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

[matthewh3]

New Motion Created

As the following

To use 3btc of RSM funds to advertise the company for new investment to speen up the purchase of board #3.  With Anonymous Ads I have already donated 0.5btc to test it out.  YES advertise to speed up sale of shares for board #3.  Or NO save the money

[matthewh3]

The board has shipped I have the tracking number and am expecting it by Friday (2012-06-15).  I'm going to start charging £0.89 per board a week electricity once were running on two boards and £1.97 per week for electricity used by my PC to run the boards 24/7.  Once we have the RaspberryPi the £1.97 weekly PC charge will dropped to £0.08 a week.  We don't have enough funds yet to pay for the RaspberryPi and 400W PSU but I am hoping on being able to lend RSM the funds in return for shares from the 0.040btc IPO sale.

I've worked the electricity charges out by 45W*£0.1172kWh*24hours*7days for the boards and 150W*£0.1172kWh*16hours*7days for the PC.

[matthewh3]

Once we get the new boards I'm moving the pool over to p2pmining - (http://p2pmining.com/index.php - https://bitcointalk.org/index.php?topic=66202.0).  As its 0% fees and uses P2Pool so were supporting the bitcoin blockchain diversification.  Also they merge mine BTC, NMC, ixcoin, i0coin and Devcoin blocks.  One of the benefits of using P2Pool is >100% payouts as well as supporting the health of the bitcoin blockchain.  I will continue to donate 0.1% of coins found to support the server.

[senbonzakura]

good

[matthewh3]

There be no dividend this week as we had to send board #1 back to get it replaced with a new Rev4 board.  So two of the new Rev4 boards were shipped on the 9th of June.  On a good note the new Rev4 boards hash at 840MH/s up from 800MH/s and once we have the new bitstream the hashrate will be >1GH/s per board.  So as soon as I receive them we'll be mining at 1680MH/s up from 800MH/s and then as soon as the new bitstream is released >2000MH/s.

[matthewh3]

BFL's ASIC hardware will probably be three times the price and 300% lower specs when there finally released in twelve months.  BFL are just offering the trade in option to suck more buyers in for there FPGA's.  We have been buying Sparten6 hardware not BFL and as for upgrading to ASIC's were probably going to wait for OpenBitASIC - (https://bitcointalk.org/index.php?topic=76351.0) - as it's opensource-hardware therefore should be much cheaper than BFL's ASIC's.  We will continue buying more FPGA's for now probably the ModMiner >1GH/s@50W (with the new ET bitstream) for $1069.  If BFL-Single shipping lead time improves drastically then we may purchase them.  RSM is different then the mining bonds on offer.  We do not offer a bond you buy an actual share in the company, a share in all the hardware we own and a share of all profits.

I don't think ASIC's will be on the market for twelve months yet and I expect FPGA's to be profitable for over two years to come yet at least.  Once ASIC hardware is available for pre-order we will be moving into ASIC hardware but only very slowly and very carefully.  As I expect after the initial release of ASIC hardware I expect there prices to drop drastically and there hardware spec's to improve dramatically.  Also all the FPGA hardware we are buying has quite a high resale price as it can be reprogrammed for other uses.  The ASIC hardware being produced will probably have a very low resale price and even the slightest change to the bitcoin protocol will make them obsolete.  That is why we are thinking of going into opensource-hardware due to the logic its production costs will be a race to the bottom and therefore in the long term more major adoption.  So then less chance of them being made obsolete.

[steelhouse]

Are the boards there yet and mining?

[matthewh3]

I will give an update within 24hrs on the status of the tracking code and on whether it has updated.  If it updates within the next 12hrs then we should have both Rev4 boards between this Friday to Monday.

[matthewh3]

We got a $100 refund because the boards are late and the supplier has put us 800MH/s up for us until the boards arrive.  They also promised to have them shipping by next week.  It would be easier to use a x86 PC over a ARM RaspberryPi and a traditional hard-drive would last longer than a SD card in the Rpi plus you can't use P2Pool off the Rpi on SD card.  Plus I would need a lot of help trying to set a Rpi up
I've seen this 10W Atom PC board for £67.50 -
http://www.ebay.co.uk/itm/Intel-Innovation-Series-D2700DC-Desktop-Motherboard-Atom-D2700-Intel-NM10-Expres-/160806968793?pt=UK_Computing_LaptopMotherboards_CPUs_CA&hash=item2570d79dd9#ht_4881wt_907 -
that is the latest Atom so should keep us going for years to come plus we could do a bit of LTC mining in the background for very cheap.  I know a PC expert who could order that model for us and all the rest of the parts build it all for us and offer us a good warranty.  It would be cheaper than buying one pre-built.  I'll email him on how much for a complete Atom PC ready to go using that board which is the most up to date one.  Or I could get a cheap reconditioned low power PC with warranty ready to go for less than £100 but it would use more electricity than an 10W Atom board.
So what do you think pay more for lower power Atom PC, or a normal cheap reconditioned low power PC for £70-£100 or stick with the £50 RaspberryPi idea.
I really want to use a low power PC over a Rpi as I know what I'm doing with that.  Plus the Rpi runs off a memory card so we can't use P2Pool.

