Weekly Update 12/18/13


Crypto-Trade:

I have all of the legal issues worked out, and I am programming them into the verification site.

VMC:

We are working with eASIC and our engineers to get our chip and boards in full production.

We have stock piled all the hardware to build the miners and we are per-assembling the miners.

Weekly Update 12/11/13


Crypto-Trade:

Still working on the verification program, which should be finished this week.  After the verification program is finished we will have a time where shareholders will be able to verify their shares.  After that we will move this batch over to Crypto-Trade and start trading.  Lagers will still be able to verify there shares and will be moved to Crypto-Trade in batches.

VMC:

We are continuing to bring in all the parts for mass production of our miners.

AMC:

We will be using a minimum of 50% of our manufacturing capacity to build miners for AMC's mining farm.

We are going to try and give a weekly update on Wednesday of each week
to keep all of Investors up to date on our progress.

First, Ken will be taking all of the AMC-TENDER transaction and adding
those transactions to a database.  This database will be used to verify
your shares.  Once your shares are verified, they will added to the
queue which will be used at Crypto-Trade to create your account.  As
your account is created on Crypto-Trade the number of shares verified
will be added to your account.  If you already have a Crypto-Trade
account using the same email address used to verify your shares, then
the shares will just be added to that account.  The procedure when ready
will be posted in our Announcement the thread.

Active Mining PR Staff

Weekly Post

We are in the process of hiring a PR firm to help us keep all of our Investor and Customers up to date on the progress of
Active Mining.

We have received the Avalon refund and we are holding it in reserve for expenses for engineering the PCIe boards.

After the eAsic announcement and the price reduction on our Fast-Hash editions of machines we have seen an major increase in sales.

We will start announcing our sales figures after the 15th of the month for the previous months sales.  This gives time for the sales at the
the end of the month to complete.

Here are the August sales:

Total           $89,969.00
Average   $2,902.23

Edit:  The above sales figures are the actual revenue received.

Edit: Added July Sales:

Total             $20,495.00
Average        $661.13/Day







Active Mining PR Staff

Link to official Press Release: http://virtualminingcorp.com/pr130904.pdf

Avalon update-

Ken has requested of Yifu to refund his orders for Avalon chips:
ORDER   DATE   STATUS   TOTAL
#10473  June 1, 2013  Sample-chip-shipped  782.10 for 1 item

#10409  May 28, 2013  Sample-chip-shipped  782.10 for 1 item

The Advisory Board

Hello everyone, I wanted to bring you a special update regarding the formation of The Advisory Board to ActiveMining!
 
First we would like to thank everyone who submitted a request for board seat consideration, we received a steady supply of submissions and it was nice to read through all of them.  There is certainly a lot of talent in this community that is eager to assist and be part of the process.  We were a bit overwhelmed with the level of interest showed by shareholders in those first few hours of the announcement.  When the cutoff day hit, we knew there was going to be a lot of work, thought, consideration and debate over who this board is going to comprise of.  It is because of this, and the sheer number of individuals interested in forming The Advisory Board, that we have determined a function for all key, invited, large shareholders to be part of the process whether they are on the board or not.
 
Monthly shareholder meetings will be held for all qualified, vested shareholders to take part in with The Advisory Board as it is formed, and Ken directly.  We feel this will allow for further transparency, but also give each of you who are deeply invested in Active Mining a voice in the process.  There was a number of substantial applications who we felt can represent all shareholders of ActiveMining through these meetings.
 
When the board was first conceived we knew we wanted it to contain individuals who have skills and expertise in relevant fields.  The size of the board was one of debate, we didn’t want the board to be to large that communication breaks down with each member positioning to have their point heard.  As well, we didn't want the board to be small and limited in functionality.  Background, personality, interests vested, conduct and professionalism were all important factors in selection.  When taking all of this into account and reading all of the publicly available content outside of just the applications themselves, we felt like we were in a strong position to determine who would be on The Board.  With all of the material and knowledge in hand, we have formed The Board as such:

Vbs (Electrical/Electronic Engineering; IT)
ArcticWolf (Telecommunications Management, Electronics)
lewicki (Software Engineer, Web Developer)
lolstate (Entrepreneur; IT consultant)
ffssixtynine (Software developer; Business owner)
Streets 2.0 (Server Infrastructure; Public Relations)

This Advisory Board of member’s, its expansion and contraction, will be considered and allowed for in the event that a board member needs to step out, but to also enable others to step into a board seat when the value is needed.  This Board is an invite, we do not want anyone to feel locked into a position when they may need to focus their attention elsewhere.  We also do not want others to feel that there isn't the potential for them to be part of the board as it evolves.
 
 
Monthly Shareholder Meetings:

A schedule is still to be drafted for the Monthly Shareholder Meetings and will be released soon.  Below are a few questions I anticipate regarding this process.
 
