After explicitly setting the address at bootm it works like a charm:
RTL838x# # bootm 0x84100000
Starting kernel ...
[ 0.000000] Linux version 5.4.111 (builder@buildhost) (gcc version 8.4.0 (OpenWrt GCC 8.4.0 r16046-59980f7aaf)) #0 Sun Apr 18 10:06:57 2021
[ 0.000000] RTL838X model is 83826800
[ 0.000000] SoC Type: RTL8382
[ 0.000000] Kernel command line: console=ttyS0,38400n8 mem=126M mtdparts=spi_flash:896K(boot),128K(env),6144K(sys),10240K(usrimg1@main),10240K(usrimg2),4096K(usrappfs),1024K(para)
[ 0.000000] printk: bootconsole [early0] enabled
[ 0.000000] CPU0 revision is: 00019070 (MIPS 4KEc)
[ 0.000000] MIPS: machine is D-Link DGS-1210-28
[ 0.000000] Registering _machine_restart
[ 0.000000] Initrd not found or empty - disabling initrd
[ 0.000000] Using appended Device Tree.
[ 0.000000] Primary instruction cache 16kB, VIPT, 4-way, linesize 16 bytes.
[ 0.000000] Primary data cache 16kB, 2-way, VIPT, cache aliases, linesize 16 bytes
[ 0.000000] Zone ranges:
[ 0.000000] Normal [mem 0x0000000000000000-0x0000000007ffffff]
[ 0.000000] Movable zone start for each node
[ 0.000000] Early memory node ranges
[ 0.000000] node 0: [mem 0x0000000000000000-0x0000000007ffffff]
[ 0.000000] Initmem setup node 0 [mem 0x0000000000000000-0x0000000007ffffff]
[ 0.000000] On node 0 totalpages: 32768
[ 0.000000] Normal zone: 288 pages used for memmap
[ 0.000000] Normal zone: 0 pages reserved
[ 0.000000] Normal zone: 32768 pages, LIFO batch:7
[ 0.000000] pcpu-alloc: s0 r0 d32768 u32768 alloc=1*32768
[ 0.000000] pcpu-alloc: [0] 0
[ 0.000000] Built 1 zonelists, mobility grouping on. Total pages: 32480
[ 0.000000] Kernel command line: console=ttyS0,115200
[ 0.000000] Dentry cache hash table entries: 16384 (order: 4, 65536 bytes, linear)
[ 0.000000] Inode-cache hash table entries: 8192 (order: 3, 32768 bytes, linear)
[ 0.000000] mem auto-init: stack:off, heap alloc:off, heap free:off
[ 0.000000] Memory: 114816K/131072K available (5075K kernel code, 167K rwdata, 636K rodata, 8832K init, 207K bss, 16256K reserved, 0K cma-reserved)
[ 0.000000] SLUB: HWalign=32, Order=0-3, MinObjects=0, CPUs=1, Nodes=1
[ 0.000000] NR_IRQS: 32
[ 0.000000] random: get_random_bytes called from 0x805c0984 with crng_init=0
[ 0.000000] timer_probe: no matching timers found
[ 0.000000] CPU frequency from device tree: 500MHz
[ 0.000000] clocksource: MIPS: mask: 0xffffffff max_cycles: 0xffffffff, max_idle_ns: 7645041786 ns
[ 0.000022] sched_clock: 32 bits at 250MHz, resolution 4ns, wraps every 8589934590ns
[ 0.025762] Calibrating delay loop... 497.66 BogoMIPS (lpj=995328)
[ 0.078065] pid_max: default: 32768 minimum: 301
[ 0.093834] Mount-cache hash table entries: 1024 (order: 0, 4096 bytes, linear)
[ 0.117896] Mountpoint-cache hash table entries: 1024 (order: 0, 4096 bytes, linear)
