The Steem network starts with a currency supply of 0 and allocates STEEM via proof of
work at a rate of approximately 40 STEEM per minute to miners, with an additional 40
STEEM per minute being created to seed the content and curation reward pools (for a total
of 80 STEEM per minute). Then the network starts rewarding users who convert to SP. At
this point, STEEM grows at a rate of approximately 800 STEEM per minute due to the
combined effects of the various Contribution Rewards.