The Hive Power is an essential parameter for the Hive ecosystem. Hive Power holders are the ones that vote for witnesses, DHF proposals, curate posts, and receive curation rewards. It’s the main asset on the chain.
Holding powered up HIVE is a big commitment from its users as it takes three months to power it down.
The HIVE price impacts this parameter as many other things as well. Usually when the prices are down we can see more powering up and when they are up users tend to power down more. We have seen this in the past.
Let’s take a look at the data.
We will be looking at:
- Hive Powered Up by Date
- Hive Powered Up by Month
- Hive Power Supply
- Hive Power historical Share
- Top Accounts That Powered up
- Top Accounts That Powered Down
Note that in the daily amount of powered up HIVE I have included the HP that is rewarded daily to hive users, as that HP enters in circulation and adds on top of the existing HP.
Daily Hive Power Changes
Here is the chart.
This chart dates back to 2016 for context.
As we can see there was a lot of powering down back in 2016-2017. This is because the token started with all the HIVE, or STEEM back then, powered up, and there were no liquid tokens to trade on exchanges.
Another spike in the powering downs is at the beginning of 2018, and again in April 2020 when the Hive fork happened and there was a lot of turbulence like exchanges powering up and then down.
In the last years we can notice that the volatility has dropped a lot and there is more stability around Hive Power.
When we zoom in 2024-2025 we get this:
While we can notice the ups and downs, the volatility is much lower than the previous years, and in the range of -200k to +200k HP daily with occasional spikes.
What is noticeable here is the latest spikes in powering up, first in July 2024 on a few occasions there was more than 1M HIVE powered per day, and again just recently in November 2025.
At the end of 2024 and the beginning of 2025 there was a period with more power downs, due to the increase in the HIVE price.
On a monthly basis we have this:
We can notice the spike in the power up in Novemebr 2025 here as well, when more than 5M were powered up. Overall we can see that the last mohts are postivie, while the negative months were at the end of 2025 and the beginning of 2025.
As mentioned this is haighly corelated with the HIVE price.
Note that the new HIVE that is entering in circulation is as HP, around 2M per month and this chart is taking into account that as well.
The yearly chart looks like this:
2017 has been the one year with more HIVE powered down. A net 15M HIVE powered down in 2017. 2022 has been a record high year for HP added with 17.5M HP. In 2025 we will end the year somewhere around 15M HP.
HIVE Power Cumulative Supply
When we plot the cumulative HIVE power in the period, against the total supply we get this.
The bottom strongest white is HP, while the share in the middle is the HIVE that is locked up in the DHF. The top is liquid HIVE.
We can notice that in the last years there has been an uptrend in the amount of HIVE Power.
The HIVE in the DHF was previously powered up, but then it was transferred in the DHF and is now slowly converted to HBD over a period of five years. This is also locked HIVE.
We can notice the ups and downs in March 2020 when the hostile takeover happened.
Overall, the HIVE Power has been growing slowly in the whole period, but the liquid HIVE has even more aggressive expansion up until 2021. The other thing that influences the liquid HIVE supply is HBD, and when HIVE to HBD conversions happen that reduces the liquid HIVE. The liquid HIVE is attacked so to speak from two sides, HP and HBD.
Hive Power 2020 - 2025
When we zoom in on Hive Power only, we get this:
A slow increase in the amount of HIVE powered up, from 140M HP in 2020, to 200M HP now. We can notice the movement in the last year, a bump during the summer of 2024, then a drop toward the end of the year and a growth again in the last month.
The chart for the liquid HIVE looks like this:
A steady uptrend here as well with some spikes on the downside. This happens usually when there are conversions to HBD.
We can see the drop back in September 2021, when there were a lot of conversions to HBD. A recent smaller drop in February 2023 as well.
In 2020 there was around 145M liquid HIVE and now we are at 275M.
Hive Power Share [%]
Here is the chart in percentage points.
This is from the start of the Hive fork in March 2020.
An overall downtrend in the HP share. There was an increase back in 2021 and since then a downtrend with some occasional spikes. Back in 2022 for a long period the share was hovering around 50%, then it dropped in 2023 and 2024, and in the last months of 2025 it has been hovering around 42% share and it is the lowest it has been in the Hive lifetime. We can notice the small increase in the last month here as well.
