How Much Steem Power Does the Blockchain Distribute Every Day?
Anyone who is following my blog knows that every so often, I go into number crunching mode. It's not the numbers that fascinates me, it's the insightful conclusions that are interesting to me.
Steemit is an Amazing Platform
For most Steemians, we watch these tiny increments of rewards trickle in, little by little. But added up entirely, how much does the STEEM block chain reward each day to it's users? Let's find out!
SteemDB.com
This is an excellent resource, disclosing valuable information about the reward pool and reward distribution.
If you've never visited the site, check it out. Both for general information or specific information about your account.
Reward Distribution
Most people are unaware of exactly the forms of rewards that are distributed:
- Curation Reward
- Author Reward
- Comments Rewards
- Interest Rewards
- Witnesses Rewards
What are these?
Author and Comment Rewards
Most Steemians are familiar with Author Rewards and Comments rewards. This is when you receive an upvote and after 7 days, you are paid from your post or comment. Usually, the author receives 75% of the value, divided up into STEEM, SBD and STEEM POWER.
STEEM POWER Curation Rewards
Generally, 25% of the post and comment rewards are paid back to the voters in proportion to their upvote value. It is rewarded as 'Vests', more commonly known as STEEM POWER. For most Steemians, this is very low, like 0.001 or 0.002 SP. Powerful accounts can earn larger curation rewards to increase their upvoting value.
STEEM POWER Interest Rewards
Everyday, additional 'vests' or SP is rewarded to users who have chosen to 'power up' their account rather than cashing out. Interest Rewards are distributed daily based on the amount of SP that is in an account. If you go to a whale's wallet and watch the SP long enough, it will suddenly increase slightly for no apparent cause. This is an interest payment. Most accounts have so little SP that they don't really participate, but once you get over 1000 SP, it begins to be traceable.
STEEM POWER Witness Rewards
These rewards are trickier to track, as they don't pay out in the wallet history. But it works like this: a witness runs and maintains a computer 'node' that helps run the blockchain. There are 20 full time witnesses who produce one 'block' every 63 seconds. Each 'block' is compensated with 0.194 STEEM POWER per block. That's 1300 blocks per day, over 250 SP per day! Other witnesses are compensated at a higher rate, but receive less blocks. A rank 50 witnesses generates about 20 blocks a day at 0.970 SP per block, so they are rewarded just under 20 SP per day. Not too shabby! But if your node is not working and misses blocks, you miss the reward and will likely drop in position as people remove their vote for you.
BTW, if you are not aware, the Steemit community decides who ranks as a witness! https://steemit.com/~witnesses
Please note: this information on witness rewards may be based on outdated information, please let me know if this is the case in the comments.
How much do each of these reward daily?
This is where Steemdb.com comes in. This shows us the total STEEM POWER rewarded over 30 days under these categories.
We can find out where the most 'vest' (STEEM POWER) is coming from. Shown in the graphic here is Mega-Vests (MV) and Giga-Vests (GV). The number is given below to convert to STEEM. This is also the amount (492.742 SP) required to graduate from being a 'red fish' and grow to 'minnow' status.
The chart below shows monthly rewards as 'vests', STEEM POWER and USD
STEEM PRICE 7/6/18 from coinmarketcap.com
| Curation | 569,314,000 vests | 1,155,399.78 SP | $1,883,301.64 USD |
|---|---|---|---|
| Author | 2,258,000,000 vests | 4,582,519.56 SP | $7,469,507.37 USD |
| Comments | 137,350,000 vests | 278,746.28 SP | $451,568.98 USD |
| Interest | 676,065,000 vests | 1,372,046.63 SP | $2,236,436.00 USD |
| Witnesses | 450,710,000 vests | 914,697.75 SP | $1,490,957.33 USD |
So How much USD per day?
