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RE: BREAKING NEWS..!! I am pleased to announce that we have seen no less than a STAGGERING 9,714 New Accounts registered in the last 2 Days, catapulting the Year End Target to +555k..!!
I'll admit - I'm one of those recently registered accounts. I had never heard of STEEM before Genesis Mining offered it as an alternative hashpower allocation to Ethereum.
I had just accumulated enough ETH to finally get paid out, and the daily hashrate was quickly diminishing (so it would have taken me like a year for another payout unless I bought more hashpower). Instead, I reallocated my hashpower into something that gave better returns - and that was STEEM.
Perhaps I'm missing something here - correct me if I'm wrong - but the STEEM blockchain isn't POW like Ethereum (currently is) and Bitcoin; it's Delegated Proof Of Stake. So how can you allocate "hashpower" to STEEM?
That part confuses me a bit, too. Still trying to get my head around everything.
Currently, I'm collecting about 0.1 STEEM per day with the current "hashpower", and it's allocated within the same group of alternate currencies as my ETH contract (along with REP, ETC, ZEC). They actually pay out (generate the transaction to send to your wallet) when the balance is 1.0 or greater. So, I should know in about a week if and what I receive from them for this "hashing".
Perhaps someone else knows more about the specifics of what Genesis is doing.
In any case, it allowed me to discover SteemIt! :-)
No idea, it's definitely good that it lead you to Steemit.com.
I challenge you to see if you can earn more than from the Genesis mining contract (0.1 STEEM) from posting on the platform 😉
If you're interested, I'm giving away a prize pool of 75 SBD; that should blow away the ROI that you get from Genesis mining ☺️
Researched more - I don't think GM is actually mining STEEM after all. I think it's still mining ETH and converting that to STEEM somehow.
I guess through an exchange - they can work out the rate of ETH / BTC and BTC / STEEM to work out the exchange rate of ETH / STEEM.
That's actually how some foreign exchange rates are worked out - usually via USD.