How to Mine Steem

Steemit is a new social media Networking platform where you can earn on writing , vetoing , re-tweeting or commenting on other fellow steemit content creators . Steemit is powered by its value token Steem and all the payments are decentralized & blockchain based.

Steemit has three value tokens: Steem, Steem Backed Dollars or "Steem Dollars" and SteemPower.

Steem is the liquid value token which can be bought and sold in exchange. Withdrawing Steem from Steemit is automatic.

Steem Backed Dollars are dollar pegged tokens that are worth around 2+$ each. They exist to protect content writers from volatility and Steem's inflationary nature. Steem Dollars take 5 days to be converted into Steem.

Steem Power is Steem locked in a vest fund. It is used to curate (up or down vote) content and can only be withdrawn over the course of 104 weeks.

It is also important to note that Steem has a yearly issuance rate of one Hundred & three percent, which makes it an extremely inflationary crypto currency. The Steemit Social Networking platform itself is also very new and has already been hacked once, though all the funds were reimbursed to the respective users. With any nascent technology there are many unknowns and so an extremely heavy dose of caution is advised.

There are many ways to earn Steem, Steem Backed Dollars or Steem Power in the platform, and today we want to show you how to do it! We can only show you how to use Steemit, then it will be up to you to create new quality content or to curate quality posts, by doing so you'll help yourself and the Steem ecosystem.

Where does this money come from? When mining steem 90% of the block rewards are allocated to a vest fund (Steem Power) that pays content creators, curators and miners. The other 10% are kept as Steem, which can be sold and bought at any time, and are used to reward content creators in Steem Backed Dollars.