Steemit.com: Blogging is the new Mining

[abitmore]

have somewhat a naive question, or three rather

1. did POW which rewarded miners with STEEM ended ?

Yes that was only during the pure PoW phase.

2. if true to the above, can current POW that rewards miners with VEST be converted to STEEM  ?

Yes but conversions are only 1/104 per week. It is probably best to mine to increase your Steam power (formerly known as VESTS) if you intend to use the system. But you can mine, convert, and sell if you really want to.

Alternatively you can sell the whole account with Steem Power inside, just like someone posted above.

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[q327K091]

thanks for all that answered, here is a somewhat "strange" question:

how much VEST in the wallet is considered a lot ?  or differently phrased and I know this is a bit funny question (a lot is soo relative) decent position to hold for a year or even years

I almost never part with a crypto so I am perfect for this experiment

[smooth]

thanks for all that answered, here is a somewhat "strange" question:

how much VEST in the wallet is considered a lot ?  or differently phrased and I know this is a bit funny question (a lot is soo relative) decent position to hold for a year or even years

I almost never part with a crypto so I am perfect for this experiment

I don't know that you can say any particular amount is a lot. New free accounts start with 10 STEEM which translates to something like 80000 vests in the CLI wallet (the web UI doesn't show vests), so I could you could decide how much more than that might be a lot.

[q327K091]

thanks for all that answered, here is a somewhat "strange" question:

how much VEST in the wallet is considered a lot ?  or differently phrased and I know this is a bit funny question (a lot is soo relative) decent position to hold for a year or even years

I almost never part with a crypto so I am perfect for this experiment

I don't know that you can say any particular amount is a lot. New free accounts start with 10 STEEM which translates to something like 80000 vests in the CLI wallet (the web UI doesn't show vests), so I could you could decide how much more than that might be a lot.

perfect! we continue to mine then and is exactly what you said is best bet

[favdesu]

thanks for all that answered, here is a somewhat "strange" question:

how much VEST in the wallet is considered a lot ?  or differently phrased and I know this is a bit funny question (a lot is soo relative) decent position to hold for a year or even years

I almost never part with a crypto so I am perfect for this experiment

I'd consider 1k as a lot. that's close to 1 bitcoin, at least last time I checked

[smooth]

thanks for all that answered, here is a somewhat "strange" question:

how much VEST in the wallet is considered a lot ?  or differently phrased and I know this is a bit funny question (a lot is soo relative) decent position to hold for a year or even years

I almost never part with a crypto so I am perfect for this experiment

I'd consider 1k as a lot. that's close to 1 bitcoin, at least last time I checked

1k Steem is currently close to 1 BTC, but VESTS are a bit different. They only exist in the CLI; in the web site VESTS are always converted to Steem (Power) units. Currently 1 Steem equals about 8000 VESTS, but if you don't use the CLI you don't ever need to think about VESTS at all.

[P-Funk]

Checkin out my new sig.

[bitcoinrocks]

steemit.com looks pretty sweet guys.  Are all of the 42,689,620 coins in the wild or are any held by the dev etc?

[smooth]

steemit.com looks pretty sweet guys.  Are all of the 42,689,620 coins in the wild or are any held by the dev etc?

The steemit company (developers) owns a big chunk. They are slowly selling them off to pay for development and giving them away to new users (every new user account requires 10 STEEM in pre-funding to function). I'm not sure but I don't think this is included in the 43 mil.

https://steemit.com/@steemit/transfers

[kaconk]

can someone explain me how this site work?
what is STEEM, steem power and steem dollars?
every new user will get 10 steem power, how to withdraw to "STEEM"?

[smooth]

can someone explain me how this site work?
what is STEEM, steem power and steem dollars?
every new user will get 10 steem power, how to withdraw to "STEEM"?

Steem is just regular cryptocoins, but they are highly inflationary (about 100% per year), so you don't want to hold them long term; they are for trading.

Steem Power is locked Steem, and they earn interest, enough to offset most of the inflation. You need a minimum of 10 SP to open an account (which you can get for free by signing up on the web site or free/discounted via my offer a few posts back). SP gives you influence in voting and pays you rewards (in addition to the regular interest) based on the success of your votes. To withdraw SP to Steem so they can be traded takes place over two years, 1/104 per week.

