  The Molonglo Observatory Synthesis Telescope (MOST) is an 18,000 square meter
radio telescope situated some 40 km from the city of Canberra, Australia. Its
operating band (820-850 MHz) is now partly allocated to mobile phone
communications, making radio astronomy challenging. We describe how the
deployment of new digital receivers (RX boxes), Field Programmable Gate Array
(FPGA) based filterbanks and server-class computers equipped with 43 GPUs
(Graphics Processing Units) has transformed MOST into a versatile new
instrument (the UTMOST) for studying the dynamic radio sky on millisecond
timescales, ideal for work on pulsars and Fast Radio Bursts (FRBs). The
filterbanks, servers and their high-speed, low-latency network form part of a
hybrid solution to the observatory's signal processing requirements. The
emphasis on software and commodity off-the-shelf hardware has enabled rapid
deployment through the re-use of proven 'software backends' for its signal
processing. The new receivers have ten times the bandwidth of the original MOST
and double the sampling of the line feed, which doubles the field of view. The
UTMOST can simultaneously excise interference, make maps, coherently dedisperse
pulsars, and perform real-time searches of coherent fan beams for dispersed
single pulses. Although system performance is still sub-optimal, a pulsar
timing and FRB search programme has commenced and the first UTMOST maps have
been made. The telescope operates as a robotic facility, deciding how to
efficiently target pulsars and how long to stay on source, via feedback from
real-time pulsar folding. The regular timing of over 300 pulsars has resulted
in the discovery of 7 pulsar glitches and 3 FRBs. The UTMOST demonstrates that
if sufficient signal processing can be applied to the voltage streams it is
possible to perform innovative radio science in hostile radio frequency
environments.

Instrumentation and Methods for Astrophysics