[ 0.160261] clocksource: jiffies: mask: 0xffffffff max_cycles: 0xffffffff, max_idle_ns: 7645041785100000 ns
[ 0.192334] futex hash table entries: 256 (order: -1, 3072 bytes, linear)
[ 0.215042] pinctrl core: initialized pinctrl subsystem
[ 0.237568] NET: Registered protocol family 16
[ 0.361440] workqueue: max_active 576 requested for napi_workq is out of range, clamping between 1 and 512
[ 0.411241] clocksource: Switched to clocksource MIPS
[ 0.432072] NET: Registered protocol family 2
[ 0.449151] tcp_listen_portaddr_hash hash table entries: 512 (order: 0, 4096 bytes, linear)
[ 0.476806] TCP established hash table entries: 1024 (order: 0, 4096 bytes, linear)
[ 0.502043] TCP bind hash table entries: 1024 (order: 0, 4096 bytes, linear)
[ 0.525258] TCP: Hash tables configured (established 1024 bind 1024)
[ 0.546981] UDP hash table entries: 256 (order: 0, 4096 bytes, linear)
[ 0.568567] UDP-Lite hash table entries: 256 (order: 0, 4096 bytes, linear)
[ 0.592342] NET: Registered protocol family 1
[ 1.371330] random: fast init done
[ 1.486733] workingset: timestamp_bits=14 max_order=15 bucket_order=1
[ 1.531830] squashfs: version 4.0 (2009/01/31) Phillip Lougher
[ 1.550982] jffs2: version 2.2 (NAND) (SUMMARY) (ZLIB) (LZMA) (RTIME) (CMODE_PRIORITY) (c) 2001-2006 Red Hat, Inc.
[ 1.664954] Block layer SCSI generic (bsg) driver version 0.4 loaded (major 252)
[ 1.698822] pinctrl-single bb001000.pinmux: 32 pins, size 4
[ 1.718394] Probing RTL838X GPIOs
[ 1.887696] Serial: 8250/16550 driver, 16 ports, IRQ sharing enabled
[ 1.917944] printk: console [ttyS0] disabled
[ 1.932095] b8002000.uart: ttyS0 at MMIO 0xb8002000 (irq = 31, base_baud = 12500000) is a 16550A
Baudrate switch
[ 1.957394] printk: console [ttyS0] enabled
[ 1.957394] printk: console [ttyS0] enabled
[ 1.967037] printk: bootconsole [early0] disabled
[ 1.967037] printk: bootconsole [early0] disabled
[ 1.979799] b8002100.uart: ttyS1 at MMIO 0xb8002100 (irq = 30, base_baud = 12500000) is a 16550A
[ 2.594972] brd: module loaded
[ 2.600006] Initializing rtl838x_nor_driver
[ 2.604948] SPI resource base is b8001200
[ 2.609577] Address mode is 4 bytes
[ 2.613595] rtl838x_nor_init called
[ 2.622334] rtl838x-nor b8001200.spi: gd25q256 (32768 Kbytes)
[ 2.629139] 8 fixed-partitions partitions found on MTD device rtl838x_nor
[ 2.636890] Creating 8 MTD partitions on "rtl838x_nor":
[ 2.642899] 0x000000000000-0x000000080000 : "u-boot"
[ 2.651911] 0x000000080000-0x0000000c0000 : "u-boot-env"
[ 2.661482] 0x0000000c0000-0x000000100000 : "u-boot-env2"
[ 2.670779] 0x000000100000-0x000000e80000 : "firmware"
[ 2.700479] 2 uimage-fw partitions found on MTD device firmware
[ 2.707316] Creating 2 MTD partitions on "firmware":