Using these figures, I divide by 30 to get a general idea of daily rewards per day per category:
| Curation | $62,776.72 USD |
|---|---|
| Author | $248,983.58 USD |
| Comments | $454,356.44 USD |
| Interest | $74,547.87 USD |
| Witnesses | $49,698.58 USD |
| TOTAL | $890,363.19 USD |
To answer my initial question, the Blockchain distributes 546,235 STEEM POWER every day. Over half a million SP per day!
Or in more real-world numbers, that's $890,363.19 USD per day!
So if anyone asks why you invest your time on Steemit and other various STEEM blockchain sites, it may have something to do with these numbers.
| SmartCash | SXJLtozyeJeCxYMd5ckXU2rGHGjAwUePMa |
|---|---|
| Bitcoin | 14USVaf7cnCZzMtvFaqGuSXdKcVq4pFHzf |
| Litecoin | LPRHooiVYgvM6Jp7jsDYhcvXeTB2qnBfk9 |
| Ethereum | 0xAd1E93433DD92d07425ADa83d9192d6bD1ee08e0 |
| Bitshares | ir0nshield <----with a "zero" for an "o" |
ALL PHOTOS ORIGINAL TO THE AUTHOR UNLESS OTHERWISE SPECIFIED.
Bless the Most High!
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Is this what you see when looking at numbers???? Well either way thanks for the info, I would have never thought it to be so high per day!
That gif is great! Yeah, I was surprised too how much the daily rewards are worth. Makes you wonder which accounts are collecting most of that everyday! @ironshield
what is the purpose of vests?
After seven days when a post or comment pays out, either half (50/50) or all (100% power up) is distributed as 'vests'. Our wallet display our 'vests' by it's equivalent STEEM value and calls it STEEM POWER. Vest is short for 'investment'. The more a Steemian is 'invested' in the blockchain with STEEM POWER (or 'vests'), the higher value your upvote is worth. You can power down your investment, but it's a slow process. The user looses upvote value as the STEEM POWER decreases.
The short answer is, the more 'vests' you have, the more influence you have on the STEEM blockchain to upvote or downvote (flag) comments and posts.
@ironshield
Thank you for the explanation in detail.
As for Steem Power... I do not see much merit in holding it..
As all power to trend posts is with vote buying bid bots.
And I can help my posts even get $.20 cents with my own upvote
If an investor wanted to trade their Bitcoin fortune for STEEM and convert it into STEEM POWER, he could delegate to a bid bot and receive a nice daily income of STEEM without ever posting or commenting even once!
Mostly, SP is influence. The power to upvote or downvote posts and comments that you believe positively or negatively effects the Blockchain. This can also affect the overall value of STEEM, which is in everyone's best interest.
In short: SP is the most unique way to HODL a coin I've seen. You can HODL a coin and have it actually do something for you!
@ironshield
Are you sure you are not an accountant? Very informative post. I love numbers. Keep up the good work
I hope it's helpful! Thank you! @ironshield
A very good study, full of information. Thank you for sharing.
I'm glad you enjoyed it. @ironshield
howdy again @ironshield and thank you mr. Steemit Accountant, this is tons of interesting and helpful information!
is this why we should try to keep our vote power strong, because we earn more on our votes if it is powered up?
Yes, if you are powered up with lots of SP, a vote with lot's of Voting power will be worth a lot to other Steemians. What a wonderful way to be a positive influence on the platform. @ironshield
thank you sir! I couldn't agree more.
You have a minor misspelling in the following sentence:
It should be receive instead of recieve.You just got splashed by @rewards-pool. For more information on delegating to the @rewards-pool click the following link.
https://steemit.com/steemsilvergold/@rewards-pool/introduction-to-rewards-pool
@rewards-pool where a small delegation can get you a big splash.
Wonderful my friend and hard work and share the information for this post think .
I think there is an error in this comments usd value as compared with the sp value. Do crosscheck again.
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Thank you! Always good to have some proofing with the numbers. @ironshield
You are right, the number should be $451,568.98 USD, I've corrected the post.
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