What you're describing - the lower earnings element - has always been my experience. I joined just before the bonuses came to an end, so I never received one, because I was still trying to get started and had few followers. I'm sad that I didn't realise what Medium was years ago! I'd liked to have enjoyed those good times. Now, I'm still hoping it has more potential, but it's quite a slog. It requires a lot of effort, as you say, and then stories you think will fly, just flop. If I was working on the basis of the minimum wage, I'd have given up long ago. BUT I still enjoy it. I gave up twitter to do Medium and I get paid a little, so that's an upside.