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Wait a minute, the knob does not control speaker volume? The speaker connection binding posts' output is not controlled? And neither are the RCAs, I assume. So connecting a powered subwoofer won't work? Oh my. I guess I'm cancelling this drop then.
The volume knob controls the volume at the headphones and at the speaker binding posts. When you insert the headphones into the jack, speakers mute automatically. This is all as expected.
However, the output RCA jacks are always at high volume by default, they are bypassing the volume control knob. The thought there was to let you use an external amp if you have one and use its volume knob for adjustment. This let's you use the DACmini primarily as a DAC, and a great DAC it is.