WitnessWatch Weekly Report #3: How much do witnesses make?

in witness-category •  2 years ago 


U5dsXyrAr5awjZP3cBZ3W4y4SRaezK7_1680x8400.png

Have you ever wondered what witnesses make?

STEEM witnesses are the secret sauce that make Steemit function. Every post you submit, transfer you send, and vote you cast are processed by the witnesses. Being a witness is a big responsibility, and the equipment and maintenance can be expensive and time-intensive. Because of this, witnesses are compensated with SP for every "block" of transactions that they process.

The blockchain, through the witnesses, processes 21 blocks of transactions in each 63-second round. The top 19 witnesses get 1 block every round, with the other 2 blocks being distributed among the other active witnesses according to their ranking.

We have run a script that has analyzed every block over the last 7 days to calculate what each witness earned over the week.


Bar Chart

This bar chart shows the distribution over the last week among the witnesses that produced blocks:

Dashboard 2 (1).png

Cluster

This cluster chart puts in perspective the returns earned by each witness:

Filename.png

Table

For a more detailed breakdown of the witness income over the last week, see the table below.

Note that the $ value attributed is based on the current STEEM price at the time publishing of $6.17. This price has fluctuated wildly over the last few months.

producer rank SP $ Value
jesta 1 1883.138217 $11,618.96
gtg 2 1884.089313 $11,624.83
roelandp 3 1883.137254 $11,618.96
timcliff 4 1883.138226 $11,618.96
good-karma 5 1883.706716 $11,622.47
blocktrades 6 1884.090295 $11,624.84
aggroed 7 1883.710738 $11,622.50
anyx 8 1882.185034 $11,613.08
someguy123 9 1883.139173 $11,618.97
pharesim 10 1882.564741 $11,615.42
lukestokes.mhth 11 1883.517807 $11,621.30
smooth.witness 12 1883.13617 $11,618.95
clayop 13 1883.137174 $11,618.96
ausbitbank 14 1883.518848 $11,621.31
xeldal 15 1882.947307 $11,617.78
thecryptodrive 16 1882.563709 $11,615.42
netuoso 17 1607.041502 $9,915.45
curie 18 1883.136238 $11,618.95
riverhead 19 1882.94638 $11,617.78
pfunk 20 1748.127771 $10,785.95
furion 21 841.1393415 $5,189.83
liondani 22 401.9591623 $2,480.09
busy.witness 23 374.2745275 $2,309.27
wackou 24 393.3656946 $2,427.07
jerrybanfield 25 352.3067443 $2,173.73
bhuz 26 330.3139424 $2,038.04
cervantes 27 329.3912871 $2,032.34
utopian-io 28 316.0319915 $1,949.92
klye 29 322.7102034 $1,991.12
followbtcnews 30 308.3917088 $1,902.78
abit 31 291.2045957 $1,796.73
drakos 32 278.7948789 $1,720.16
teamsteem 33 274.0217615 $1,690.71
fyrst-witness 34 266.3763282 $1,643.54
ihashfury 35 238.6919228 $1,472.73
aizensou 36 235.8272376 $1,455.05
charlieshrem 37 219.596906 $1,354.91
yabapmatt 38 215.7799699 $1,331.36
themarkymark 39 203.3618158 $1,254.74
chainsquad.com 40 195.7399252 $1,207.72
joseph 41 175.665768 $1,083.86
blockbrothers 42 157.541507 $972.03
steemed 43 158.4831286 $977.84
delegate.lafona 45 154.6698011 $954.31
reggaemuffin 47 144.1714904 $889.54
theprophet0 48 143.2157484 $883.64
blueorgy 50 136.5350919 $842.42
complexring 51 130.8096814 $807.10
nextgencrypto 52 120.3000415 $742.25
neoxian 53 107.8860724 $665.66
ats-witness 54 94.53139067 $583.26
chitty 55 94.51567544 $583.16
liberosist 56 95.47981968 $589.11
boatymcboatface 57 88.79487625 $547.86
steemychicken1 58 88.79912895 $547.89
dragosroua 59 85.93429348 $530.21
arcange 60 58.23655449 $359.32
steemgigs 62 79.24507544 $488.94
patrice 63 78.2931412 $483.07
ocd-witness 64 72.55990488 $447.69
bitcoiner 66 71.60416005 $441.80
krnel 67 49.65919269 $306.40
adsactly-witness 68 72.56030582 $447.70
au1nethyb1 70 42.97666564 $265.17
viva.witness 71 27.67206177 $170.74
privex 72 52.52000108 $324.05
blockchained 73 48.68802938 $300.41
sircork 75 42.00651589 $259.18
kushed 78 36.28601935 $223.88
prc 79 35.32586207 $217.96
rival 80 35.32589514 $217.96
sc-steemit 81 31.50514275 $194.39
masteryoda 82 32.45742115 $200.26
bitrocker2020 83 32.45746873 $200.26
bue 84 29.60103024 $182.64
inventor16 85 31.5093658 $194.41
jatinhota 86 30.54909629 $188.49
fubar-bdhr 88 26.73663739 $164.97
demotruk 89 27.69261326 $170.86
suggeelson 91 25.77232741 $159.02
felixxx 92 15.27550437 $94.25
libertyranger 93 23.87181725 $147.29
yehey 94 23.8718579 $147.29
block-buster 95 21.96373037 $135.52
anarcho-andrei 98 21.0033834 $129.59
swelker101 99 17.18307062 $106.02
ura-soul 100 16.23506325 $100.17
imacryptorick 101 17.18672832 $106.04
silversteem 102 17.18678087 $106.04
skenan 103 17.18279864 $106.02
hagie 105 15.27462369 $94.24
gmuxx 106 14.32630825 $88.39
rcarter.witness 107 14.32641592 $88.39
samrg472 108 8.596777557 $53.04
helo 109 0.951994378 $5.87
guiltyparties 110 10.50164219 $64.80
jamzed 113 10.49777928 $64.77
cloh76.witness 115 7.637253586 $47.12
cryptwo 117 4.77261219 $29.45
moisesmcardona 118 5.73293816 $35.37
mahdiyari 119 6.681192284 $41.22
davinci.witness 123 1.908068589 $11.77
gridcoin.science 126 3.816585688 $23.55
pcste 128 4.776850872 $29.47
castellano 129 3.82060105 $23.57
dropahead 131 2.868452647 $17.70
evildido 133 3.820678933 $23.57
stoodkev 136 0.956040487 $5.90
enginewitty 137 2.864338013 $17.67
glowhost-matt 139 2.86452953 $17.67
precise 142 2.864401272 $17.67
windforce 145 2.864346957 $17.67
cryptohazard 151 1.908462156 $11.78
steem-bounty 152 1.912302777 $11.80
kennybll 157 1.91229999 $11.80
bsameep 161 0.956164508 $5.90


