Story about Kenneth Slaughter, Active Mining and Virtual ...
Story about Kenneth Slaughter, Active Mining and Virtual ...
Secretary of State halts investments in Springfield man's ...
Missouri Man Fined $30K Plus Disgorgement for Selling ...
Missouri Secretary of State shuts down Virtual Mining ...
Kenneth Slaughter - Business Profile ZoomInfo.com
ActiveMiner, the crowdsourced restructuring of AMC(mining) and VMC(sales) just paid 0.00001830/share
Disclosure: I'm invested in ActiveMining... However, I consider myself a straight shooter, and am willing to field any questions people may have on this security. The day I purchased BTC was the day that I considered that money destroyed. Picture of VMC Headquarters Bitcointalk Forum Link BitFunder Price Link BTC-TC Price Link It's been a rough start, but I think that ActiveMining is on the right track now. Below is a list of things I have put together about what has been happening: Previously, investing in ActiveMining - rather AMC beforehand, would have been seen as too high of a risk for most. Right now... I'll let you make that decision. I'll start by giving you a pretty thorough rundown of what the hell has been going on the past year. A little about Kenneth Slaughter (CEO Owner):
He's been into Bitcoin since 2009 and has had a BTCTalk account since 2010. He decided to look back into bitcoin in early 2012 and saw that the price was $6.50. He then started putting resources from a contract IT Job into GPU mining equipment. He then took most of the bitcoins he mined in 2012-2013 and purchased 6 Batch 2 Avalon's in February 2013. Needing to pay back to the first investors, he released a small dividend under AMC from profits on G.ASICMINER-PT dividends and the sales of G.ASICMINER-PT shares. This is where the idea of VMC began. He reasoned that you could not count on other manufactures to deliver their products on time or to even continue producing their product. i.e. BFL, Avalon. So VMC was created to provide AMC with a stable supply of bitcoin mining machines.
The contract was originally written something like this:
40,000,000 shares of AMC issued until they make a total of .0005 in dividends per share. Up to 20,000,000 shares would be sold to investors, the rest would reclaim those dividends into a reinvestment fund to pay for future funding.
After the shares had made .0005 in dividends, 60,000,000 shares would be issued to a total on 100,000,000 shares. Those 60,000,000 shares represent Ownership profits (they would not have made anything on the venture up until this point)
AMC would be making its money from mining (100%) and sales of its own chip through VMC (10%)
crash, bang, boom Ken is an engineer and private businessman. In my opinion he had no experience with the dealings of managing a public company or being an underwriter. Having talked with Ken, I could say that he really wanted to get this company off the ground, but he made a few mistakes:
Moved blocks of IPO shares around to different prices
Became very defensive when confronted.
Contract disagreements with investors.
There are others. The gist is, that everything that he could do wrong, he did. Forgivable? In my mind I thought so and still do. To each his own though. I felt that he really wanted his company to succeed. He would later prove this by making MAJOR concessions for shareholders.
After the price of AMC surged from .0005 then to .0008, back down to .0005, then back up to .0008 then to .0014, then to .004, then back to .0025, Ken valuated the company at a higher value than .0025 but decided that it was reasonable to place a second offering of 4 million shares at .0025 to pay for an NRE for AMC's own chip. 1 million shares were purchased, then things started falling apart, mostly, the unfair way the contract was written. Many believed that the contract was screwing the investor out of money by not giving more profits from sales (10% at the time) since investors fronted most of the money. There are more details and grievances left out but this is getting long. I can answer questions about that if you'd like. So, what happened? Ken got together with forum members and worked out a new contract:
ActiveMining owns AMC (mining) and VMC (sales)
25 million shares of ActiveMining TOTAL
The first 10 million shares will receive 100% of profits after costs until the total dividends payed has reached .0025 per share.
Afterwards, the remaining shares(15 million) (Ken and Co) start receiving dividends as well.