How can I take part in the monthly ActiveMining meetings?
Any shareholder with more than 100K verifiable shares can apply to attend that monthly meeting with The Board
 
What if I do not own that many shares in ActiveMining, is there a way I can still attend?
We have considered this and will be sending out invites to select interested parties who have displayed interest as well as critical qualities that were considered for board positions.
 
How do I prove I own the required amount of shares?
On Bitfunder you can sign your address tied to your account.  On BTCT proof is a bit limited, a screenshot may be the only option at this point until Burnside has a better feature such as what Bitfunder employs.
 
What purpose will these monthly meetings serve?
The meetings will allow for orders of business to be discussed, new orders of business and questions to be answered as best possible.  They will also give larger shareholders the ability to engage the board members and Ken directly.
 
How will these meetings be structured and where will they take place?
Initially these meetings are going to only take place on IRC in a private channel on freenode.  The meetings structure will be controlled and orderly.  Each member in attendance will have the ability to bring questions and orders of business to the platform so that they may be addressed and discussed.  Of course, professionalism is expected in these meetings.  A more detailed format will be shared at the first meeting with the shareholders.
 
I have to apply to take part in each monthly meeting?
Yes and no.  What we would like to accomplish by this is prior to each meeting be able to verify that everyone taking part in the shareholder meeting(s) is a vested shareholder or someone that has been invited and wants to attend.  We certainly want to minimize disruption in these meetings, breed a constructive environment and operate in a manner suitable for all shareholders taking part.
 
Why is ActiveMining opening up shareholder meetings?
A monthly meeting with the large shareholders was something that had been discussed previously, and when we received all of the requests for board seats, it became clear there was a need for these meetings.  There are too many influential, creative minds that inquired and we would like for there to be a format for dialog.


More to come!

We received sample chips, those are the chips we are testing with currently.  All of that early information most already know is found in the Overview and Speculation thread, first post.

Update:

I wanted to give everyone an update and formally introduce a structure for news releases and updates.  

Firstly, the Board is nearing the final stages of completion; we still have a few more people to speak with before the final makeup of the board is carved out.  Please remain patient, it was never going to be a process where applicants submit and we determine the board immediately.  We still need to do some research on a few remaining applicants and some potential discussions with the candidates we have identified.  For the few I have contacted, you know who you are and probably now understand this is a process.  Like them, please remain patient, I cannot stress this enough.

Secondly, the repeated requests for updates.  As I said two days ago, we are focused on the tasks at hand and nothing is going to waver from that front.  There will never be daily Q & A sessions, and I wish everyone could understand why this is.  If we spent all of our time addressing the legitimate (and frequent illegitimate posts), no concrete, structured, easy to understand and read, information could be released.  It would fall further into a mash of posts, news and not news worthy contributions.  However, I am, and always have been, on freenode #ActiveMining for up to 8 hours each day.  If you have questions or concerns that you would like answers to I will answer them as best I can.  These threads for Active Mining on Bitcointalk have descended into back and forth off topic discussions and distractions.  It is hard to sift through what is legitimate and what is just banter, also there are questions that just cannot be legally answered at this time.  When the cloud is lifted around our partnerships, more news can be released with regularity, as I mentioned before.  At that point, I will be doing weekly updates, whether there is ground breaking news or not.  My aim is to keep everyone informed as best as humanly possible.

Third, functioning in a PR role for ActiveMining is not just a few minutes per day of answering questions and releasing news, it has morphed into full time.  Believe me I am not complaining, I just want to paint the picture for you; I would like to note, I am not being paid for my services.  Ken and I have an agreement, nothing more, and no compensation is changing hands.  I took on this role in an attempt to quell fears, uncertainty and doubt, but also to assist in steering the PR facing side of ActiveMining in the right direction.  There is still a lot of work to be done.  I meet or speak with Ken on almost a daily basis, help formulate an opinion held by the majority of shareholders and communication, assist in the board formation, and take on a further role outside of just being a PR mouth for ActiveMining.  It is not simply just a few minutes a day job.  All of the information I receive is from the CEO, and whatever he can release to me or allows to be released is passed along.

Prototypes:

These are still in the testing phase.  The image I have received since the initial pictures of the Engineers working on the boards was late last night.  The screenshot can be seen below of cgminer and one of the prototypes hashing at 66% capacity.  There was a problem with the UART, but it has too been resolved.  The Engineers are operating on the design specifications released by Avalon and are making progress.  The goals for the prototypes are still the same as when we first set out for them to be built.  This image, and the ones posted earlier, is all that I can publish thus far.  I expect to see more as we come closer to completion.

http://i42.tinypic.com/15mb9y1.jpg

The one thing I want to convey to you zumzero, and to all that follow ActiveMining; this is exactly what I am working to accomplish and also what I want for all of us shareholders.  At this point in time, it is day to day and there are a lot of hurdles to overcome.  The information flowing to me is the same, converting funds to close the NRE, communicating with the Engineers regarding the clones, waiting for our Avalon chips, etc.