HIVE Supply Share
When we plot the current supply on a pie, we get this.
- 39% Hive Power
- 54% Liquid HIVE
- 7% HIVE in the DHF
Having in mind that the HIVE in the DHF is locked we can say that a cumulative 46% of the HIVE supply is powered up / locked.
Top Accounts that Powered Up in 2025
Who is powering up the most?
Here is the chart for the first half of 2025.
The @honey-swap account has been making some movements with its HIVE holdings, and it has also powered up a total of 2.5M in 2025 . @blocktrades on the second spot with 1.3M, followed by @hurtlocker.
Top Accounts that Powered Down in 2025
Who is powering down the most?
The @hbdstabilizer account has been powering down the most followed by @elmerlin and @bluemist.
All the best
@dalz
Thanks for the updates and the analysis. The data is very helpful in understanding the development of hive over the last ten years. These are still early days. It's also interesting to see how the community has been responding to lessons learned over time. Stability especially around HBD is interesting to observe.
I don't think HIVE is a community like it used to be when everyone was more aligned.
Right now people are either optimistic or pessimistic with very few people in between. I think most of this pessimism is based on HIVE price but I am not confident that is the only reason.
HIVE is really a bunch of nonhomogeneous communities that are forced to interact because of the Reward Pool. The Reward Pool is our shared group of funds and we choose how to allocate it.
How it should be allocated is always up for debate...
• Should we use it to support charity all over the world?
• Should we use it to support people's livelihood in 3rd world countries?
• Should we use it to promote other tokens?
• Should we use it to build things on HIVE?
• Should we just let people do whatever they want with it?
I don't have a final answer on how I think about it. Right now I am leaning towards we should use the Reward Pool for good on Chain. I am not sure how to define "good on chain" yet.
I think optimism died down with the changing mentality of crypto itself in recent years. People were really interested in features and tech before and that hasn't quite been the case in a while. Many have since moved on. Back when mining was an actual experience it seemed there were more builders around (not just on Hive, I mean the crypto sphere itself). It meant that with many coins you could buy up or throw hardware at it. Hive is a bit more hands-on given the mining is content curation/creation. Not quite the same as running your GPU when you're not home or sleeping. Price definitely kills off some activity and dulls the mood a bit still.
I think in our case we've fallen into that boredom of crypto for most. Where the majority of people want quick returns. And we've struggled to find features that could pull in a different type of person that doesn't quite exist within the crypto sphere. Creatives for example aren't usually that financially aware. They're not investors, or particularly good with business. They'll be avoiding crypto and just throwing out creations on traditional social media building the traditional way.
But yeah, I think we've struggled with features. Finding additional ways to not just earn but also spend and address the inflation side of things. The main chains tend to have survived because their 'thing' is the fact that people can create fast-return experiences with them. That unfortunately is their feature which attracts.
Splinterlands is our main attraction as an experience. Second is simply posting. It's not quite enough.
I think that is one of the fundamental issues right now. People want to make life changing money. I mean, I would love to make life changing money on HIVE but I do not think farming the reward pool is how people get there.
I think we have a lot of cool stuff here but we just don't market it very well.
For example, usually the pitch to get new users on HIVE is you can get paid to post here. So people come here to get paid to post. (Getting paid on other forms of social media is becoming more common so it is no longer a competitive edge).
If the pitch was something like this I think we would have more success retaining users - "Look at all the stuff you can do on HIVE! You can blog, you can curate content you want to see more of, you can play video games, build your own front end, build your own community, gain a following, or download the HIVE Key Chain app so you can access HIVE anywhere in the world."
We have a lot here, we just need to figure out where to pitch it.
We're slightly ahead in that you don't have to pay for some algo to boost your reach. Or that the earning option is only available to those with large followings. I think the social media platforms which did pay have started to pull back a little recently. Meta was throwing cash at people for posting on Threads, they removed it. They also removed a similar thing they had with Instagram Reels being posted to Facebook as well. It seems Meta in particular uses that concept when they want to push something a bit more that perhaps isn't performing so well, then once they're dangled enough bait in front of people they move it.