So, what plans does ActiveMining have and why is there 4 million shares for sale at .0025 on both exchanges?
They have 6 Batch 2 Avalons mining at 426.53 GH/sbtcguild
Within a month Klondikes will be arriving to add 300 GH/s to AMC's mining operation
AM has 20,000 Avalons chips on order. They have received the 60(30x2) samples and should be getting back their Avalon prototype board by July 23rdReceipt. These Avalon clones, sometime in August, will be hashing at a total rate of 5,640 GH/s
AM is under NDA with eASIC to produce a chip by 4th quarter 2013 that runs at 16 GH/s NDA 1NDA 2
AM needs ~$1 million to pay for the NRE of the chip's development. The faster those shares at .0025 get sold, the quicker the chip gets made. ActiveMining can then start printing them out at cost and selling them.
Storage - Springfield Underground is currently for sale. AM is looking into acquiring it to host all of AMC's mining needs when the need arises.
All in all, I think is has been a learning experience for Ken. Everyone seems appeased at the moment, good things are happening, and I hope this answers some of your questions. If you have any more, let me know and I'll try my best.
*On this thread you will find details from the most important Official ACtM news releases, statements and published facts for easy reference. * Active Mining Corporation (ACtM) is the parent company of Virtual Mining Corp (VMC) and is made up of a team of dedicated Bitcoin mining professionals with over 30 years of combined experience. The current company structure is as follows: Active Mining Corporation Management Team: Kenneth E. Slaughter, CEO/CTO Virtual Mining Corporation Management Team: Kenneth E. Slaughter, CEO/CTO Gerald L. Slaughter, COO/CFO Micah Slaughter, VP Manufacturing Operations Darin Carolus, VP Marketing VMC also has 2 in-house Engineers in San Jose and a Project Manager working very closely with eASIC. ACtM company offices are in Springfield MO - VMC website http://virtualminingcorp.com/index.html eASIC 28nm ASIC Since IPO, ACtM/VMC has been perusing a 28nm ASIC chip with eASIC. http://www.easic.com/ In September ACtM and eASIC released a joint statement: Santa Clara, CA and Springfield, MO – September 4, 2013 – eASIC Corporation, a leading provider of NEW ASIC devices and Virtual Mining Corporation (VMC) today announced that VMC will use eASICs 28nm Nextreme-3 devices to create a series of scalable Bitcoin mining machines capable of generating up to 24.756 TH/s. The above chip roll-out was delayed by ACtM in September due to concerns over ROI with BTC value at only 140 USD and competitors chips at 4-500GH/s. The ACtM chip was therefore returned to the design stage and the result is a more refined and more efficient full custom 28nm device which eASIC are presently in the process of producing. Chip specs will be known shortly. This chip will be available for: bulk sales, the ACtM mining farm, and will be sold in premium high-power machines for retail and industrial customers. This chip is expected in Q3 2014. UMC 55nm ASIC On the 21st January 2014 ActM surprised investors when they published this press release: Springfield, MO and Santa Jose, CA – January 21, 2014 – Active Mining Corporation (Belize) (AMC) a bitcoin Mining and Hardware Manufacture, and People's ASIC a stealth Silicon Valley startup founded by two veteran engineers is proud to announce today the tape-out of their 55 nm UMC Bitcoin Mining ASIC. Simultaneously, AMC has acquired the Intellectual Property for the 55nm UMC Bitcoin Mining ASIC. Delivery of chips is expected in Q2/2014. Also, AMC will use the same design team and code which successfully taped out the 55 nm on AMC's eASIC's 28 nm. This new full custom 55nm project (wholly owned by ACtM) is at a more advanced stage than the eASIC custom 28nm ASIC and has been taped out by UMC. http://www.umc.com/english/process/c.asp This chip will be utilised in scalable bitcoin mining machines capable of generating upto 10.488TH/s. The published specs of the UMC fabbed chip include: 11mm x 11m package, 1.9 GH/s, 2.5 Watts per chip which is 1.315789474W/GH (before Intellihash is applied) This chip will be available for: bulk sales, the ACtM mining farm, and will be sold in budget medium-power machines for retail and industrial customers. This chip is expected in Q2 2014. *Intellihash (TM) * Intellishash (TM) is a unique in-house process designed by ACtM and its engineering team which extends or boosts the usefull hashing life of Bitcoin mining ASIC's. For commercial reasons the full details of this technology are confidential. The process can be applied