[matthewh3]

Seen this more basic one for £80 - http://www.ebay.co.uk/itm/DELL-Optiplex-FX160-FX-160-Tiny-Desktop-PC-INTEL-Atom-330-1-6Ghz-DUAL-CORE-/330738107839?pt=UK_Computing_DesktopPCs&hash=item4d018705bf#ht_8998wt_1165 - it just needs RAM and a hard-drive fitting.  The RAM would cost about £40 and the hard-drive £30.  So £150 in total.  Or should we stick with the Rpi as the ModMiner Supplier has said he will help me get it running and just mine on a pool that mines off the back of P2Pool?

[matthewh3]

Seen this more basic one for £80 - http://www.ebay.co.uk/itm/DELL-Optiplex-FX160-FX-160-Tiny-Desktop-PC-INTEL-Atom-330-1-6Ghz-DUAL-CORE-/330738107839?pt=UK_Computing_DesktopPCs&hash=item4d018705bf#ht_8998wt_1165 - it just needs RAM and a hard-drive fitting.  The RAM would cost about £40 and the hard-drive £30.  So £150 in total.  Or should we stick with the Rpi as the ModMiner Supplier has said he will help me get it running and just mine on a pool that mines off the back of P2Pool?

As far as I know no one has set up a FPGA farm yet on a Rpi but people have managed to run individual boards or two OK but not on P2Pool because the Rpi runs off SD card.  I could get a cheap reconditioned PC with warranty for £70-£100 but they all have 200W PSU's so will probably using over 100W while running.  So a normal cheap PC (£100) is going to cost us up to £2.50 a week.  An Atom PC (£150-£200) about £0.40 a week.  A Rpi (£45) even less electricity but were not 100% sure it'll be suitable yet. 

[matthewh3]

What I'll do is hold off a while for more info on whether a Rpi FPGA farm is possible.  If not I'll offer my PC expert builder friend £200 for the latest Atom PC built.  The other Atom that would cost us £150 in total come out spring 2008 and the dearer option come out last winter.  If we can get the latest model for £200 built we could make that £50 back in LTC mining.  If its going to cost much more than £200 (I've seen barbones systems for £210 the cheapest on eBay) then we'll go with the older cheaper Atom.

[RaggedMonk]

What is the ticker?  Please put a link to your security's GLBSE page at the top of OP.

[bulanula]

What is the ticker?  Please put a link to your security's GLBSE page at the top of OP.

RSM !

[matthewh3]

What is the ticker?  Please put a link to your security's GLBSE page at the top of OP.

Done.

[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).

[matthewh3]

Taking into account the $200 refund and the possibility of issuing 200 more shares at 0.40btc to purchase 3*BFL-Single's in total at the current exchange rates we now have the following stat's

Summary

1.81565MH/s@0.21739W@1*share to be paid

4.17600MH/s@0.54348W@1BTC invested

1MH/s@0.11905W@0.23946BTC

[matthewh3]

Hi BFL are releasing this in October - BitForce SC Single: a standalone unit providing roughly 40 GH/s, priced at $1,299 - What do investors think on saving all we've got to order one?  It's only three months away and ordering a BFL-Single next week would take two months to be delivered.  We currently have 100btc and 502 shares left to sell.  That will raise 300btc in total we need about 25btc for a cheap PC with warranty to run the units.  So 275@$6.6=$1820.  We would have to pay 20% import duty on US imports so with delivery each BitForce SC Single would cost us up to $1680 leaving us with $140 towards a - BitForce SC Jalapeno: a USB powered coffee warmer providing 3.5 GH/s, priced at under $149 - or as I would prefer and put to motion issueing more shares for a second - BitForce SC Single: a standalone unit providing roughly 40 GH/s, priced at $1,299 - Or similar but better competing ASIC from any competitors on offer.
So I'm putting forward the motion on the GLBSE site to purchase a BFL-Single as soon as we can which probably won't be delivered until September.  Or to save everything we have now got to order ASIC's in October.  What do people think?  We currently have 800MH/s being operated for us by the ModMiner supplier until he can ship our two 840MH/s boards.  There will be a dividend next week again and every week from now on.  If we just bought the BitForce SC Single and the BitForce SC Jalapeno with the two FPGA we have purchased that would take us to 45GH/s@2300 shares or 20MH/s per share.

[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

[bulanula]

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 !