[796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)]

[matthewh3]

A vote may be held on whether two buy two - BitForce SHA256 Single – http://www.butterflylabs.com/product-details/ - that would give us 1.664GH/s for under 200W.  Instead of the two 7970's giving us only 1.2GH/s at 1000W.  What do the shareholders think?

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[Syke]

A well-built 7970 rig is way more efficient that you listed:

2060 Mhash/sec @ 498 watts -- 4.13Mhash/watt  (918 mV, 900Mhz/160Mhz)  (all cards stable)

If you have efficiency concerns, you're better off with a modern FPGA, such as Icarus or X6500. They'll give you double the effeciency compared to BFL.

[matthewh3]

three 7970's at 2GH would easy use 1000W for the full rig so that's 2MH/s per watt.  That new BitForce SHA256 Single is 832W at 80W so if I bought two and a low power nettbook to mrun them that would be 1.664GH/s at under 200W so that's over 8MH/s per watt four times better also I could add many more to the netttop.  Plus the price for two delivered and a new netbook to run them is only £1080 meaning I can sell the IPO funds for only £3.80 instead of the current £4.32.  Also I could issue two-hundred more shares sell the funds raised at the going rate and order one right away meaning we can start mining and paying a dividend as soon as it's delivered.  Once more shares are sold buy the second one then finaly the a netbbok to run them off using my home PC until then.  Two of them boxes running on a nettop/nettbook would only cost £16 a month in electricity for 1.664GH/s.  The original plan which means holding out for £4.32 would have cost well over £50 a month in electricity generating only 1.25GH/s.  So shall I issue 200 more shares used the funds already raised and order one and start mining and paying dividends as soon as it's delivered.  The new plan get's us 1.664GH/s for £16 electricity and we can start right now or do the old plan for 1.25GH/s costing probably nearly £60 a month in electricity and keep waiting for £4.22   

[matthewh3]

If I issue 200 more shares and buy a 'BitForce SHA256 Single' single right now and being able to start paying dividends one week after delivery that would mean you would be getting 4.56MegaHash/s per BTC invested at minimal electricity costs.  That is buy far the best mining returns by any company on the GLBSE.  I would like to issue two hundred more shares and sell the funds raised now at current market rates for BTC and order the first 'BitForce SHA256 Single' you will receive your fist dividend within eight days of it being delivered.  Then buy the second 'BitForce SHA256 Single' then finally the low power netbook/nettop to run them.  I will use my personal PC until then.  Unless everyone objects I will start this plan in twelve hours time.  This new plan means you get 4.56MH/s per BTC invested at minimal electricity costs.  I think you will all be very impressed with that.

[matthewh3]

Update

Just went into RSM and changed our offer to 0.4 we don't have to sell any extra shares then but we be mining in about a week now.  I'm withdrawing the funds from RSM and selling for £3 so we can start mining 832MH/s@80W as soon as it's delivered         

Anyone who was a early investor thank you very much you will start receiving dividends very soon as soon as the first 'BitForce SHA256 Single' is delivered.  That should generate 18.5BTC a month at today's difficulty rates once we have the secound nearly 37BTC a month for £20 a electric.  So once we have the second 'BitForce SHA256 Single' has been paid for and delivered you should receive a weekly 0.0075BTC dividend per share.  You should receive your first weekly dividend at  0.00375BTC per share until the IPO has raised enough for the second unit when your dividends will double.  So the people who got in early for 0.3 their dividends will have paid for the purchased share within forty weeks once we are running two 'BitForce SHA256 Single' and not just one.  The investors who get in at 0.4BTC will have to wait 54 weeks or twelve months until the profits from the dividends have paid for the 0.4BTC share purchase.  They are some shares going for 0.35BTC if your quick!!!

[matthewh3]

Each share you buy in this company will give you 1.664MH/s per share which are now 0.4BTC so 4.16MH/s per BTC invested.  The best deal by far form any mining company listed on the GLBSE.

[matthewh3]

Once we are mining I will hold a vote on whether to issue dividends or save the profits up to buy the third 'BitForce SHA256 Single' which would take us 4 months of mining on two units (the first is being currently ordered).  Although it would take our hash rate to very nearly 2.5GH/s at today's difficulty would give us over 55BTC a month generated which should pay a 0.01125BTC dividend per share a week which are currently only 0.4BTC each in RSM.