to ACtM chips and will boost chip lifetime-performance as hash-difficulty rises. The percentage of increased life-time efficiency over a standard ASIC chip is not public knowledge, but the boost is expected to be significant over non-Intellishash capable chips (ie competitors chips). ACtM mining farm With their own mining farm ACtM expect to utilise first their 55nm based rigs which generate 10.488 TH/s and shortly after their 28nm based rigs which generate 24.576 TH/s. Electricity costs for ACtM are stated to be around 0.017 $/kWh. Shares Due to increased shareholder requests to implement a trading solution ASAP ACtM shares will be listed on Hong-Kong based Crytpo-Trade https://crypto-trade.com/ in the next few days. 28/1/2014. All shares on Bitfunder were requested to be tendered to the 'AMC-TENDER' holding account before the closure of BF so that Ken could batch-process them onto a new exchange when one was ready. Any holder who carried out the tender on BF should receive an email notification soon which will lead them to log-in to an auto-created account on CryptoTrade. At this point no account needs to be manually opened. The most recent information on this move is: 'The transfer of shares from AMC-TENDER to Crypto-Trade will be via an automated site. To verify your shares, you will need an email address that you want to register as a account on Crypto-Trade (fine if you already have an account using that email, shares will just be added to that account), the number of shares transferred to AMC-TENDER, and your AMC-TENDER transfer date and time of transfer (from your Bitfunder transfer logs, or from the screenshot you made of the transfer).' For the many shareholders who did not carry out the BF tender (or who do not have the date and time of your tender), you will likely be requested to confirm your identity by signing from your wallet address which you registered on the Bitfunder site before you can access your CryptoTrade account. Due to the manual processing of your shares (not part of the tender batch-processing) you may gain access to your shares sometime after those who did fulfill the tender request. Shareholder guarantee There are a total of 10,000,000 (10 Million) publicly held shares in ACtM that represent interests in all VMC, and ACtM profits. The shareholder guarantee states that these 10M shares will receive all dividends until a total of 0.0025BTC has been paid per share. Currently less than 2% of this total has been paid out. After the 0.0025BTC has been paid to each publicly held share the CEO's holding of 15 Million shares will also begin to receive dividends so that all profits are then shared out equally between the final total of 25,000,000 shares. Ukyo Shares Through his Bitfunder securities exchange and WeExchange processing site Ukyo misplaced, lost or miss-invested over 6,000BTC from the community. ACtM had company funds in both Bitfunder (38BTC approx) and WeEx (70BTC approx) which represented assets raised from the IPO, funds for the purposes of paying dividends, and funds being used to transfer ACtM shares to CryptoStocks via a free transfer option for share holders. (This scheme was in it's very early days and so only a few thousand shares were exchanged to CS before Bitfunder was closed). These monies appear to have been lost and after legal notice was served on Ukyo for the return of these funds no refund was made. ACtM has therefore adopted the rights of lien under Corporation Law to seize Ukyo's ACtM share holdings. Ukyo held approx 232,000 shares in ACtM. These shares are being sold on Crypto Trade solely for the purposes of reimbursing ACtM lost funds and legal fees and costs relating to this case. Once these funds have been reimbursed the remaining shares/raised BTC will be returned to either Ukyo or a rightful third party so that the community can get back some of their lost monies. At the current listed price it is expected that only 5% of the seized shares need to be sold to reimburse ACtM leaving 95% for other parties. However should that listed price (0.01BTC) not be reached, more numbers of shares will need to be sold at a lower price. Pre-order Refunds With BTC savings retained from the IPO, and BTC having appreciated almost 10fold, ACtM has ample liquid assets to refund 100% of all pre-orders plus continue with full production of the 55nm and 28nm projects. Of the few pre-order customers who have requested a refund all have been repaid in full in a timely manner. Pre-orders paid for in FIAT are currently held in FIAT by the company to safeguard this company liability from a fall in BTC prices.
