Topic: [796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)] - page 40. (Read 120532 times)

+1

Any news of that FPGA announcement you have been promising for weeks now ?

I want to be able to weight my options : Lancelot vs yohan's board vs your mystery board

Thanks !

Yeah but now nearly eighteen hours later only 2.83BTC has cleared.  My router went down Saturday night so we lost over twelve hours of mining so I will pay for the electricity this week out of my own pocket.  So it will be tomorrow (Thursday) morning about 9:00AM GMT/UTC that we have done a full 24/7 week.  I will start to transfer all available cleared BTC to the GLBSE at about 22:30 GMT/UTC tomorrow (Thursday) to pay the first weekly dividend at 00:00AM GMT/UTC (23:00BST) Friday (2012/05/04).  I should be able to fully predict the dividend to be paid in about five hours from now at 00:00AM BST (01:00AM GMT/UTC).

It was mentioned a long while back that after we are operating at or over 2.4GH/s.  I've calculated it and the weekly dividend per share will still be over 0.0040BTC after we have sold enough shares for board #3.  It can be postponed until after we have stopped issuing shares for expansion tho.  As after we have sold enough shares for board #3 I will be putting forward the motion of issuing more shares at an inflated price to purchase board #4 to again increase the weekly dividend per share above ~0.00400BTC.  Then again for board #5 then board #6 and so on so will probably hold off that 2% fee for expansion until after we have stopped expanding by share issues which each time will only be put forward if they increase the weekly dividend.  Also remember each share issue will be inflated in price to match the inflation in dividend for the reason of issuing as few shares as possible.  Which will in turn help increase the weekly dividend.
Also another thing you should know weekly dividends may stop in the long term for monthly then possibly quarterly dividends (tho will increase respectively) due to the amount of time and effort issuing them takes.  Although rest assured not for a long time as I want to build confidence.  Maybe switch to monthly dividends in a years time then quarterly dividends in two to three years times if all is running well and confidence in RSM is high.

Where did u mention the 2% or 1 btc to be used on buy back. Not sure I like that. Would rather dividend than possible higher share price when the price rise is driven buy a buy back. Will u allow share holders to decide the buy back price?

At the moment there is 1900 shares issued (of which only 50 I kept as payment for running the company [tho I have bought more]) to operate over two boards at 1.6GH/s@80W.  Another 400 are being issued (which I will be keeping 5% as payment for running the company [20 shares]) so that will be 2.4GH/s@125W over 2300 shares once we have sold enough shares for board #3.  I have not issued the extra 400 shares yet but will be doing very soon.  With the extra share issue we are hopefully not just buying another board but a RaspberryPi(or cheap low power PC) and a 600W PSU to run the boards as long as exchange rates treat us well.  We still have over 200 shares left from the 1900 once we get down to around only 100 I will issue the next 400.  So at the moment the ~3.5BTC(if it all gets confirmed in time) earned this week will be paid over ~1700 or whatever shares get sold.  So this first weekly dividend could be ~0.00205882BTC per share. Once we have board #2 1.6GH/s@80W over 1900 shares is a weekly dividend of over 0.00333000BTC.  Once we have board #3 2.4GH/s@125W over 2300 shares the weekly dividend will be over 0.00400000BTC per shares (even tho I stated that after we are operating over 2.4GH/s 2% of profits or 1BTC a month [whichever is greater] is going to be used by RSM to buy back its own shares to increase the price and help expand the company.  Apart from that move to expand the company once 2300 shares have sold and we have board #3 I plan on putting forward the motion to issue more shares to purchase board #4 to increase the weekly dividend again.  After that I plan then to put forward the motion for board #5, then #6 and so on each time to increase the weekly dividend.

So it should read like this:
...right?

I'm preparing an overview of the different mining bonds/shares/assets on GLBSE and this is one where information is scattered all over the thread with the operator deciding this and that from time to time (OP reads atm 1600 shares + 700 shares, GLBSE says 1900 shares issued...) so I wasn't sure.

So if I understand it correctly, your mining company will look like this (once all planned hardware arrives):

3 FPGA boards with ~800 MH/s each = ~2.4 GH/s mining power (+ maybe a RaspberryPi as controller)
1900 shares in total of which 5% (= 95 shares) are given for free to the operator for being CEO.
Dividends are paid weekly on Friday, 0000 UTC and consist of all real (not theoretical) mining income of the last week minus expenses (electricity I guess?).

Is the above correct or did I forget/misinterpret something?

Right no one has objected and every one seems posative about it so I'm going to issue another 400 shares (5% [20 shares] of which I am taking as payment for being CEO and running the company) to raise funds for board #3.  Which will take us up to 2.4GH/s and a weekly dividend of at least 0.00400000BTC per share.  

The first board is operating fine @0.51BTC per day the first dividend will be paid 00:00 am GMT/UTC Friday although a full weeks BTC may have not cleared.  Do you want the first dividend paid later in the day or Saturday after a full seven days of mining as been confirmed and paid by the pool or should we stick to that time.  Due to the company starting late I will not be charging anything for electricity this week and also maybe next week as well.

Also I've found out the pool (MtRed) has currently suspended merged mining with NMC but to our benefit the pool is still 0% fees.

I'm not sure but I do know he is getting the parts for the first full production run in about a week or maybe eight days (that's where board #2 is coming from) so probably when he has boards to sell tho I am taking pre-orders to guarantee delivery if anyone is interested.

Then where is the announcement from the "mystery" FPGA firm ?

For all I know you could be mining on a BFL single etc.

Board two will ship in eight to nine days to take us up to 1.6GH/s.  So now everyone agrees with issuing another 400 shares at 0.4BTC to take the estimated weekly dividend up to at least 0.00400000BTC per share.  If the exchange rates stay in our favour this will not only raise enough for another ~800MH/s@~40W board but also a RaspberryPi and a 600W PSU to run the boards.  I will be keeping 5% of this share issue as payment for being CEO.  If no one objects I'll issue these shares in 24hrs time otherwise I'll put it forward in a motion.

No.

Are you using this FPGA here :

https://bitcointalk.org/index.php?topic=78053.20

Board #2 should be shipping within two weeks taking us to 1.6GH/s for 1900 shares.  As soon as we have sold another ~600 shares we can pay for board #3 to take the weekly dividend per share to ~0.00400000.

I can't give out any more info on the boards until they go public unless you want a pre-order and then I want 1BTC just to talk business.  Sorry but they should be going public soon. 

Got some MH per Watt data? Seems to be ~700 MH/s at the moment - what does your power meter say?

It's just arrived 

Without instructions 

So give me an hour or two to get hold of the supplier.

Dude!  Well as long as you don't show anyone it shouldn't matter.

Thanks