[matthewh3]

After both 'BitForce SHA256 Single' and the low power PC have been purchased and we are producing 37BTC a month for the 1000 shares issued a CEO salary of 1% of profits or 1BTC a month which ever is greater will be paid to the CEO for arrangement of paying electricity costs and running the business as a whole.  After we are making more than 100BTC a month profits for the 1000 shares issued this may change.  

[matthewh3]

The first 'BitForce SHA256 Single' - http://www.butterflylabs.com/product-details/ - 832MH/s@80W has been paid for and ordered although delivery may take up to four to six weeks unfortunately but we can start mining as soon as its delivered and paying dividends maybe as soon as only eight days later.  Once the IPO has raised enough the second 'BitForce SHA256 Single' can be ordered and finally the company's dedicated low power PC to run the two units and any additional units the company purchases.  Thank you to everyone who has invested so far and made the first purchase possible.  I'm predicting this first unit to generate over 18BTC a month

[eroxors]

What does this mean?

The investors who get in at 0.4BTC will have to wait 54 weeks or twelve months until the profits from the dividends have paid for the 0.4BTC share purchase.

[matthewh3]

That is just a rough estimate at how long it would take for the weekly dividends to have paid out more than the cost of the share.  Very good returns on an investment.  Also a vote may be held once both 'BFL' have been purchased on saving all profits up to buy the third 'BFL' which would increase profits by 50%.  It would take us roughly four months of mining on two units to save up enough profits to buy the third unit.

[matthewh3]

I deposited 159.6BTC from GLBSE to Intersango and sold for 148.1BTC at £3.05 to purchase the first BFL 832MH/s@80W.  We had 11.5BTC left over plus we have sold more shares meaning we have 27.90BTC in total towards the second unit.  At the current exchange rate we need another 115BTC to buy the second BFL 832MH/s@80W.  So we need to sell another 288 shares at 0.4BTC each to make the second purchase get investing in what promises to be the highest returning profit ratio company listed on the GLBSE.

[eroxors]

The first 'BitForce SHA256 Single' - http://www.butterflylabs.com/product-details/ - 832MH/s@80W has been paid for and ordered although delivery may take up to four to six weeks unfortunately but we can start mining as soon as its delivered and paying dividends maybe as soon as only eight days later.  Once the IPO has raised enough the second 'BitForce SHA256 Single' can be ordered and finally the company's dedicated low power PC to run the two units and any additional units the company purchases.  Thank you to everyone who has invested so far and made the first purchase possible.  I'm predicting this first unit to generate over 18BTC a month and you should receive roughly around 0.0025BTC dividend per share within ten weeks then weekly.  The dividend payment will roughly double once the funds for second unit have been raised by the IPO and it is purchased and delivered.

Is the 832 MH/s pretty standard for this unit when mining bitcoins or is it different for different applications (encryption vs mining)?

[matthewh3]

I'm not sure but I've heard people saying they have reached over 855MH/s@80W and up to 888MH/s@80W if they are kept cool enough to stop automatic throttling of the BFL's.  I live in the north of England so to much heat should not be a problem.  This first unit has been ordered the rest of the funds raised from the IPO will be used to purchase the second and the units own dedicated low power PC finally.  If exchange rates do us well any surplus will be saved for the third unit also once the IPO has finished a vote will be held on whether to save all profits to purchase a third BFL 832MH/s@80W increasing our profits by 50%.  If the vote goes in favour of saving for the third purchase then it would take us around four months of mining on two units to save up enough to buy a third BFL at today's exchange rates.

[matthewh3]

The IPO offer has now changed to 0.5BTC per share (so well done to early investors) due to the fact I've just found out we've got to pay a whopping £180 VAT fees on delivery of both BFL's.  As the first purchase of the BFL 832MH/s@80W cost us £449.15 but because I live in the UK and it's coming from the US we have to pay 20% VAT tax unfortunately.  Although things aren't that bad as we have purchased the first BFL and have enough for it's import duty.  So all shareholders should start to receive a weekly 0.0013 - 0.0025BTC dividend per share within eight day's of the first BFL being delivered and that should double on the receipt of the second unit.  