[ 2.713042] 0x000000000000-0x000000600000 : "kernel"
[ 2.722007] 0x000000600000-0x000000d80000 : "rootfs"
[ 2.730751] mtd: device 5 (rootfs) set to be root filesystem
[ 2.737395] 1 squashfs-split partitions found on MTD device rootfs
[ 2.744495] 0x0000009c0000-0x000000d80000 : "rootfs_data"
[ 2.753886] 0x000000e80000-0x000001000000 : "kernel2"
[ 2.762877] 0x000001000000-0x000001040000 : "sysinfo"
[ 2.772103] 0x000001040000-0x000001c40000 : "rootfs2"
[ 2.781211] 0x000001c40000-0x000002000000 : "jffs2"
[ 2.792206] libphy: Fixed MDIO Bus: probed
[ 2.805869] Probing RTL838X eth device pdev: 87c99800, dev: 87c99810
[ 2.837194] Found SoC ID: 8382: RTL8382, family 8380
[ 2.842887] rtl8380_init_mac
[ 2.846285] Using MAC 000000e04c000000
[ 2.851297] libphy: rtl838x-eth-mdio: probed
[ 2.967376] Phy on MAC 0: 1cc981
[ 2.981375] Realtek RTL8218B (external) mdio-bus:00: Detected external RTL8218B
[ 2.989702] Firmware loaded. Size 1168, magic: 83808380
[ 3.866119] Realtek RTL8218B (external) mdio-bus:00: Could not patch PHY
[ 3.873825] Realtek RTL8218B (external): probe of mdio-bus:00 failed with error -1
[ 3.882573] rtl8218d_phy_probe: id: 0
[ 4.203751] Realtek RTL8218B (internal) mdio-bus:08: Detected internal RTL8218B
[ 4.212088] Firmware loaded. Size 1184, magic: 83808380
[ 5.040718] Realtek RTL8218B (internal) mdio-bus:08: ERROR: Port 8 not ready for patch.
[ 5.049866] Realtek RTL8218B (internal): probe of mdio-bus:08 failed with error -1
[ 5.365214] rtl8218d_phy_probe: id: 16
[ 5.407956] rtl8218d_phy_probe: id: 17
[ 5.450920] rtl8218d_phy_probe: id: 18
[ 5.493845] rtl8218d_phy_probe: id: 19
[ 5.537005] rtl8218d_phy_probe: id: 20
[ 5.579862] rtl8218d_phy_probe: id: 21
[ 5.622753] rtl8218d_phy_probe: id: 22
[ 5.665310] rtl8218d_phy_probe: id: 23
[ 5.827518] NET: Registered protocol family 10
[ 5.852381] Segment Routing with IPv6
[ 5.856963] NET: Registered protocol family 17
[ 5.862317] bridge: filtering via arp/ip/ip6tables is no longer available by default. Update your scripts to load br_netfilter if you need this.
[ 5.877871] 8021q: 802.1Q VLAN Support v1.8
[ 5.923858] Phy on MAC 0: 1cc981
[ 5.937905] Realtek RTL8218B (external) rtl838x slave mii-0:00: Detected external RTL8218B
[ 5.947303] Firmware loaded. Size 1168, magic: 83808380
[ 6.825929] Realtek RTL8218B (external) rtl838x slave mii-0:00: Could not patch PHY
[ 6.834699] Realtek RTL8218B (external): probe of rtl838x slave mii-0:00 failed with error -1
[ 6.844512] rtl8218d_phy_probe: id: 0
[ 7.163841] Realtek RTL8218B (internal) rtl838x slave mii-0:08: Detected internal RTL8218B
[ 7.173243] Firmware loaded. Size 1184, magic: 83808380
[ 7.984719] Realtek RTL8218B (internal) rtl838x slave mii-0:08: ERROR: Port 8 not ready for patch.