When the first corner is turned the weekly scheduled news will be much easier to release and have more substance.  Once a week news worthy posts can be accommodated when this ball is rolling further.  Right now we are sticking to the first four goals: finalize with eASIC to start chip production, finish construction on the prototypes (need those Avalon chips), get the Klondikes in, and form The Advisory board.  

This is clearly fake, Stuartuk is not affiliated with ActiveMining and his account was probably hacked.

AMC Tender and Dividends missed

Hello everyone, quick update on the tendered shares dividends.  Ken is having some issues getting those dividends paid out to your shares that were tendered to AMC-TENDER on Bitfunder and BTCT. If you tendered shares and did not receive dividends on those tendered shares please send an email to tender@activeminingcorp.com with the following information below.  Thank you!

Exchange:
Username on the Exchange:
Date of Dividend Missed:
Total Number of Shares Tendered:
Total amount of dividend in BTC:
Receiving address for BTC:

Example:
Exchange: Bitfunder
Username: ActiveMining-PR
Date of Dividend Missed: August 31st
Total Number of Shares Tendered: 6000
Total amount of dividend in BTC: 0.03444 (6000*0.00000574)
Receiving Address for BTC: 

Thank you to everyone so far who have submitted a board seat request!  We didn't give a specific end date for applications because we were not sure how much interest we would garner.  Due to the overwhelming response, I would like to close the window for application submissions at 11:59pm on Sunday August 11th (EST -5).  Come Monday I will compile an easy to read document of all the apps for Ken to read.  Thanks again!

I am not an electrical engineer, and wish I could supply a proof positive answer.  Fear not, I have an inquiry out seeking answers to those questions.

As more progress is made, demonstrated and released, that time line will become more and more clear to all parties involved.  As a note, I will still do my best to keep the Overview thread up to date as much as possible in the first post.  I probably will not be posting anything other than editing that OP from the Streets 2.0 account.

The website is certainly something that is on the list, but not top priority.  At current pass, functionality is all that we require in this moment.  I can agree the website needs a makeover, and it will receive one in due time.  The current timeline on high priority items consist of eASIC, prototypes, Klondikes and formation of the board.  Once those objectives are completed, an improved website will be in line for priority consideration. 

Active Mining is taking Board Applicants

Objective:  To receive applications from shareholders and to determine the makeup and foundation of the Advisory Board to Active Mining Corp.

Summary:  It is envisioned The Advisory Board will have duties in an advisory role for each member of the board to Active Mining Corp and its CEO.  This is not a membership to obtain insider information; this purpose is to establish a functioning advisory board of members.  The Advisory Board will provide valuable feedback on decisions and give advice on the direction of Active Mining.  A Board adviser will be required to act professionally in public, meetings, as well as meet a code of ethics.
  
If you feel you qualify to be on The Advisory Board, please submit your application to me in the format seen below.  Ken and I will go over each application together and carve out the formation of The Board.

Name:

Forum Name:

Location (Time Zone):

Active Mining shares owned:

Summary of qualifications and background:

Are you willing to expose your identity to the board if accepted?

Are you willing to sign legal documentation such as an NDA with Active Mining Corp?

Other order of business

It has been pointed out that Google was informing visitors of VirtualMiningCorp.com that the site was detected for malware.  Google was displaying a malware warning on our VirtualMiningCorp.com main page.  The site was not in any way compromised, the code that Google was complaining about was in our template from the beginning.  The code has been changed to not include the links that Google was complaining about, and the warning is no longer present.  Thank you to those who pointed this out!

Hello everyone, I have a small update to share.  I Spoke with Ken this morning, and I wanted to pass along some information.  Once the prototype arrives in Springfield, Ken will get some pictures for me to post to the community forum.  Also, he is still working on a few problematic transfers, which he is trying to get finished.  So if you are one of the very few people still waiting on shares to transfer, please hold tight, they are being processed.

The Advisory board:

A rough draft for the initial Advisory Board and its members has been completed, based on valuable personal expertise and knowledge to the proper functioning and future directions of ActiveMining.  Regulation is being discussed for how to provide the best service to all shareholders of ActiveMining through the board. We also want to define mechanisms to help gather the opinion of large shareholders with significant expertise on the possible directions of the company.  The names of the members on the Advisory Board will be released when the legalities are finalized and responsibilities determined.

Who is ActiveMining-PR?

There have been some questions as to who the PR person is for ActiveMining and what their credentials are.  The name I previously went by on BitcoinTalk was Streets 2.0.  Ken contacted me and professed a desire for an active PR management presence on the forum.  In numerous talks with Ken and others, it was decided I would act as a liaison for communicating all important news from Ken to the shareholders. The objective is for communication to be expedited and more concise from here forward, taking into consideration that Ken will progressively have less time to focus on the forum discussion itself.

I would like to ask everyone to please not private message any questions or concerns to the previous account Streets 2.0 regarding ActiveMining, they will not be responded to.

As much as we would like to tell you about eASIC, we cannot at this time due to an NDA. Rest assured, once eASIC news is fit for public dissemination, it will be released.