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

[matthewh3]

Following motion created on the GLBSE website:

Continue buying more FPGA's that won't be delivered maybe until September or wait until October to order ASIC's. Yes: continue buying FPGA's No: wait until October to order ASIC's (Please ignore other motion with same date).

The Spartan6 chips in the FPGA's we have already bought have a hi resale value (once there put out of date by ASIC's).  I've seen individual Spartan6 chips selling for £350 each - http://www.ebay.co.uk/itm/XILINX-XC6SLX150T-2FGG676I-FPGA-SPARTAN-6-LXT-147K-676FGGBGA-/260963720288?pt=UK_BOI_Electrical_Components_Supplies_ET&hash=item3cc2a65c60#ht_500wt_1156 - and we have bought eight of them on two boards so we should get some money back on selling them once there out of date.  I've seen Spartan6 development boards going for £440 - http://www.ebay.co.uk/itm/DIGILENT-410-178-BOARD-DEV-FPGA-ATLYS-SPARTAN-/251002775415?pt=UK_BOI_Electrical_Components_Supplies_ET&hash=item3a70ee6777#ht_500wt_1156

Good luck trying to sell them. I don't want to be harsh but I am interested if you can get them sold. Keep us updated !

They won't be sold until there made obsolete for btc mining and development boards with one Spartan6 go for £440 so we should be able to off load them.  FPGA's are reprogrammable so we should find buyers for the right price.

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[steelhouse]

What is the total

Cash: $200
Total Equipment Resell Value (btc):
BTC:
total shares:
final total mh/s on the 3 Spartan boards:
final mh/s per share:
Total Assets(btc):

Seems to me the best thing to do, is run the boards, save everything,  and order the bfl sc in 4 months. Convert the $200 into BTC.  

[matthewh3]

What is the total

Cash: $200
Total Equipment Resell Value (btc):
BTC:
total shares:
final total mh/s on the 3 Spartan boards:
final mh/s per share:
Total Assets(btc):

Seems to me the best thing to do, is run the boards, save everything,  and order the bfl sc in 4 months. Convert the $200 into BTC.  

Cash(refund):$200(30btc)
Total Equipment Resell Value (btc):?(possibly £600-£800 for quick sale[140btc-190btc)won't be sold until made obsolete for btc mining
btc:100btc
total shares: 1800sold(500 left to sell)
final total mh/s on the 2 Spartan boards:1.68GH/s(>2GH/s with ET new bitstream)
final mh/s per share:?(20MH/s a share if we go ASIC off only 2300 shares 1.82MH/s if we stay FPGA)
Total Assets(btc):100btc+500shares=300btc

So 450 new shares need to be sold from the remaining 500 to order the first 40GH/s ASIC in September/October.  Price $1299 + postage + import duties = $1680(260btc).  BFL state they will be shipping in October.

[matthewh3]

OK I will do another motion on not paying any dividends and saving it all up towards the first ASIC.  I'd be happy with that and do a weekly update on funds raised from mining.  At the moment we making ~3btc a week off one board the ModMiner supplier is running for us until he ships our two boards.  So that's about ~30btc by September we could save or about ~42btc saved by October and that's not taking into account our hash rate should soon double on delivery of the boards.

Edit:  Even if our two boards are not delivered until August we could still save up to 100btc by October if we save all funds raised instead of paying weekly dividends.

[matthewh3]

New motion created on GLBSE website please vote

Yes: saved all btc mined to help towards ASIC expansion in October instead of paying a weekly dividend.

No: don't save any mined funds just pay the dividend.

[matthewh3]

There is also OpenBitASIC - (https://bitcointalk.org/index.php?topic=76351.0) - to look at who should have made a new device announcement by September.  If they can offer a better value ASIC (as they state they can) then we will go with them instead.

[matthewh3]

i voted no

I voted yes as long term profits are more important than short term gains.

[matthewh3]

i voted no

Well if it goes that way then we have got to sell 450 new shares of the remaining RSM holdings at 0.40btc before we can purchase the first ASIC.

edit: If we save all mined funds then we only have to sell 200 new shares from the RSM holdings at 0.040btc.

[matthewh3]

for me short term gains is important, i have invested in other long term shares

Yeah but your now only getting 800MH/s soon to be 1.68GH/s.  If we save up then the sooner we will have 40GH/s or 20MH/s share and three months is not a long time to sacrifice for the much bigger dividend in the end.

[matthewh3]

update

we go 2x $100 refund for 2 boards , the tracking code not updated yet.

we have 100 btc in glbse, 502 remaining shares to be sold at 0.40 btc each.

800 mhz board mining at mtred, while we wait for boards to arrive

                 Balance             Processing             Estimation                 
           0.84085339    0.06960800    0.31493138628443

I'm in the process of arranging for a price for a cheap low power reconditioned PC with full warranty from someone I know personally and well.  I think the price will be between £70 - £100.  Using a Atom nettop PC is no good as there not meant to be used 24/7 continually.  If I buy some shares on Wednesday are if we sell some more and/or as well then we will have enough to order a BFL-Single as well.  Lead time is up to twelve weeks but then we would have purchased 2.512GH/s (2.832GH/s with the new ET bitstream) and still have 180btc from 450shares at 0.40btc towards two BFL-Singles.  Meaning we only need to issue 200 more shares 2500 in total for 4.176GH/s meaning at current difficulty we could pay a >0.0064btc dividend per week once we could sell another 700 shares and all the hardware arrives.  4.2GH/s@2300shares if the bitcoin exchange rates stay at there current high value to purchase all the hardware (3*BFL-Singles and 1*PC).

This is excellent news! Please keep up the great job.