[ 7.994935] Realtek RTL8218B (internal): probe of rtl838x slave mii-0:08 failed with error -1
[ 8.306981] rtl8218d_phy_probe: id: 16
[ 8.349549] rtl8218d_phy_probe: id: 17
[ 8.392430] rtl8218d_phy_probe: id: 18
[ 8.435129] rtl8218d_phy_probe: id: 19
[ 8.477863] rtl8218d_phy_probe: id: 20
[ 8.520881] rtl8218d_phy_probe: id: 21
[ 8.563391] rtl8218d_phy_probe: id: 22
[ 8.605819] rtl8218d_phy_probe: id: 23
[ 8.905648] libphy: rtl838x slave mii: probed
[ 8.947723] > 10000001 10000002 10000004 10000008 10000010 10000020 10000040 10000080
[ 8.956652] > 10000100 10000200 10000400 10000800 10001000 10002000 10004000 10008000
[ 8.965515] > 10010000 10020000 10040000 10080000 10100000 10200000 10400000 10800000
[ 8.974375] > 11000000 12000000 14000000 18000000 1fffffff 0 0 0
[ 8.983234] CPU_PORT> 1fffffff
[ 11.016334] rtl83xx-switch switch@bb000000 lan1 (uninitialized): PHY [mdio-bus:00] driver [REALTEK RTL8218D]
[ 11.030867] rtl83xx-switch switch@bb000000 lan2 (uninitialized): PHY [mdio-bus:01] driver [Realtek RTL8218B (external)]
[ 11.046660] rtl83xx-switch switch@bb000000 lan3 (uninitialized): PHY [mdio-bus:02] driver [Realtek RTL8218B (external)]
[ 11.062432] rtl83xx-switch switch@bb000000 lan4 (uninitialized): PHY [mdio-bus:03] driver [Realtek RTL8218B (external)]
[ 11.078212] rtl83xx-switch switch@bb000000 lan5 (uninitialized): PHY [mdio-bus:04] driver [Realtek RTL8218B (external)]
[ 11.094015] rtl83xx-switch switch@bb000000 lan6 (uninitialized): PHY [mdio-bus:05] driver [Realtek RTL8218B (external)]
[ 11.109809] rtl83xx-switch switch@bb000000 lan7 (uninitialized): PHY [mdio-bus:06] driver [Realtek RTL8218B (external)]
[ 11.125909] rtl83xx-switch switch@bb000000 lan8 (uninitialized): PHY [mdio-bus:07] driver [Realtek RTL8218B (external)]
[ 11.142777] rtl83xx-switch switch@bb000000 lan9 (uninitialized): PHY [mdio-bus:08] driver [Generic PHY]
[ 11.156892] rtl83xx-switch switch@bb000000 lan10 (uninitialized): PHY [mdio-bus:09] driver [Realtek RTL8218B (internal)]
[ 11.172684] rtl83xx-switch switch@bb000000 lan11 (uninitialized): PHY [mdio-bus:0a] driver [Realtek RTL8218B (internal)]
[ 11.188489] rtl83xx-switch switch@bb000000 lan12 (uninitialized): PHY [mdio-bus:0b] driver [Realtek RTL8218B (internal)]
[ 11.204461] rtl83xx-switch switch@bb000000 lan13 (uninitialized): PHY [mdio-bus:0c] driver [Realtek RTL8218B (internal)]
[ 11.220460] rtl83xx-switch switch@bb000000 lan14 (uninitialized): PHY [mdio-bus:0d] driver [Realtek RTL8218B (internal)]
[ 11.236254] rtl83xx-switch switch@bb000000 lan15 (uninitialized): PHY [mdio-bus:0e] driver [Realtek RTL8218B (internal)]
[ 11.252063] rtl83xx-switch switch@bb000000 lan16 (uninitialized): PHY [mdio-bus:0f] driver [Realtek RTL8218B (internal)]
[ 11.278596] rtl83xx-switch switch@bb000000 lan17 (uninitialized): PHY [mdio-bus:10] driver [REALTEK RTL8218D]
[ 11.304183] rtl83xx-switch switch@bb000000 lan18 (uninitialized): PHY [mdio-bus:11] driver [REALTEK RTL8218D]
[ 11.329761] rtl83xx-switch switch@bb000000 lan19 (uninitialized): PHY [mdio-bus:12] driver [REALTEK RTL8218D]
[ 11.355351] rtl83xx-switch switch@bb000000 lan20 (uninitialized): PHY [mdio-bus:13] driver [REALTEK RTL8218D]
[ 11.380932] rtl83xx-switch switch@bb000000 lan21 (uninitialized): PHY [mdio-bus:14] driver [REALTEK RTL8218D]
[ 11.406514] rtl83xx-switch switch@bb000000 lan22 (uninitialized): PHY [mdio-bus:15] driver [REALTEK RTL8218D]
