[BitFunder] - ADDICTION - KNCMiner - Now hashing at 14+TH!

[davecoin]

Requested my shares be transferred to direct shares.  Awaiting confirmation. 

Thanks for your hard work!

-Dave

[Kokomoka]

I didn't get a dividend on Wednesday the 16th as expected. Is this correct? I am a non-American holding citizen holding shares on BitFunder and I am currently awaiting my WeExchange verification.

[kuriboh]

I didn't get a dividend on Wednesday the 16th as expected. Is this correct? I am a non-American holding citizen holding shares on BitFunder and I am currently awaiting my WeExchange verification.

Is there an regular time every week that divs going to get distributed ?

It has been some stressful weeks for both tyrion and me. KNC didnt make it easy for us.
So we decided that we needed to push the numbers to the weekend, to make sure it all goes smooth.

1. All miners are hashing.
2. Dividends will be paid this weekend, then it will be a regular payout  pattern after that.

Dividens will come this weekend.

[Kokomoka]

Okay thanks, I picked up the post about divis every Wednesday but missed the one about the delay until the weekend.

[hayek]

Hi,

I'm still waiting on shares from GB2. I know I can't use BitFunder anymore but how do we arrange the direct shares? I've PM'd Tyrion but I assume y'all are busy

[hasher87]

its dividend day 

[camu6]

its dividend day  

Maybe they meant next weekend  

I really appreciate your work tyrion and blastbob! But moving dividends around like this, without giving any hard dates, is really not how this thing should be handled :/

At least an announcement of the exact dividend day should be given.

The more transparency - the better.

[CoinFarmer]

its dividend day  

Maybe they meant next weekend  

I really appreciate your work tyrion and blastbob! But moving dividends around like this, without giving any hard dates, is really not how this thing should be handled :/

At least an announcement of the exact dividend day should be given.

The more transparency - the better.

Give them some time to enjoy the weekend with their families.

[philipma1957]

its dividend day 

Maybe they meant next weekend   

I really appreciate your work tyrion and blastbob! But moving dividends around like this, without giving any hard dates, is really not how this thing should be handled :/

At least an announcement of the exact dividend day should be given.

The more transparency - the better.

Please give them time to enjoy the weekend with their families don't panic

the coins are still here

https://blockchain.info/address/1AddiCt8ghkH8zwPpcv8W8SxcQEoGTSJFS       so you are correct panic is not the right option. Patience  would be a better move.   Panic would be at least 2-3 days off.

[sparky999]

They said pretty clearly we would get a lengthy update and divs at the end of the weekend could be any time between now and early monday morning europe time so just wait a little.

[camu6]

I didn't intend to spread any panic.

I think tyrion and blastbob are doing a great job here. Dividends payout beeing cancelled on Wednesday was understandable too, i was just asking for a concrete new dividend day in my previous post.

[philipma1957]

I believe that we should know in about 6-12 hours.

[philipma1957]

in fact the addiction address just earned some more coins

https://blockchain.info/address/1AddiCt8ghkH8zwPpcv8W8SxcQEoGTSJFS


16 plus coins added now at 122 plus

[tyrion70]

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.

-------------------------------------------------------------------------
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.

---------------------------------------------------------------------------------

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.

--------------------------------------------------------------------------------------

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/JG4PDeZ8

Cheers,
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/68f20a47cfb39ff7a150878d4342a7f06c64cc4cc8216577298c671559016a70
https://blockchain.info/tx/d84de7f85ba2e3025f52e26d342bbad002071d07e56feb0a6cfeeb2090dce23c
- GB3 Correction for ppl with known BTC address was just payed:
https://blockchain.info/tx/891b9b76c644c46b65712e981a7a1574e9dec429756ac6f11c18bd36e50ddcf2

[btceic]

Gotta love this!

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.

-------------------------------------------------------------------------
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.

---------------------------------------------------------------------------------

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.

--------------------------------------------------------------------------------------

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/JG4PDeZ8

Cheers,
Blastbob & Tyrion70

Thank you for the update!

You guys are doing a great job!

[Kokomoka]

I bought some shares on bitfunder whilst the company was still awaiting it's hardware. One of my bitcoin addresses is listed on the bitfunder website as owning the shares. I am a little confused as to what category of share I own. Can anyone enlighten me?

[tyrion70]

I bought some shares on bitfunder whilst the company was still awaiting it's hardware. One of my bitcoin addresses is listed on the bitfunder website as owning the shares. I am a little confused as to what category of share I own. Can anyone enlighten me?

Those are GB1 shares in reference to above update. Only the shares from GB1 were previously issued to Bitfunder. We are now issuing the shares for GB2 and GB3.

Cheers,

[philipma1957]

okay I do not understand  my group 2 buy dividend.

 It needs to be direct since I am in the USA.



 I have 25  direct shares at .3 each  most are from the early miners. (20)

 

 So 25 x  .021695   (GB2 div)   =  .542375  btc    if I give away my early money.  


 or   add .2402  ( 20 x .01201 early shares in GB2 ) if I insist on my early money..  


   grand total of .542375 btc    or  .782575 btc      


   the one time price adjustment is   25 shares at  .02128 or  .532 btc  for under paying my shares .  ( I did not realize I owed all this coin) 


 so If I do not insist on the .2402 for my early shares I get zero btc   for my first payment.  Plus I still owe money. Am I correct?



 

[dnaleor]

ok, I received my divident very happy with it

***

Just a question: will it be free of charge to buy or sell ADDICTION shares through the forum? (not on bitfunder) ?
If not, what will be the fee? (its understandable that there is a small fee)

***

So we are hashing at 14TH?  
That means 14000000/148800 = 94,08 MH/ share ?
There was only 28.23MH promised!

Am I correct with this calculation?

Also... 200 EUR cost/miner/month => 28*200/148800 = 0.0376 EUR cost/share/month.
Is this correct?
On which exchange rate do you convert BTC into fiat for paying those costs? Do you buy for exemple a daily/weekly amount of fiat? (for cost averaging purpose) ?

once everything is hashing and the divident issues are solved, can you please answer these questions, as this transparancy is needed to value these shares  (Im also working on my master thesis and would like to include some stocks as an example. As I own some of these shares, it would be nice to include ADDICTION as exemple)

***

Anyway, you guys are doing a great job!
I sold 1/3th of my shares when the value trippled, so every divident is now pure profit

[hasher87]

just curious with this calculation, especially GB1

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)

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)

This totals to the following divs:
GB1: 0.000605 / addiction share (0.060483 / GB share)

143.0184958 (coins mined in GB) - 8.149405772 (hosting cost) = 134.869090028

that would bring a total of at least 0.0009 / addiction share in bitfunder

so why does in bitfunder, it shows up ฿0.00060483 / share instead? with a total  of   ฿75.90616500

tell me whats missing here. is it because part of it went to the direct shares?

PSU/Transport/Setup cost is not counted above, because it is brought forward to next 2 weeks, correct?