I don't see Twitter / X continuing it for much longer, there are too many problems with how they've operated which genuinely has turned the platform into a cesspool and made people less interested in using it. Not even regarding political content, but the encouragement to steal videos and images and repost lazily for engagement. For advertisers that do pay, it doesn't help them much. And advertisers are historically very fragile with where/what their ads get placed with. For context, I'm basically saying that the platforms themselves sharing from their own pockets is growing increasingly unlikely, especially in recent months where tech oriented layoffs are just growing in favour of AI and trimming the extra fat to maximise profit. (This actually brings up a new question: are they likely to pay up when more and more accounts are becoming automated?)
Beyond that there's the usual like YouTube and Twitch, but yeah takes a bit more time and effort and unlikely you'll ever earn on them.
This is definitely Hive's greatest problem though. I don't think (nor do I have the answers) we've been going about it properly. I've seen more discussions lately on introducing KPIs for some of the marketing projects and that would help give a bit more information on what is working and what isn't, but we've been sticking to things that clearly haven't been working for far too long, instead of trying to shift that attention and time elsewhere that could yield some results.
I think another big question that should be asked (depending on the type of marketing) is who we are trying to reach and get to join. Like a marketing team, creating a general idea of a person that might be interested in what we're trying to sell: age group, gender, location, and general interests. And I think this is where communities and niches can be quite powerful. As we then wouldn't be just selling a broad statement like "You can get paid for posting here!" to a wide net of people but more "We have people already in your interests posting here and getting paid."
This did bring to mind a fun idea though: imagine if some communities received a small sum purely for targeted marketing budgets each month? Even if it was $500 delivered once a marketing concept was provided and approved by the community. We'd then have communities like Hive Gaming targeting gamers, Hive Food targeting bakers and food fanatics, or sports communities targeting football fans, basketball fans etc etc. The Anime Realm could fund small booths at small cons here and there. Or Hive Gaming could just throw it all at a single YouTube video for a sponsored segment. You get what I mean ;^)
Yea I actually think we are on the same page on all this stuff.
YouTube is easier to monetize again but they are like other platforms. I think they just lower the boundaries for monetization.
I think X monetization will ramp down. I used to love X (even after Elon took over) but the AI videos and fake rage baiting content is out of control. Like half the breaking stories I saw ended up being fake to some extent.
Who is our target customer! Is the right question. I think we need to ask that more.
I believe there was originally a “if we build it they will come mindset.” (Very common in crypto)
But then there was a rush to increase the user base and it seems like we onboarded a lot of people by pointing to the reward pool as “free money” versus pointing at all the other interesting stuff we do here.
The reward pool is “cool” but conceptually is pretty simple and is not the main thing we should be known for in my opinion.
I like you idea on communities. I can’t help but be biased though cause I’m working on a TradFi community right now 🤣
Separately, I think Communities is an untapped gem and there is a lot of potential there! That’s one of the things I’m looking forward to the most right now as I’m poking around HIVE and trying out new things.
Let's go!!! 🔥🔥🔥🔥🔥
Take some real courage to do what you did!!! Hat down to you.
Thanks! I try to be myself and this is just how it goes sometimes.
Hat down to you too. Thanks for the stats!
Thanks, as always, for these charts and analysis!
Have you ever plotted the "total powered up" over time after "removing" the basic inflation? In other words, is the gradual increase due to more (a greater proportion of total Hive) being powered up, or does it more or less follow the inflation rate?
In the last years the increase in the HP is even less than the inflation. Example 2025 we will add somewhere around 15M HP while the HP inflation is above 20M ... Similar numbers for 2024 .... thats why the HP share has been droping from around 50% give years ago to 42% now
I'm a little confused. In @arcange's graphs, all these months are negative (May, June, July, August, September, October, November). But in your graph, only January and February 2025 are negative. Am I misinterpreting this?
Hive Financial Statistics – 2025.10
Hive Financial Statistics – 2025.07
It probably becouse of this:
The note is just under the chart you shared ...
Okay, understood, thanks. 😁
Seeing how top accounts influence HP changes really adds another layer to understanding Hive’s market dynamics.