[matthewh3]

I know the IPO sale has increased in value to 0.5BTC per share but profits have increased from the original plan of generating 27.7BTC a month for nearly £60 of electric to now generating almost 37BTC a month for around £25 of electric.  So the price of the IPO offer has gone up to match the profits on offer.  So once we have both BFL's (the first has been ordered) we should generate ฿36.97 having only to pay a predicted £25 of electric then all the profits are divided between the 1000 shares (currently 374 remaining at 0.5BTC each) and paid weekly.  The first dividend should be paid as soon as the first BFL (which I ordered yesterday) is delivered and run for a week.  I will let you know when I have a delivery date.  Thank you.  Matt.

[matthewh3]

So everyone is getting 1.664MH/s power per share at absolute minimal electricity costs.  Or 3.328MH/s per BTC invested.  I don't think any other mining company on the GLBSE is offering returns as good as that.

[matthewh3]

If we get lucky and customs don't spot our imports then we are half way there to the fourth BFL which will take out hashing power of 1.664GH/s per 1000 shares up to 2.5GH/s per 1000 shares all with an electricity bill hopefully under £30 a month for three units.  2.5GH/s would generate us over 55BTC a month profit at today's difficulty divided by 1000 share but minus £30 electricity first.  Even if customs do sting us for £200 it would only take us about four month mining on the two BFL's to save the profits up for a third BFL taking our hashing power up to 2.5GH/s from 1.664GH/s.  If any of the current shareholders would like to comment on whether we should save four months of profits to buy a third BFL thus taking us to 2.5GH/s or they would just prefer to paid a dividend off the two were purchasing then please say so.  I will arrange a vote on the motion in six to eight weeks time.  Once we have three BFL's 2.5GH/s for £30 of electric it would only take us less than three months to save for a fourth BFL taking our hashing power to over 3.3GH/s for less than £40 of electric.  If we put all our resources into expansion we could very easily be generating over 4GH/s by the end of the year.  At 4GH/s we could be reaching a production of around 90BTC a month at today's difficulty for under £50 of electric.  So what are the current shareholders looking for?  A quick profit or rapid expansion?  If we go for expansion and reach 4GH/s that means we could pay a weekly dividend of around 0.017BTC per share by Christmas  

[matthewh3]

I may issue another 900 shares (1900 in total) and drop the share price back to 0.3BTC.  This would value RSM at 585BTC and raise 570BTC as I will be keeping 50 shares for setting the company up, running the company and paying the first months electricity bill .  570BTC at the current exchange rate would raise around £1750 thus enabling us to purchase three 'BFL' singles 832MH/s@80W (at £450 each + £100 import duty) and buy RSM it's own dedicated low power PC to run the 'BFL' singles. This would take the company's mining power to 2.5GH/s

The very first plan to get two Radeon HD 7970's would have been giving shareholders 1.25MH/s per share or 4.16MH/s per BTC invested.  I am now offering 1.32MH/s per share and 4.27MH/s per BTC invested BUT also at a massively reduced electricity costs.  The old plan with the two Radeon 7970's would have produced 1.25GH/s for nearly £60 a month of electricity costs.  The new plan with three 'BFL' singles will produce 2.5GH/s at £35 a months electricity cost's.  So not only has the the MH/s per share and MH/s per BTC increased the profit in that increase is greatly raised too due to increased MH/s and reduced KW/h.

The CEO salary of 1% of profits or 1BTC a month which ever is greater is going to be used by RSM to buy the company's own shares back for the company.

So I know we have had a lot of changes but they have all been for the better, plus I didn't know if the 'BFL' singles were real.  If no one massively moans I'll change to this plan.  If no one want's any more major share purchases then I'll buy them all over the coming months (already bought nearly 200).  The first BFL single was ordered last Friday (24/02/12).  It will take six - eight weeks delivery.

[matthewh3]

The share price will change at 00:00 UTC back to 0.3BTC unless they are any major objections.  The new plan to purchase 3 'BFL Singles' will generate around 2.5GH/s which is about 55BTC a month between 1900 shares minus £35 of electricity first.