Witness Earnings Weekly Report - 2020-07-06

Context

HIVE Witnesses are the pillars of the HIVE blockchain but many Hivers don’t even know we exist or don’t even care. Those who know and/or care don’t have much visibility on what the “job” involves or how much witnesses earn.

All witnesses need from you is a witness vote that costs you nothing (it does not use your vote power like a post or comment upvote). By voting for a witness, you are telling the blockchain that you trust that Hiver for performing task of signing blocks and keeping the Hive platform stable and safe.

All the transactions (activities) you perform (create/edit posts, comments, upvotes, transfers etc...) on various Dapps (hive.blog, peakd.com, hivesigner.com etc...) have to be witnessed and signed by a software running on a witness node (computer/server) running 24/7/365.25 before being added to the blockchain. This operation can be time consuming and requires some expenses. For doing this work, HIVE Witnesses are getting rewarded with Hive Power for each block that they have signed and successfully added to the blockchain.

Blocks of transactions are processed in rounds of 63 seconds each. In each round, 21 witnesses will be picked to sign the blocks and have 3 seconds to sign. The 21 witnesses in each round are the top 20 witnesses plus 1 witness amoung the remaining (called the Backup Witnesses). The single Backup Witness in each round is selected in a weighted random manner based on their ranking, the higher they rank the more likely they are to be selected.

Every day, the system generates some HIVE tokens that are split into three pools:

1. 65% is allocated to the reward pool that is used to pay author and curation rewards.
2. 15% is allocated as interest to Hive Power holders.
3. 10% is allocated to the Hive Proposal System pool to fund new projects voted by the community.
4. 10% is allocated as producer rewards to the HIVE Witnesses for their work for the blockchain.

Disclaimer

I cannot guarantee 100% accuracy on the numbers found in this post. This is just to give you an idea of the distribution of Hive Power through the witness operations. If you do find an oddity, please let me know and I will make sure to get it fixed.

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General Producer Reward HP distribution

There was a total of 200914 blocks produced and 58441.73 HP earned during last week.

The column chart below represents the distribution of Hive Power earned by witnesses over the last week.

Notice the dramatic drop past the rank 20. Remember, each round is composed of each of the Top20 witnesses and one backup witness. This means each Top20 witness has to sign a block every 63 seconds (max), while for a backup witness, it will be much less often. The servers of the Top20 witnesses are thus under higher load/stress than those of the backup witnesses. You need to keep this in mind when looking at their number of missed blocks: 10 missed blocks for a witness at rank 10 does not mean the same as 10 missed blocks for a witness at rank 120 for example.

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Producer Reward Report

• Time range: 2020-06-29 00:00:01 to 2020-07-05 23:59:59 UTC
• Average price of 1 HIVE as of today: 0.209 USD (source: average price from feed history over 12 hours)
• Note: Higher ranked HIVE Witnesses does not always mean higher reward. A high rank and low block production might be sign of of technical difficulty leading to missed blocks or that the witness node was down for maintenance for a certain period of time.

HP distribution by active rank tier, ordered by earnings last week.

Your name might not appear in the charts below due to space limitation, this would change from week to week.

Top20: total of 47171.18 HP earned

Active Rank 21-40: total of 7682.53 HP earned

Active Rank 41-60: total of 2403.47 HP earned

Active Rank 61-80: total of 791.33 HP earned

Active Rank 81-100: total of 273.65 HP earned

Active Rank 101-120: total of 107.23 HP earned

Under 120: total of 12.34 HP earned

All tiers combined ordered by HP earned.

Here is the full report from all active HIVE Witnesses. Please also take this opportunity to see what they do for the community and cast a vote for them in order to help the platform.

Reminder: the average price of 1 HIVE as of today is 0.209 USD (source: average price from feed history over 12 hours)

Notes:

1. Blocks can be missed for various reasons including technical issues, misconfiguration, bugs in a new version of the blockchain software etc... and the higher your rank, the higher the chance it can happen.
2. Some witnesses are managing multiple projects for Hive and the communities in addition to maintaining their various nodes and hence don't often post.
3. Click on the witness names to get to their witness announcement post.
4. The earnings in USD below are just an estimate and are only effective if the witness are powering down and convert their liquid HIVE to fiat. By keeping their producer rewards powered up, they take the risk of seeing those staked HP loosing value if the market goes down.

Last week earnings (ordered by amount earned ):