Yeah but there is now a motion/vote on the GLBSE website now on whether to save all we got towards ordering ASIC's within three months or to continue ordering FPGA's which may take two months to be delivered.  There is also motion/vote on the GLBSE website on whether to save all funds from mining for the next two to three months to speed up the process of ordering the first ASIC.

[matthewh3]

The ModMiner supplier has now put us two boards online until we receive our two boards.  This means at current difficulty we could save up to 100btc by October towards our first ASIC.  So please go and vote in favour of us saving all mining profits from now until we have ordered our first ASIC.  If we save all mined funds until October we only have to sell 230 new shares from RSM holdings of 500 to order the and fully pay all the fees and taxes for the first ASIC which will take us too 20MH/s a share.  So please go and vote.  I will give an update each week on all funds saved towards the first ASIC.

[matthewh3]

BFL have started pre-orders for the ASIC's.  So we need to sell 232 new shares and save all dividends for a month to order in August.  So please go and vote and buy those shares so we can order a BFL-Single-ASIC at 40GH/s taking us to 20MH/s a share from 1.81MH/s if we stay FPGA.

[steelhouse]

I panicked and sold everything, some at .18.  I think you should convert the $200 into BTC asap.  Hold the BTC, do not try and invest it, thus total you have is 130 BTC over 1800 shares.  Continue to mine and pay dividends.  People bought the company to get a dividend.  Now take the 130 BTC and invest in another mining company when they get their ASIC online most likely in USA to avoid import tax.   I think BTC will rise and December 7th the difficulty halves.  I think around December 20th you should invest the 130 BTC into the mining stocks, giving about 155 mh/s.  The spartan 6s might be sold by then so you get about 300 mh/s per share.     

[matthewh3]

I panicked and sold everything, some at .18.  I think you should convert the $200 into BTC asap.  Hold the BTC, do not try and invest it, thus total you have is 130 BTC over 1800 shares.  Continue to mine and pay dividends.  People bought the company to get a dividend.  Now take the 130 BTC and invest in another mining company when they get their ASIC online most likely in USA to avoid import tax.   I think BTC will rise and December 7th the difficulty halves.  I think around December 20th you should invest the 130 BTC into the mining stocks, giving about 155 mh/s.  The spartan 6s might be sold by then so you get about 300 mh/s per share.    

The ~100btc includes the $200 refund.  There is a motion on the GLBSE website on whether to hold on to dividends only until we have ordered an ASIC which would cost 217btc(plus import tax) but take us to 20MH/s a share.  If we kept hold of dividends until October we could raise up to 100btc towards the ASIC.  So what you would be doing is swapping dividends for two to three months for a bigger share of the 40GH/s ASIC therefore a much bigger dividend.  Otherwise we have to sell more new shares (450) to order the ASIC and for RSM own PC to run the boards.

Anyway there are two motions for RSM on the GLBSE website:

1) save all funds from now on to buy ASIC's or continue buying FPGA's

2)save all dividends towards and to our first ASIC or just pay the weekly dividend.  Therefore we'll buy the ASIC through selling more shares meaning you will get a smaller share of the 40GH/s board

So you will not be loosing your dividends just investing them into buy an ASIC sooner.  Anyway we should be generating ~6btc a week until we buy some more equipment.  If the vote goes in favour of weekly payments then I'll pay them.  If the vote goes in favour of putting it in to an ASIC meaning shares holders get more MH/s a share then I'll publish the accounts each week until we can order.

[matthewh3]

you still didnt do a spreadsheet that you promised to do

We had one but forgot to back it up when I installed Xubuntu 12.04 but all the accounting is buried in the thread as everything is made public.  We've got funds earned from share sales in its own wallet and fund raised from mining in the MtRed wallet.  I'm going to create a public one with Google Docs on funds saved toward's our first ASIC and PC.  Will stick the mining funds raised weekly on there.  With it being saved in the cloud it safe forever.  Just need to look in to how to use Google Docs so the spreadsheet can't be edited maliciously.

[matthewh3]

There is a few BFL-Singles for sale at the moment on the boards.  I'm looking into whether we can acquire one for the 102BTC we currently have.  Then we'd have 2.4GH/s of mining equipment and a $599 refund on a BFL ASIC once there shipping.  Meaning at current difficulty we'd be raising 9.79btc a week before electricity payments(80W@£0.1172kWh)

[matthewh3]

There is a few BFL-Singles for sale at the moment on the boards.  I'm looking into whether we can acquire one for the 102BTC we currently have.  Then we'd have 2.4GH/s of mining equipment and a $599 refund on a BFL ASIC once there shipping.  Meaning at current difficulty we'd be raising 9.79btc a week before electricity payments(80W@£0.1172kWh)

I offered someone $690 of btc held in escrow for them to ship us a board.  We could then use the BFL-Single for mining (meaning 9btc dividend) until we swap it for $600 off a BFL-Single-ASIC.  I suppose it better to have an extra 832MH/s mining and have the chance of $600 off an ASIC then just having that 102btc sat there until we have enough to order an ASIC(and then wait for it to be delivered).  Anyway if the seller agrees a 24hr motion will be held.

[matthewh3]

Start of the Google Docs spreadsheet for RSM - https://docs.google.com/spreadsheet/ccc?key=0Ap02rO_j4NLvdDB2cFRTS0ctVGRHRE5yQ2RfNUZFcUE - it will be updated each Friday with dividends paid or mining funds saved.

[gewure]

i rather say we buy a stake in a biger ASIC-mining venture with the 100 bitcoin.

like BTC-Mining or NASTY

[matthewh3]

i rather say we buy a stake in a biger ASIC-mining venture with the 100 bitcoin.

like BTC-Mining or NASTY

Much as I'm all for mining I prefer coins.  Are they investing in a 1TH/s unit.  If so what do we get MH/s a share.  Also OpenBitASIC will have a European seller meaning no import taxes.