Re: Steemit.com: Blogging is the new Mining

have somewhat a naive question, or three rather

1. did POW which rewarded miners with STEEM ended ?

Yes that was only during the pure PoW phase.

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2. if true to the above, can current POW that rewards miners with VEST be converted to STEEM ?

Yes but conversions are only 1/104 per week. It is probably best to mine to increase your Steam power (formerly known as VESTS) if you intend to use the system. But you can mine, convert, and sell if you really want to.

thanks smooth for taking time to explain! is there a command line in wallet-cli that can do that conversion or 1/104 per week (to STEEM) is distributed automatically by the network ?

thanks much!

Yes the CLI wallet comes with the source code that you need to build in order to mine. The withdraw_vesting command is what you are looking for. Once you initiate the withdraw, you will get a 1/104 payment every week, and it can be canceled at any time. The amount of the payments is fixed at the time of the request.

It is also possible to use the power down button on the web site to do the same thing.