[ 11.432100] rtl83xx-switch switch@bb000000 lan23 (uninitialized): PHY [mdio-bus:16] driver [REALTEK RTL8218D]
[ 11.457685] rtl83xx-switch switch@bb000000 lan24 (uninitialized): PHY [mdio-bus:17] driver [REALTEK RTL8218D]
[ 11.473797] rtl83xx-switch switch@bb000000 lan25 (uninitialized): PHY [mdio-bus:18] driver [Generic PHY]
[ 11.488997] rtl83xx-switch switch@bb000000 lan26 (uninitialized): PHY [mdio-bus:19] driver [Generic PHY]
[ 11.504526] rtl83xx-switch switch@bb000000 lan27 (uninitialized): PHY [mdio-bus:1a] driver [Generic PHY]
[ 11.519634] rtl83xx-switch switch@bb000000 lan28 (uninitialized): PHY [mdio-bus:1b] driver [Generic PHY]
[ 11.533073] rtl83xx-switch switch@bb000000: configuring for fixed/internal link mode
[ 11.542321] DSA: tree 0 setup
[ 11.545881] LINK state irq: 20
[ 11.549518] In rtl83xx_setup_qos
[ 11.553256] Setting up RTL838X QoS
[ 11.557172] RTL838X_PRI_SEL_TBL_CTRL(i): 00033112
[ 11.562539] Current Intprio2queue setting: 00000000
[ 11.568114] QM_PKT2CPU_INTPRI_MAP: 00fac688
[ 11.572935] rtl838x_dbgfs_init called
[ 11.797930] Freeing unused kernel memory: 8832K
[ 11.803189] This architecture does not have kernel memory protection.
[ 11.810500] Run /init as init process
[ 11.815095] rtl83xx-switch switch@bb000000: Link is Up - 1Gbps/Full - flow control off
[ 13.964250] init: Console is alive
[ 14.006220] kmodloader: loading kernel modules from /etc/modules-boot.d/*
[ 14.021113] kmodloader: done loading kernel modules from /etc/modules-boot.d/*
[ 14.044121] init: - preinit -
[ 14.600705] random: jshn: uninitialized urandom read (4 bytes read)
[ 14.763556] random: jshn: uninitialized urandom read (4 bytes read)
[ 17.173682] random: jshn: uninitialized urandom read (4 bytes read)
[ 17.279484] random: jshn: uninitialized urandom read (4 bytes read)
[ 17.553658] random: jshn: uninitialized urandom read (4 bytes read)
Press the [f] key and hit [enter] to enter failsafe mode
Press the [1], [2], [3] or [4] key and hit [enter] to select the debug level
[ 22.192126] procd: - early -
[ 25.338295] procd: - ubus -
[ 25.367986] urandom_read: 1 callbacks suppressed
[ 25.368006] random: ubusd: uninitialized urandom read (4 bytes read)
[ 25.397225] random: ubusd: uninitialized urandom read (4 bytes read)
[ 25.406142] random: ubusd: uninitialized urandom read (4 bytes read)
[ 25.426964] procd: - init -
Please press Enter to activate this console.
[ 26.960770] kmodloader: loading kernel modules from /etc/modules.d/*
[ 26.975467] urngd: v1.0.2 started.
[ 27.137294] xt_time: kernel timezone is -0000
[ 27.259745] kmodloader: done loading kernel modules from /etc/modules.d/*
[ 27.338437] random: crng init done
[ 27.342456] random: 1 urandom warning(s) missed due to ratelimiting
BusyBox v1.33.0 () built-in shell (ash)
_______ ________ __
| |.-----.-----.-----.| | | |.----.| |_
| - || _ | -__| || | | || _|| _|
|_______|| __|_____|__|__||________||__| |____|
|__| W I R E L E S S F R E E D O M
-----------------------------------------------------
OpenWrt 21.02.0-rc1, r16046-59980f7aaf
-----------------------------------------------------
=== WARNING! =====================================
There is no root password defined on this device!
Use the "passwd" command to set up a new password
in order to prevent unauthorized SSH logins.
--------------------------------------------------
root@(none):/#
Full bootlog here