I would like to provide you with a comprehensive overview reflecting the current state of Hive Engine Witnesses' earnings through May 18, 2023 at 13:00 Central European Time. Currently, there is a debate on whether Witnesses outside of the Top 20 should be granted a higher reward. This debate arises in light of the disparity in earnings between the Top 20 Witnesses and the Backup Witnesses outside this ranking, even though they generally do the same work. This table clearly shows that there is a significant disparity between the earnings of the Top 20 Witnesses and those of the Backup Witnesses. This disparity raises questions and requires a deeper look to ensure a fair and balanced reward system.
It is important to recognize that all Witnesses, regardless of their placement, play a valuable role within the Hive Engine community. They work hard to ensure the integrity of the network, verify transactions, and maintain the security of the system. Therefore, their compensation should be fair and reasonable, whether they are among the top 20 Witnesses or not. The current discussion aims to find ways to reward backup witnesses more fairly. Various approaches and models are being proposed to ensure that the work and dedication of all Witnesses is appropriately recognized and rewarded. It is important that this discussion be conducted in an open and collaborative atmosphere where different viewpoints are heard and weighed. The ultimate goal is to create a reward system that appropriately recognizes the efforts and contributions of all Witnesses and ensures the long-term integrity and stability of the Hive Engine network.
The coming weeks and months will show how this discussion will continue and whether a more equitable distribution of rewards for Witnesses can be achieved. It is an ongoing process that depends on collaboration and dialogue within the community. We can look forward to seeing how this important debate develops and what solutions are ultimately implemented to create a balanced reward system for all Witnesses.
It is unfortunate to note that the earning potential for Witnesses outside of the top 20 is relatively low and often does not even cover the expenses a Backup Witness must incur to run their Hive Engine Backup Witness Node. Even if one runs their Hive Engine Witness from home, there are still significant hardware and power costs. In addition, one must take into account that the server must be up and running 24/7. Of course, the provision of reliable and powerful hardware by a server provider does not come without a cost. The fees for using these services can be considerable. Even if you run the Witness node from home, you still incur significant costs to ensure that the hardware is up to par and the server is running continuously. The average monthly revenue of a backup witness is about $6. It is obvious that these remunerations are not sufficient to cover the cost of an adequate web server. Maintaining and running an efficient server requires significant financial investment to ensure stable and reliable performance.
It is important to acknowledge this financial challenge and look for solutions to improve the income situation of backup witnesses. It is unfair and demotivating when those who make a valuable contribution to the Hive Engine network are not adequately compensated while struggling with the costs of running their nodes. The discussion of appropriate compensation for Witnesses outside the top 20 is of great importance. Mechanisms and incentives need to be put in place to ensure that those who invest their time, resources, and skills in running the network are appropriately rewarded. This is critical to keep motivation high and ensure that qualified Witnesses can continue to contribute without bearing financial burdens. In the coming weeks and months, various models and approaches should be carefully considered to ensure a more equitable distribution of rewards. It is paramount that the Hive Engine community work together to find solutions to improve the financial situation of Backup Witnesses and ensure that they are properly compensated. Only in this way can we ensure that the network remains robust and sustainable, and continues to attract qualified Witnesses who wish to continue their valuable work.
