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.

 



![01.png](https://files.peakd.com/file/peakd-hive/dalz/23w2csk3rjBM3wjB5PGvaMGw89XEgeXNDFsTfUmXa9jSmm3U8BvZsfuf6dPEyPwzVX3Gg.png)






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.

 

![image001.png](https://files.peakd.com/file/peakd-hive/dalz/23t7BGEduC9ajJLxDdhFZLGQecqfn7gdrtHR1C9RT94XTdcqSjuRbfgRNrDWnt1UDcejP.png)







This chart dates 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:**


 

![image003.png](https://files.peakd.com/file/peakd-hive/dalz/23tGVct8KB3adB2nDyCu8tdUZekVrgq3Jfevqu36eqYjcp5bRUTZ2mqRWNvahmoTNTgbK.png)





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 at the beginning of September on few occasions around 500k HIVE was powered up. 
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 in the last period we can see the opposite trend with more power ups happening due to low HIVE prices. 

### On a monthly basis we have this:

 



![image009.png](https://files.peakd.com/file/peakd-hive/dalz/Eo6DABcoPo83KqLRVbaUTGv3EUiF6shVD8trJ2LZBAJ84gngQhzJNLZ1NTU9teZ9bsh.png)






Here we can notice the relativly quite first half of 2024 then a spike in July 2024 and the summer, and a drop toward the end of 2024. January 2025 was also negative in terms of powering up, and in the last months we are seing again a positve shift. 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:

 



![image011.png](https://files.peakd.com/file/peakd-hive/dalz/23tGbqxac2VEkqZ4AwxHzTV8o5prBv77E1oRVXRwG48cyrkoDQDsjbp1H6WY7gAZHPU6N.png)





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 2023 we were around 6M HP while for 2024 we are at 13M more HP added in circulation. For the first half of 2025 we are at just 2M in positive.


## HIVE Power Cumulative Supply

When we plot the cumulative HIVE power in the period, against the total supply we get this.

 



![image013.png](https://files.peakd.com/file/peakd-hive/dalz/Eoni9s67j9aE6M5wk9uAm9ciC3Ejim6BuGs8gPr8na53GKv5TedF3Ru7cz6GLQmBYK4.png)




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:





![image015.png](https://files.peakd.com/file/peakd-hive/dalz/23tGZrGwLaASNM5KpH4fR74HjSAWWWJf8cod5MQ1TEXWVAAaWrSbcXp5icgNsHeV2rMvS.png)

 


A slow increase in the amount of HIVE powered up, from 140M HP in 2020, to **187M** 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 months. 



**The chart for the liquid HIVE looks like this:**

 




![image017.png](https://files.peakd.com/file/peakd-hive/dalz/23tGa1VcVvQQ2EwmyX6pZNxBZdMfdAz8S1uvTDzwWC1eyTES8nehAnpZvP8ZB9BMDmMun.png)





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 257M.
 


## Hive Power Share [%]
Here is the chart in percentage points. 
 




![image021.png](https://files.peakd.com/file/peakd-hive/dalz/23tRxJ5efgqS1GXr1tK3aBYs5suxeNghwwMzUXRHEKht1P6hq5Tv6cj8XwuE4JFcaBAWC.png)



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. 


## HIVE Supply Share
When we plot the current supply on a pie, we get this.

 



![image023.png](https://files.peakd.com/file/peakd-hive/dalz/23swigqqhSJj2oehT5EE6sjxgP4VTaD9uzzW6k6q8fjxWLhMgFY5V22TXzs2tYE59qSBh.png)





-	39% Hive Power
-	54% Liquid HIVE
-	7% HIVE in the DHF

Bearing 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.





![image025.png](https://files.peakd.com/file/peakd-hive/dalz/23tv8FJiVzeR2Utb3Q8UksQa5KqhEpE69cuNAbbefGDtt4UBcBi9gHd9WPa5SbubJmTLK.png)

 



The @honey-swap account has been making some movements recently with its HIVE holdings, some of it was moved and landed out for Binance yield, and it has also powered up in 2025. @themarkymark and @pfunk next on the list. 




## Top Accounts that Powered Down in 2025

Who is powering down the most?







![image027.png](https://files.peakd.com/file/peakd-hive/dalz/Eoc5566bwjJShR526GXdWxj178oGVbaX2LHruEpwJ7j8ij2pPSW5MRrZtA8mtTCaafR.png)


 



The @ipromote account has been powering down the most followed by the @hbdstabulizer and then @arhag. 

----

The HIVE power share is at record lows now. A positive thing from this is the HP holders will get even more rewards because the staking share from the inflation goes to less HP. The HIVE price has decreased and has caused some users to power up in the last months. 

All the best
@dalz