Hey guys, this post is the promised and long awaited update... Sorry we didn't give an exact date (except for "in the weekend") but as you'll read through the post below you'll hopefully understand why.
Anyways, as you can read below it's been nothing short of hell making all these calculations. We can tell you now we've learned a few things over the past few days. We've been busy almost non-stop since the first miner arrived almost 2,5 weeks ago. While we still feel we've made the right choices in how to handle the groupbuys so far we've also seen that running a groupbuy that almost takes 4,5 months to its conclusion (or start) has a few side effects.
This post is quite long due to the many details that need to be taken care of. Reason we waited for so long for this post is that we needed to mine enough btc to be able to correct all the open ends so we can issue all remaining shares and treat everybody equal again.
It all ended up a thousand times more complicated than we at first imagined, mostly due to the fact that we didn't get all the miners in 1 batch as we were expecting. As you know we planned to pickup all the miners in one go to save on shipping costs and ensure we would be the first to mine. Since we received the miners in 3 batches it made it a lot harder to divide the income and make the necessary corrections. To make it worse we made an exception only in GB2 where we deviated from the group principle and said that shares would start paying in order of arrival. More on that later.
First of all the BTC/USD correction. As you know we didn't change the share price during the different GB's because we felt is was only fair to treat the whole group as one in that aspect. The differences on the GB's were (in terms of original Share Price) (you can verify these amounts by looking at the blockchain since all miners were payed from the respective GB addresses):
GB1:
Original share price: 0.5
BTC Correction: 0.03015
Real price per share: 0.53015
GB2:
Original share price: 0.30
BTC Correction: 0.02128
Real price per share: 0.32128
GB3:
Original share price: 0.35
BTC Correction: -0.02077
Real price per share: 0.32922
Because we didn't get all the miners at once (or with a 1-day difference as was promised at first) it took some time to mine the correction for GB2 together unfortunately. Also, we need to calculate the hosting costs for the period of mining without the group being complete.
Between the start of the first miners and yesterday afternoon we mined a total of 204.0262605 btc. This is divided amongst the GB's as follows:
GB1: 143.0184958 (0.000961/ addiction share) (0.096115 / GB share)
GB2: 43.04203684 (0.000434/ addiction share) (0.021695 / GB share)
GB3: 17.96572792 (0.000290/ addiction share) (0.014488 / GB share)
The costs for hosting up until all the miners were delivered were (16th of October):
GB1: -8.149405772 (-0.00005477 / addiction share) (-0.005476751 / GB share)
GB2: -0.814940577 (-0.00000822 / addiction share) (-0.000410756 / GB share)
This totals to the following divs:
GB1: 0.000605 / addiction share (0.060483 / GB share)
GB2: 0.000000 / addiction share (0.000000 / GB share)
GB3: 0.000705 / addiction share (0.035263 / GB share)
In order to be able to issue all shares today we will pay the GB1 dividend normally then issue all shares on GB2 and GB3. The GB3 dividends will be made in a one-time payment to the owners btc addresses. People that indicated they wanted their GB3 shares on bitfunder will be contact thru PM first to ensure we use the correct BTC address.
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Early bird miners on GB2
As was pointed out by several shareholders on GB2, we said in the OP that "early shares would have early advantage" if it would come to that. Well we never expected it to come to that and promptly forgot about it
But we did say we would and we did get some miners on GB2 early.
These 3 miners mined a total of 14.29687217 BTC (out of the 43.04203684 mentioned above). This amounts to 0.01921 per GB share (as opposed to 0.0072060 if we just divide it on everyone). People on the first 3 miners therefore will "miss" 0.012010 per share.
We own 402 out of 744 shares on the first 3 miners and we do not want to make use of this early advantage but instead choose to divide it all on the group. The remaining miners on the first three miners will be payed upon request out of our own pockets (4.107468 BTC). Reason being that if we would have to correct those as well it will become even more chaotic than it already is.
So if you have shares on the first three miners of GB2 and insist on receiving the extra divs you are entitled to because of the above reasons, please send us a PM and we will transfer 0.012010 per GB share on those miners to your btc account.
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Now with above complications out of the way the only thing that remains are the costs for hosting, PSU's and transporting the miners. Hosting will be deducted from weekly dividends. We pay 200eur / miner /month in a state of the art datacenter which so far keeps our miners nice and cool. They also offer free hands-on support almost 24x7 which is a reassuring thought.
The total of the one time costs amounts to 2.685445 per miner(0.00021657 per addiction share). This is divided over the following costs:
PSU: 1.16028 BTC
Transport: 1.44318 BTC
Setup hosting: 0.081981 BTC
The transport costs were a lot higher than we expected. This is due to the fact that we received the miners in 3 batches. Also for the first batch we received notice at 1600 the day before delivery. On the second and third batch we received word the day the miners were ready. We've had no other option but just get the miners by any means possible. We tried to change the pickup to transport but KnC informed us that it was not possible to transport them anymore.
These costs will be deducted in the dividends of the next 2 weeks.
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Last, please don't transfer any addiction share for the remainder of the day. Transfer window will open as soon as all dividends have been paid. Transfers sent so far have all been processed and can be found below. Shortly the list will be completed with private shares from GB2 and GB3. From now on we'll be using Addiction amounts instead of the original GB amounts.
Last version:
http://pastebin.com/JG4PDeZ8Cheers,
Blastbob & Tyrion70
EDIT 09:30 GMT+2
- Bitfunder dividends were just payed
- GB1 Private shares were just payed in two transactions:
https://blockchain.info/tx/68f20a47cfb39ff7a150878d4342a7f06c64cc4cc8216577298c671559016a70https://blockchain.info/tx/d84de7f85ba2e3025f52e26d342bbad002071d07e56feb0a6cfeeb2090dce23c- GB3 Correction for ppl with known BTC address was just payed:
https://blockchain.info/tx/891b9b76c644c46b65712e981a7a1574e9dec429756ac6f11c18bd36e50ddcf2 
