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