DQmQPRBLmhWag36FBxYVNJNKZRUsBbpPeZvm7FVixnWVXhk (1).png

As always, the data presented above is meant to allow Steemians to make more informed decisions on the witness votes that they cast. Stay tuned for more data soon!

Let us know what data you would like to see! Vote responsibly!

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So is the amount of SP gained eventually to go down with the price going up? I am assuming that a few months ago when Steem was still 1-2$ they made less than a third compared to current profits. This is already a pretty insane amount atm with the top 20's making at least 40k dollar a month o.O

Great question, the answer is maybe. There are a number of variables at play. The first thing to note is that SP is not a liquid asset, and can only be withdrawn over a period of time. The witnesses are rewarded with "vests," which are essentially shares in the platform and are represented by SP. So, in actuality, while the SP they are receiving is an asset, the rewards they receive for producing blocks is more akin to a stock option than a salary.

Second, the value of STEEM is currently $6+, but the cryptocurrency market has fluctuated wildly within the last year, with STEEM value dropping as low as $.25. If the market drops tomorrow, $40,000 could be $2,000 and with a lack of liquidity, the value of each witness's holdings would be negatively impacted.

Third, to answer your first question, the number of vests per block has changed several times over the course of the platform and could very well change again in a future hardfork.

Finally, when it comes to the top 20's, their costs are much higher than that of an average witness. They have usually been selected to their position because they are running multiple services for the platform, which include databases, APIs, public nodes, semi-public nodes, third-party services, etc. and the costs to run these services on multiple VPS's with redundancy for network and system failures is enormous. This cost continues to grow exponentially as the blockchain grows and the demands on these servers become higher.

Hopefully, this answers your questions, and thank you for reading our work!

Thanks for the detailed reply. As I understand from this it's similar to how BitShares works when changing fees costs.

This is interesting information. I personally am glad the earnings for Witnesses is up. After all we want motivated, skilled people to compete for these jobs!

Absolutely! The monthly cost to run the VPS servers is very high, especially for those in the top 20.

Very good post, Thank you for the great work :)
keep it up :)

I know many things from your post, thanks.