This week's distributed profits are 0.322%, equivalent to 16.8% APR.
Total rewards to delegators, including bonuses, are 0.332%, or 17.3% APR.
Our payouts this week are significantly higher than all but one of the bidbots listed on iSteemd. This again illustrates the advantages of having a managed fund compared to using just one algorithm.
This post will be slightly different to previous ones; am experimenting with making it shorter!
The values below that relate to the Steem blockchain are given as 7-day averages to give a fairer picture of what has happened during the whole week.
Let's lay out the different percentages to make them clearer. These are all calculated in terms of STEEM per SP.
Value of Steemit upvotes = APR 22.6% [1]
Value of Steemit rewards payouts = APR 16.9% [2]
Distributed MAPR payouts = 0.322% (APR 16.8%) [3]
Total MAPR payouts = 0.332% (APR 17.3%) [4]
[1] Theoretical maximum value of Steemit upvotes, assuming 10 full upvotes at 100% power for 7 days, averaged over 7 days and expressed as an APR.
[2] Theoretical value of Steemit upvote rewards, assuming 25% curation rewards, 50-50 split of post payouts and SBD print rate, averaged over 7 days and expressed as an APR.
[3] MAP Rewarder distributed payout sent to delegators this week; this is 85% of our gross income.
[4] Total payouts for the week, including bonus upvotes, free full upvote, free SBI and this week's distribution. This increases our overall payouts to about 90%.
Our MAPR distribution [3] is equivalent to the average blockchain author rewards [2].
Also, the total amount MAPR has given out as distribution, prizes and upvotes, [4] is higher than [2].
Overall, I am satisfied with the results this week, albeit with a small dip in payouts; some thoughts below.
Profits will be paid today to SP delegators in STEEM.
Benefits of Delegating to MAP Rewarder
A new post has been published: Delegating to MAP Rewarder: Benefits for Small SP Accounts
This gives more details on the rewards distributions plus the bonus upvotes, Free Vote Friday and Free SBI Saturday.
Any further questions, please ask.
How to Delegate to MAP Rewarder
To delegate SP to MAP Rewarder, please read our Introduction document and the recent update.
You can also delegate using these links:
10 SP, 20 SP, 30 SP, 40 SP, 50 SP, 60 SP, 70 SP, 80 SP, 90 SP, 100 SP, 500 SP, 1000 SP, Other.
If you do not have spare SP to delegate, then you can still follow our Curation Trail or Fanbase on SteemAuto (or follow us on Steem Voter), and gain some higher-than-average curation rewards.
MAP Rewarder News
I have changed the layout of our numerical data; I hope the different numbers are slightly clearer!
The curator-support upvotes have all been moved to the account 
All our percentages are calculated like-for-like based on STEEM so that these are real returns in STEEM per delegated SP (which is also priced in STEEM).
A reminder that we have two missions: to be profitable to delegators and to support our MAP Curator Trail and thereby improve the quality of posts on Steemit; 5% of income will go to supporting the Trail.
To people thinking about delegating to MAP Rewarder, I have done some analysis about the ability to upvote every undervalued post we find and, in order to do so, we can comfortably manage about 500k SP. We therefore have plenty of room to grow.
Although we do not have a referral system, inviting new delegators will increase income to existing members. The value of the bonus upvotes depends on our SP, so the higher the SP the greater those upvotes will be!
Blockchain News
One thing stands out for me this week: how low the average bidbot returns are, at least those monitored on iSteemd. There has recently been an adjustment made to many of the bots regarding the STEEM price at which they operate; the idea was to calculate a new median price based on the market price rather than using the blockchain price. I've never understood how this was a good idea, and from experience of both sides of the transaction, as both vote-seller and vote-buyer, it looks as if the vote-buyer is getting the better deal. Now, the bidbots are their own vote-sellers, as the upvote comes from their account, so this may explain some of their low returns.
Would be interesting to hear from both vote-buyers and vote-sellers as to their experience since the price-adjustment was implemented.
The SBD debt ratio is currently a whisker below 10%. Both STEEM and SBD are seeing increased volatility this week, so the future movement of this ratio is hard to predict. With the internal STEEM/SBD rate at about 45 cents while the blockchain price is 39 cents means it is currently profitable to sell STEEM for SBD and then convert back to STEEM. This has been profitable for about a week, and reduces the amount of SBD in the system; just be careful if prices drift towards a neutral trade.
I continue to seek new sources of income to supplement our current algorithms. As always, the only certainty is change.
See you next week!
Next rewards distribution will be on Sunday 30 December.
- - 
Please Comment, Resteem and Upvote. Thanks!