portfolio only (nothing else) to increase the real value of our shares.

I've bought over 250 shares in RSM my self out of my own pocket and want to grow my investment as much as possible over the long term.  Buying a small amount of hardware just to pay out all profits as a dividend with no growth is a very short term view which RSM can't survive if it operates like that.  As hardware doesn't last forever and along with Moore's Law becomes obsolete.

So another 1700 shares are going to be issued to take us to 40MH/s a share (1GH/s for 10BTC).  I will be taking 5% (85 shares) as payment for being CEO although I won't receive that payment until the 1615 shares on offer have been sold.  If we don't sell the shares offered fast enough for expansion all profits will be saved from mining to buy more hardware.  Until we are operating at 40MH/s a share or 1GH/s for 10BTC then at least 50% - 90% of profits will be saved towards expansion and growth.   The higher the percentage we save for expansion the faster our dividends will grow.

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