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RE: Different types of Rewards in steemit
So that's 60 STEEM per block, and blocks happen every 3 seconds, so thats 72,000 STEEM created per hour. At current exchange rates thats over 5 MILLION dollars per day! That's totally crazy and unsustainable. Since production of STEEM can't change, the exchange rate will. PEOPLE WILL LOSE A LOT OF MONEY WHEN THE PRICE CORRECTS
The Steem network starts with a currency supply of 0 and allocates STEEM via proof of
work at a rate of approximately 40 STEEM per minute to miners, with an additional 40
STEEM per minute being created to seed the content and curation reward pools (for a total
of 80 STEEM per minute). Then the network starts rewarding users who convert to SP. At
this point, STEEM grows at a rate of approximately 800 STEEM per minute due to the
combined effects of the various Contribution Rewards.