Topic: [796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)] - page 49. (Read 120532 times)

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?

Cool thanks 

Hey Mathew,
RSM is mentioned as one of the mining shares in this article.

http://bitcoinmedia.com/crowdfunding-gets-some-back/

Thought you'd be interested in it.

Nefario.

A Mobo, PSU, CPU and two 7970's will be purchased from the IPO funds.  I have put an order in on Intersango for £4.32 with the money raised from all the shares me and a close friend have bought.  A vote will be held when the IPO is over on whether to hold on for £4.32 per BTC or issue more shares.  I have kept everyone else's BTC raised from selling shares in the GLBSE account in case anyone decides they want to leave the project meaning I will put an order in on the GLBSE exchange to buy back all shares purchased for 0.29999999BTC if they decide to leave the project due to the change of plans for expansion.  No one's money will be withdrawn unless £4.32 per BTC can be reached or the vote on whether to issue more shares is held.

Unfortunately the PC being donated motherboard was blown.  So we are now purchasing a new motherboard but one that has 3xPCI Express*16 2.0 sockets to give easy expansion for a third Radeon HD 7970 taking our mining power to over 2GigaHash/s.  Which should generate us around 40BTC a month at current difficulty levels.  To power three cards a 1200W PSU is needed which will cost around £185 for a decent one built to last 24/7 use.  We are also buying 25W dual core Athlon CPU this should save us a lot of electricity thus increasing profits although it costs £50.  The motherboard will cost £95 the PC case and fans are being donated.  So in total the IPO needs to raise £1200 so from the 285BTC generated from the IPO we need to sell the BTC at £4.32 which is very possible.  I have already put in an order on Intersango for that price with all the money me and a friend has used to buy shares.  Once the IPO is completed a vote will be held on whether to hold out for £4.32 or issue more shares to cover the additional costs that will help us to reach 2GH/s very quickly from the two initial cards purchased which will give up to 1.4GH/s.  Also after we have three cards running in the rig I will be looking it to the potential to run USB FPGA boards off the rig.  For any of the shareholders unhappy with this I will be putting in an order to buy back all shares purchased for 2.99999999BTC and will increase the volume of that order as more shares are purchased.  So any existing or new shareholder(s) can sell the shares back at a loss of 0.00000001BTC at any time up to within a week before we start mining or the order for £4.35088 is put in if we decide after the vote to hold out for that price instead of issuing more shares.  Thank you for reading and I hope you don't decide to sell your shares and decide to buy more instead.  If you haven't already decided to get in on this new GLBSE listed mining venture then do so.  The two initial cards should give us 35BTC+ a month and once the third is added 50BTC+ a month then once we start adding USB FPGA boards who knows?
If the shareholders vote decides to issue more shares a extra 500 will be offered meaning we can liquidize the IPO funds for the hardware purchase as low as £2.85058 if I pay the first months electricity my self out of my own pocket?.  If we think a higher price than that can be reached less shares may be offered or the extra final 500 shares offered during the IPO may be at a reduced price but there is no guarantee on that so buy shares while they are still available.  Also if anyone is unhappy with the new plan to enable the rig for rapid expansion to a third Radeon 7970 then I will put an order in on the GLBSE to buy back your shares at 0.29999999BTC meaning you have only lost 0.00000001BTC per share.  I can't put an order in to buy back the shares at 0.3BTC as this would purchase the shares I'm selling.  I hope you stick with us and buy more shares or if you haven't already then get involved.  Thanks.

Do you have future plans of buying BFL Singles? It seems that GPU mining will become less and less profitable soon or later.

Just 3BTC get's you a 1% share in the company and all profits.  30BTC would get you a 10% stake.  At the moment I'm just planning on saving the NMC generated for expansion and paying all BTC generated after electricity costs are paid as dividends weekly.  Although I may put a vote to the shareholders on retaining some extra or all the profits to speed up expansion to buying another rig containing three 7990's.

You don't need to set a password as you generate gpg keys.  There was a thread on this forum about how to set up an account.  I blogged about the thread - http://glbse.blogspot.com/search/label/how%20to%20buy%20shares -  Any more questions just ask here, on the blog or the original thread.

can someone tell me how to sign up on GLBSE

i do not get it

it is asking for password??

391 shares (37% of the IPO) have now been sold raising 117.30BTC within nine days.  Things are going well.  If you haven't done so already buy some shares and if you have look into buy some more. 

Kool thanks 

Just bought some shares. GOGOGO! :-)

I've created a community group for Red Star investors and potential investors on CoinConnect the Bitcoin social network - http://www.coinconnect.org/groups/profile/13713/red-star-mining - Please check it out and join if your interested.

252 shares have now been sold putting 75.60BTC in to the account and leaving 698 shares to go.

Things have being going well with the IPO 24% of the shares were sold within 48hrs of the initial offering of 950 shares at 0.3BTC ech.  So 231 shares have been sold putting 69.30BTC in the GLBSE account leaving 719 shares to be sold during the IPO.  The 69.30BTC generated means were half way to purchasing the first Radeon HD 7970.

The dividends will be paid weekly starting from about two to three weeks after the IPO has finished.

How often will you pay the dividends?

Thanks 

No I'm paying for the PSU and hard-drive out of my own pocket and the IPO is to purchase the two Radeon HD 7970's.

Do I understand right, that beside the PSU and the harddrive no components needs to be financed, so that no deductions of "capital investment return" will be substracted from the mining income?