Steem Dollars don't exist yet but they will be coins worth about one USD and pay interest. Half of rewards for posting and voting are paid in SP (giving you more influence), half in Steem Dollars. Posting and voting rewards accrue immediately but won't start getting paid out until July 4.

[kaconk]

can someone explain me how this site work?
what is STEEM, steem power and steem dollars?
every new user will get 10 steem power, how to withdraw to "STEEM"?

Steem is just regular cryptocoins, but they are highly inflationary (about 100% per year), so you don't want to hold them long term; they are for trading.

Steem Power is locked Steem, and they earn interest, enough to offset most of the inflation. You need a minimum of 10 SP to open an account (which you can get for free by signing up on the web site or free/discounted via my offer a few posts back). SP gives you influence in voting and pays you rewards (in addition to the regular interest) based on the success of your votes. To withdraw SP to Steem so they can be traded takes place over two years, 1/104 per week.

Steem Dollars don't exist yet but they will be coins worth about one USD and pay interest. Half of rewards for posting and voting are paid in SP (giving you more influence), half in Steem Dollars. Posting and voting rewards accrue immediately but won't start getting paid out until July 4.

"To withdraw SP to Steem so they can be traded takes place over two years, 1/104 per week."
wow, so long..

[smooth]

can someone explain me how this site work?
what is STEEM, steem power and steem dollars?
every new user will get 10 steem power, how to withdraw to "STEEM"?

Steem is just regular cryptocoins, but they are highly inflationary (about 100% per year), so you don't want to hold them long term; they are for trading.

Steem Power is locked Steem, and they earn interest, enough to offset most of the inflation. You need a minimum of 10 SP to open an account (which you can get for free by signing up on the web site or free/discounted via my offer a few posts back). SP gives you influence in voting and pays you rewards (in addition to the regular interest) based on the success of your votes. To withdraw SP to Steem so they can be traded takes place over two years, 1/104 per week.

Steem Dollars don't exist yet but they will be coins worth about one USD and pay interest. Half of rewards for posting and voting are paid in SP (giving you more influence), half in Steem Dollars. Posting and voting rewards accrue immediately but won't start getting paid out until July 4.

"To withdraw SP to Steem so they can be traded takes place over two years, 1/104 per week."
wow, so long..

Yes, the idea is that SP is sort of like your karma or reputation. It's supposed to stay with you long term and you can't just cash it out (quickly).

Rewards will be paid half in SP and half in Steem Dollars, and Steem Dollars are completely liquid. So once rewards start (July 4) if you are posting and voting effectively there will be liquid earnings you can cash out.

[boy2k]

anyone else have mining issues since the 0.5.0 hardfork?

I updated a few days ago and was mining without issue, now since the hardfork all miners stuck at 1hps.
I have tried a fresh install but still the same

Code:

3044552ms th_a       witness.cpp:419               on_applied_block     ] hash rate: 1 hps  target: 28 queue: 96 estimated time to produce: 4473924 minutes
3044568ms th_a       witness.cpp:419               on_applied_block     ] hash rate: 1 hps  target: 28 queue: 96 estimated time to produce: 4473924 minutes
3044584ms th_a       witness.cpp:419               on_applied_block     ] hash rate: 1 hps  target: 28 queue: 96 estimated time to produce: 4473924 minutes
3044599ms th_a       witness.cpp:419               on_applied_block     ] hash rate: 1 hps  target: 28 queue: 96 estimated time to produce: 4473924 minutes
3044615ms th_a       witness.cpp:419               on_applied_block     ] hash rate: 1 hps  target: 27 queue: 95 estimated time to produce: 2236962 minutes

[q327K091]

anyone else have mining issues since the 0.5.0 hardfork?