Weekly Update: 1/8/13 Question From VinceSamios: Quote Update Requests: When and Where will we be able to trade shares? Crypto-Trade and ChromaWallet (colored Coins). As soon as we get time to finish the verification interface; however, our core business comes first and working on Intellihash. Quote When is the first batch of chips/boards supposed to arrive at VMC Assembly? Our engineers are still designing our board. We had to change our engineering firm, and learn a few lessons about hiring an engineer firm. We don't have a date at this time. Quote What do you estimate the ActM hashrate be at the end of January, February and March? Due to our inexperience with design, we have had a few set backs; however, we have hired the most competent RTL design team to make sure that when we spin up our chip it will work. They are very competent at Low-Power and getting the most speed from the chip. Quote Do you have any more accurate energy efficiency figures yet? w/GH? Not at this time. Comment From The CEO How I see us going forward is we will get our chip and boards into production as soon as possible. Active Mining is in one of the best positions to take advantage of the Bitcoin network. Once we have our chips and boards in production this year we will be one of only two companies in the world which manufactures Bitcoin mining hardware and also mines. With this combination we have unlimited availability to bitcoin mining hardware only limited by our resources. What I see in the future is bitcoin's exchange rate for USD going to over $10,000 in the next year. If this happens Active Mining with its own chip, our current resources which will be increasing with the exchange rate, and eASIC as our partner will put us in an excellent position to dominate our market. Intellihash will just be an added boost should it turn out to be a game changer. Kenneth E. Slaughter, CEO/CTO Forward Looking Statements: This press release contains forward-looking statements, including, without limitation, statements related to VMC’s future sales and the value of bitcoin and future hashing rates. Words such as "expects" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon VMC’s current expectations. Forward-looking statements involve risks and uncertainties. The company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, economic conditions, customer business environment and inventory levels, government and technological factors outside of our control, adoption and roll-out of products, risks related to ability to capitalize on growth opportunities and markets, risks related to our ability to manage our growth and other risks that may cause our business, industry, strategy or actual results to differ materially from the forward-looking statements. VMC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. Active Mining PR-Staff
In early 2013, Slaughter told the News-Leader he ordered some bitcoin mining machines, created a cooperative and sold stock in his anticipated future earnings. That, he soon realized, was "a very ... According to Kander , VMC CEO Kenneth Slaughter "used deceptive tactics" to fund the development of their mining hardware, promising returns as high as "2,812 percent" on the investment and failing to warn investors of the associated risks. Instead, Slaughter allegedly said that Bitcoin was "highly regulated" at both the state and federal level. limit my search to r/Bitcoin. use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example.com find submissions from "example.com" url:text search for "text" in url selftext:text search for "text" in self post contents self:yes (or self:no) include (or exclude) self posts nsfw:yes (or ... Virtual Mining Corp. started taking orders for its equipment in July, with one recent purchase reaching $140,000, Chief Executive Officer Kenneth Slaughter said. Springfield, Missouri,-based bitcoin mining hardware manufacturer Virtual Mining Corporation (VMC) was ordered to halt operations yesterday by Missouri Secretary of State Jason Kander. According to Kander, VMC CEO Kenneth Slaughter “used deceptive tactics” to fund the development of their mining hardware, promising returns as high as “2,812 percent” on the investment and failing to ...
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