For example, a lot of powering down in the period September 2016 – April 2017, and then also March – May 2020. This period was when the exhanges were powering down.
With the early powerdown period - isn't that the miners pulling out the 250M initial mine?
Well at the time not many accounts had big stake, so yes, the early miners.
Although a big chunk of the mine was Steemit Inc actually, not sure how much, but there had been speculations 150M to 200M.
The above NET PD are at some level of 30M.
I think the speculation is about right toward the higher end.