I updated a few days ago and was mining without issue, now since the hardfork all miners stuck at 1hps.
I have tried a fresh install but still the same

Code:

3044552ms th_a       witness.cpp:419               on_applied_block     ] hash rate: 1 hps  target: 28 queue: 96 estimated time to produce: 4473924 minutes
3044568ms th_a       witness.cpp:419               on_applied_block     ] hash rate: 1 hps  target: 28 queue: 96 estimated time to produce: 4473924 minutes
3044584ms th_a       witness.cpp:419               on_applied_block     ] hash rate: 1 hps  target: 28 queue: 96 estimated time to produce: 4473924 minutes
3044599ms th_a       witness.cpp:419               on_applied_block     ] hash rate: 1 hps  target: 28 queue: 96 estimated time to produce: 4473924 minutes
3044615ms th_a       witness.cpp:419               on_applied_block     ] hash rate: 1 hps  target: 27 queue: 95 estimated time to produce: 2236962 minutes

have exact same problem.. mining is broken in the sense outlined above, my hope it is just a display and internals are solid...

update, well they are not.. doing htop shows no CPU utilization.. something is wrong

update, something unblocked.. it has to be the network.. never mind.. is just miner does not give good information on p2p state..

update, mining again suspended in a limbo

update, block production resumed again

[smooth]

@q327K091

Do you have more than one account set up in your mining config.ini file? When PoW is found for one account, you can't mine for that same account until that PoW reaches the front of the queue (roughtly 2 hours). If you have multiple accounts set up the miner will switch to the next one, otherwise it will idle.

BTW, as a reminder, if asking for troubleshooting help here or elsewhere, never post your mining config.ini file without first removing the private keys inside it.

[P-Funk]

Bitcointalk sigs, like the one you see below: https://steemit.com/steemit/@pfunk/steemit-bitcointalk

[q327K091]

@q327K091

Do you have more than one account set up in your mining config.ini file? When PoW is found for one account, you can't mine for that same account until that PoW reaches the front of the queue (roughtly 2 hours). If you have multiple accounts set up the miner will switch to the next one, otherwise it will idle.

BTW, as a reminder, if asking for troubleshooting help here or elsewhere, never post your mining config.ini file without first removing the private keys inside it.

thanks for the response! I have one account (witness) in config.ini  , I have several machines , each machine has own config.ini with one witness per config (and one brain key)

incredibly I had to liquidate AWS instance because of slow mining process (CPU's were witting idle, while AWS will fetch bill soo enough lol) it was just not worth it

so yeah one witness and one brain key.. and yet often one gets queued up , would be great CPU's would be used 100% non stop!

[smooth]

@q327K091

Do you have more than one account set up in your mining config.ini file? When PoW is found for one account, you can't mine for that same account until that PoW reaches the front of the queue (roughtly 2 hours). If you have multiple accounts set up the miner will switch to the next one, otherwise it will idle.

BTW, as a reminder, if asking for troubleshooting help here or elsewhere, never post your mining config.ini file without first removing the private keys inside it.

thanks for the response! I have one account (witness) in config.ini  , I have several machines , each machine has own config.ini with one witness per config (and one brain key)

incredibly I had to liquidate AWS instance because of slow mining process (CPU's were witting idle, while AWS will fetch bill soo enough lol) it was just not worth it

so yeah one witness and one brain key.. and yet often one gets queued up , would be great CPU's would be used 100% non stop!

You need to add another (different) witness= and miner= line on each computer.

When one witness is busy (in the queue), it will switch to the next one, and your CPU will not go idle.

Do not use the same witness on two different computers.

So something like

witness="witness-1"
witness="witness-2"

miner=["witness-1","WIF1"]
miner=["witness-2","WIF2"]

Hope that helps.

[q327K091]

@q327K091

Do you have more than one account set up in your mining config.ini file? When PoW is found for one account, you can't mine for that same account until that PoW reaches the front of the queue (roughtly 2 hours). If you have multiple accounts set up the miner will switch to the next one, otherwise it will idle.

BTW, as a reminder, if asking for troubleshooting help here or elsewhere, never post your mining config.ini file without first removing the private keys inside it.

thanks for the response! I have one account (witness) in config.ini  , I have several machines , each machine has own config.ini with one witness per config (and one brain key)

incredibly I had to liquidate AWS instance because of slow mining process (CPU's were witting idle, while AWS will fetch bill soo enough lol) it was just not worth it

so yeah one witness and one brain key.. and yet often one gets queued up , would be great CPU's would be used 100% non stop!

You need to add another (different) witness= and miner= line on each computer.

When one witness is busy (in the queue), it will switch to the next one, and your CPU will not go idle.

Do not use the same witness on two different computers.

So something like

witness="witness-1"
witness="witness-2"

miner=["witness-1","WIF1"]
miner=["witness-2","WIF2"]

Hope that helps.

got it.. I was not.. but re-checking all, thanks for help! very helpful