How to lease Steem Power with MinnowBooster | Tutorial

wondersofnature (55)in #steemiteducation • 7 years ago

In my previous post I shared with you the Different ways to acquire Steem Power in Steemit wherein one of the options is by leasing Steem Power. For some minnows who are not yet aware what Steem Power means, Steem Power (SP) is a vested Steem that gives you influence in Steemit community. The more SP you have, the higher the value of upvotes you can give to your favorite authors, the higher the curation rewards you can also get. If you want to know more about it you can check my post Different ways to acquire Steem Power in Steemit.

My today's topic is about leasing Steem Power with @minnowbooster. I have been doing this for more than a month now and it's giving me a very good result so I wanted to share it with you. In this tutorial, I will show you the easiest way of leasing SP, so I will do my best to make it comprehensive for everyone.

How to lease Steem Power with MminnowBooster?

Step 1: You must have Steem on your account.

You can buy Steem on blocktrades. Just navigate to your wallet and click the small drop-down arrow on your Steem and click on Buy.

On the right part you will see the Receive estimated amount just put the amount of Steem that you want to purchase and on the right where it says Send will show you how much bitcoin you need to send or you can choose which cryptocurrency you want to use in purchasing Steem.

In my account I have 9.1 Steem available and I want to use it for leasing SP. So let's see how much SP can I lease with my 9.1 Steem.

Step 2: Go to https://www.minnowbooster.net/market

Click on New Lease Request. The first thing that we're going to do is to check the current NETT APR % that leasee are offering to the delegators .

On this first page you will see that the NETT APR offers are 18.72%, 20.0%, 20.8%, 9.36% and so on. You need to find out what's the highest offer, so you need to browse until the last page.

Based on my observation the highest NETT APR offer is 27.85% next is 26.0%

Why it's important to check the NETT APR? Because the NETT APR is the "interest percentage" that the delegator will get from delegating their SP to the leasee. The higher the NETT APR offer the faster you can get a delegator. This is based on my own experience. Because this works like bidding, if you offer low APR % then there's a very low possibility that a delegator would fill in your lease request.

Step 3: Click on Lease Steem Power and fill up the leasing form

Type in your Username, the Steem Power you wanted and How many weeks you want to lease it. You will see the automatic calculation of the How may SP per STEEM per week, NETT APR and Total Steem Required.

So I decided to lease 329 Steem Power for 4 weeks (1 month). The NETT APR gives me an automatic calculation of 25.0 for 8.7 Steem. If we want to get an immediate delegator we should compete with the NETT APR offered by the other Leasee, remember that the highest NETT APR offer is 27.85% next is 26.0%, then you can bid for 26.0. You cannot directly edit the NETT APR by just clicking the field because it's disabled for editing, what you can do is adjust the SP per Steem Per week, make it lower to attain your desired NETT APR. By increasing the NETT APR the Total Steem Required also increases.

In this screenshot you will see that from 150 SP per Steem Per week, I brought it down to 144 SP per Steem Per week so I got 26.0 NETT APR for a total of 9.1 Steem, good enough for my budget :)

Step 4: Click on Lease

Confirm your request with steemconnect. Just type in your username and your key

Wait for a few minutes for the system to process your request

Step 5: Click on Active Leases

And click the last page

You should see now your Lease Request. I used my @resteemvote account for leasing, there you can see my request. After placing your request you just need to wait for the delegator to fill it. You will also see a notification on your wallet about your lease request.

I placed my lease request last night before I sleep. When I check this morning I got this notification.

Tadaaann! I got my leased SP! and it only took me less than 8 hours to find my delegator!

That's how I lease SP with @minnowbooster, I usually get delegator just within 8 hours. After placing your lease request you will be given 3 days for the delegator to fill in your request, in case no delegator take your offer @minnowbooster will refund your payment. Thus, to avoid the long wait, offer a good NETT APR on your lease.

So, did you learn something today? Please let me know of your feedback in the comment section. If you have any additional tips to share, please feel free to do so and it will be highly appreciated.