Since I took over the reins of the Hive Power Up Day initiative after the unexpected absence of @streetstyle (who created it over a year and a half ago on that other blockchain) I have to admit I’ve gotten lazy with posting about actually powering up. But now that it’s Hive Blog Posting Month (aka HiveBloPoMo) and I need to get in the habit of daily posting, I thought it would be a good way to kick things off.
And while I know it seems like I’m forever talking about my Hive crypto adventures on my WordPress blog, these are actually the kinds of posts I usually try to just post to the blockchain, as I figured not that many people outside of the Hive Community would be interested in it. But for this month, I plan to share more things like this in the hopes that if there are bloggers/readers who are becoming intrigued with the idea of owning their data & monetizing their content, that my posts might help to answer some questions.
What is HivePUD?
As I always say in my Announcement posts that I put out the week before the first of the month, Hive Power Up Day has been taking place on the first day of every month since it’s inception on that other blockchain over a year ago. There’s a great old post from @sndbox that explains all the reasons you personally benefit from powering up. For the community as a whole, it’s a great way to show support for our blockchain home by staking (aka powering up) Hive and adding to its value.
I thought I’d also add this bit from my September 1st post –
Also, after chatting with someone the other day, I realized I don’t think I’ve ever really put into words what it means to me personally to power up Hive – I mean yes, I’ve obviously thought about it, but I was asked, “Why do you want to see people powering up their Hive?” and it took me a minute to figure out an answer to that pretty simple question.
I ended up saying (which I’ve edited a bit to try to make me sound smarter, of course) that I believe Hive has the ability to grow far beyond our current expectations, and it’s encouraging to me to see other people (from whales to the tiniest fish in the Hive ocean) powering up, as it shows we all share the same long term vision for our blockchain home.
And as we saw with what happened on that other blockchain, the more we all power up, the more voice we all have in governance (higher stake means your vote counts for more), so we can have our say in things like top witnesses, proposals, and such. Plus there’s something to be said for the financial benefit of bigger curation rewards, and earning passive income from the interest off our stake.
What does it mean to power up?
In the simplest terms, it’s taking Hive (the cryptocurrency) that you’ve either bought or earned, and investing (aka, staking, aka powering up) it, which then means you can’t sell/transfer it all for a minimum of 13 weeks. However, it does make your upvote (think of a Facebook “like” that has actual monetary value) bigger, and gives you a bigger say in the governance of the blockchain.
(and yes, to my Hive friends reading, I know that’s a way, way, way simplified overview but I think it serves the purpose here. Feel free to shout out if you know of a better way to explain it – I’m always on the lookout for easy explanations for our somewhat confusing cryptocommunity).
My power up
While I do have a bunch of Hive in my wallet at the moment, a large majority of it is already spoken for, as @theycallmedan is sponsoring some contests I’m running (such as the my Celebrating the new Exxp WordPress to Hive Plugin with a GIF Reaction Contest! for @exxpio), so after doing the math, I found I only had about 56 Hive to power up.
However, I also had some HBD (also known as Hive Backed Dollars, which is another form of crypto I get for creating content/curating other people’s content) available, so I sold 11.11 HBD (because I like the number…lol) on the interntal market, and got about 89 Hive in return…
So that gave me 145 Hive to work with. I decided to do my usual (as of the past few months, anyway) amount of 111.111 Hive (again because I like the number 😊), which will leave about 33 extra in my wallet. I’m hoping to use some of that to power up someone else again this month (as I did last month for the super awesome @hivebuzz new Power Up Helper badge.
Now, to make it official, via a series of screenshots…
How much did it cost to power up?
Not a penny. While I have invested somewhere in the neighborhood of $800 USD over the three years I’ve been blockchain blogging, I haven’t had the chance to buy any Hive for quite some time. Since the price is pretty low at the moment, I’m hoping to make another investment some time in the near future, but every bit of Hive I powered up today came from content I created, or curation rewards from upvoting other people’s content. Oh, and some came from wicked awesomesauce Hive people on Twitter who gave me some @hivetips for tweets they liked. 🤩
Happy Power Up Day!
If you have any questions about my post, please feel free to shout out either in the comment section, or as a private message on any of my social media accounts. Oh, and before I could hit “publish” on this post, I got this notification, so I’m a happy girl!
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