| Rank | Witness Name | BEE last month | USD Value | BEE last week | USD Value | BEE last 24hr | USD Value |
|---|---|---|---|---|---|---|---|
| 1 | @primersion | 671.4416 | $96.25 | 158.3522 | $22.70 | 25.8752 | $3.71 |
| 2 | @apiculture | 779.2231 | $111.70 | 180.0988 | $25.82 | 25.5898 | $3.67 |
| 3 | @eturnerx-honey | 770.7947 | $110.49 | 171.9557 | $24.65 | 25.6659 | $3.68 |
| 4 | @clicktrackprofit | 779.6227 | $111.75 | 182.0014 | $26.09 | 26.0084 | $3.73 |
| 5 | @comptroller | 593.0551 | $85.01 | 182.0965 | $26.10 | 26.0274 | $3.73 |
| 6 | @kanibot | 766.2665 | $109.84 | 167.3134 | $23.98 | 20.586 | $2.95 |
| 7 | @ausbit.dev | 550.7035 | $78.94 | 182.0965 | $26.10 | 25.6469 | $3.68 |
| 8 | @brofund-witness | 781.316 | $112.00 | 182.0775 | $26.10 | 26.0464 | $3.73 |
| 9 | @h-e | 781.2969 | $111.99 | 182.0965 | $26.10 | 26.0654 | $3.74 |
| 10 | @ph1102.ctp | 781.2779 | $111.99 | 182.0585 | $26.10 | 26.0654 | $3.74 |
| 11 | @hewitness | 762.176 | $109.25 | 171.8986 | $24.64 | 26.0274 | $3.73 |
| 12 | @locolombia | 766.5138 | $109.87 | 182.0965 | $26.10 | 26.0084 | $3.73 |
| 13 | @thelogicaldude | 781.2208 | $111.98 | 182.0014 | $26.09 | 25.9322 | $3.72 |
| 14 | @jedigeiss | 781.1447 | $111.97 | 182.0585 | $26.10 | 25.9322 | $3.72 |
| 15 | @actifit-he | 775.3038 | $111.13 | 182.0965 | $26.10 | 25.9322 | $3.72 |
| 16 | @pizza-engine | 781.2969 | $111.99 | 182.0775 | $26.10 | 25.8942 | $3.71 |
| 17 | @chrono.witness | 588.3557 | $84.34 | 168.1696 | $24.11 | 20.9284 | $3.00 |
| 18 | @bdc.witness | 781.2779 | $111.99 | 182.0965 | $26.10 | 25.9132 | $3.71 |
| 19 | @neoxianminer | 776.7878 | $111.35 | 177.5113 | $25.44 | 21.328 | $3.06 |
| 20 | @ervin-lemark | 537.2713 | $77.01 | 101.4459 | $14.54 | 8.5807 | $1.23 |
| 21 | @liotes | 281.05 | $40.29 | 39.8402 | $5.71 | 7.8006 | $1.12 |
| 22 | @c0ff33a | 72.5266 | $10.40 | 22.051 | $3.16 | 5.3272 | $0.76 |
| 23 | @sourovafrin | 61.5487 | $8.82 | 11.5487 | $1.66 | 2.93 | $0.42 |
| 24 | @louis.witness | 40.5061 | $5.81 | 6.6971 | $0.96 | 1.1606 | $0.17 |
| 25 | @india-witness | 41.914 | $6.01 | 11.4536 | $1.64 | 1.0845 | $0.16 |
| 26 | @tribaldexwitness | 29.3379 | $4.21 | 8.3524 | $1.20 | 1.8455 | $0.26 |
| 27 | @lassecashwitness | 27.3592 | $3.92 | 9.2275 | $1.32 | 1.2938 | $0.19 |
| 28 | @dw-he | 45.4528 | $6.52 | 7.8767 | $1.13 | 1.1225 | $0.16 |
| 29 | @hashkings | 24.4482 | $3.50 | 5.86 | $0.84 | 0.8942 | $0.13 |
| 30 | @bradleyarrow | 23.4399 | $3.36 | 5.3463 | $0.77 | 0.6469 | $0.09 |
| 31 | @psyberxnode | 41.5715 | $5.96 | 9.551 | $1.37 | 1.0845 | $0.16 |
| 32 | @tribaldex | 47.2602 | $6.77 | 10.312 | $1.48 | 1.5982 | $0.23 |
| 33 | @newtrailers | 15.1446 | $2.17 | 3.2534 | $0.47 | 0.4566 | $0.07 |
| 34 | @backup.light | 32.4201 | $4.65 | 8.4855 | $1.22 | 1.484 | $0.21 |
| 35 | @balaz | 16.5144 | $2.37 | 3.3105 | $0.47 | 0.3044 | $0.04 |
| 36 | @keys-defender | 71.5563 | $10.26 | 14.1933 | $2.03 | 0.9893 | $0.14 |
| 37 | @wooengine | 51.9216 | $7.44 | 14.5358 | $2.08 | 3.4056 | $0.49 |
| 38 | @fireblaster | 16.5525 | $2.37 | 3.4056 | $0.49 | 0.8752 | $0.13 |
| 39 | @cadengine | 10.1027 | $1.45 | 2.0167 | $0.29 | 0.1712 | $0.02 |
| 40 | @star.lord | 5.3463 | $0.77 | 1.5411 | $0.22 | 0.2093 | $0.03 |
| 41 | @alamut-he | 15.0875 | $2.16 | 2.1309 | $0.31 | 0.1332 | $0.02 |
| 42 | @superfig | 0 | $0.00 | 0 | $0.00 | 0 | $0.00 |
As mentioned earlier, personally I would very much like to see a change in how Witnesses are compensated. Currently, I only receive about $5.81 in revenue (Staked), which has yet to be unstaked. This income is not enough to cover the running costs of my server. A reasonable and higher compensation would not only help me, but also help us expand our network of Witness servers. With an attractive compensation, we would become more attractive to potential new users. This would lead to us being able to take an even bigger step towards decentralization by expanding the network with more Witnesses. A growing community of Witnesses would be crucial to ensure the stability and security of the Hive Engine network in the long run.
