Thursday, 23 February 2012

IPO update about expension

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.

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