It will be fascinating to see how the discussion about Witnesses compensation evolves and what possible changes could be implemented in the future. The decisions that are made on this matter will have a major impact on the continued development and growth of the network. I am excited and optimistic that the community will work together to find solutions to improve the income situation of Witnesses while increasing the attractiveness of the Hive Engine network to potential new users. It is important that we create a sustainable and equitable compensation structure to ensure that Witnesses can continue their valuable work without having to overcome financial hurdles.
Thanks.
Vote for my Hive Witness
U can vote for my Witness using Hive Keychain here: https://vote.hive.uno/@louis.witness
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Vote for my Witness on Hive-Engine using Primersion Tool: https://primersion.com/he-witnesses Enter your Username and search for louis.witness
I feel you and I support your initiative for a fairer, more evenly distributed reward system.
My witness node is in the last weeks living in a limbo of 21st place, sometimes even at the 20th position. The difference is significant as your table shows.
May be a sort of minimum/basic compensation for every active witness would be a good first step. Of course, with a valid definition of what active is and how much basic is !LOLZ
By the way, it is impossible to move the position on your own action. $WORKERBEE is so sparse and market is non-existent. For example, I would need to buy 1,720 $WORKERBEE to catch the witness in front of me.
Market is 31 $WORKERBEE shallow:
No way to climb up on your own. The only thing left is to beg for votes of those who have accumulated their stash in the past.
Also, votes for @eonwarp's node are wasted:
I am not saying that the voters above should vote for my node (hint) yet they should consider revoking and redistributing their votes.
My first 5 cents ...
@tipu curate
I do agree with this statement. For now, I am trying to convert all earned Bee into Workerbee and the process is slow and painful.
So if anyone want to support me please vote for: https://votify.vercel.app/alamut-he
Upvoted 👌 (Mana: 65/75) Liquid rewards.
There's a ton of dead weight voting. 2.5 months till vote expiration kicks in and changes it around a bit.
True. It will be interesting. Suddenly, nobody will have any votes :)
I did a little simulation a while ago as to what would happen when the votes expire, let me see if I still have the results.
Edit: Looked for it and couldn't find it, maybe I'll do it again soon.
Redoing the simulation now, will post results once its done. Basically seeing what would happen if the votes expired today.
We go down to only 855 votes still remaining. Here's the new layout:
https://github.com/hive-engine/hivesmartcontracts/issues/35
Good idea for those with comments to write it on github as well in order to keep them all in 1 place.
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Interesting read. You all can see how little I earn. In fact I loose money every month running my node.
I would never turn down earning more and some valid points where made in this post.
Personally I never thought about it. I am happy to add to helping the chain. And I just keep plugging along. My goal was over time to work my way into the top 20.
What ever happens I think I will be happy.
My 2 cent worth, pardon the pun. Lol
Depends on the costs of your server but i think around 3.36 USD is less than the costs. It's a hard way into the Top20 ;)
We will see how the changes comes in to play and how we manage to get higher rewards for being a backup witness.
@atexoras.witness was probably having problems at the time to did this =) - just a guess 🤷♂
It's definitely not a very lucrative business to run a hive-engine witness. We just manage to get into top 20 when some witnesses are having difficulties. If this happens for a couple of days, we manage to cover our costs. Otherwise we rather lose than win anything. The problem with the present situation is that people who are not in top 20, don't have an incentive to keep their witness running. This means that when top witnesses have troubles, there is hardly any backup available. Also it's pretty difficult to get more votes. There are very few WB holders and there is hardly any liquidity in the market. It would be worth thinking about taking BEE tokens as governance tokens since they are spread in a much more decentralised way... Thanks for writing this post and shading some light to the problem.
This could be an interesting starting point for a broader discussion as we had a similar problem with HIVE witnesses... Those on the top are getting most of the rewards and the rest can barely pay (if they can) for the machines... The issues are what we are experiencing occasionally, unstable nodes, laggy HIVE front-ends, etc...
We should definitely implement more linear rewards and incentivize people to run nodes, and in this case, people don't even want to try as it will be just an additional cost... 😞
This would be great as I am a bottom witness for both HE and HIVE and I am glad I can pay for server.