The translator should consider rendering verses 17-18 as poetry (see Section F of the introduction, “Translating the Revelation to John,” pages 6 and following).
We give thanks to thee: only here in Revelation is the verb “to give thanks” used.
Lord God Almighty: this may be expressed in various ways: “Lord, the Almighty God” or “Lord God, the Almighty One.” For the title Almighty see 1.8.
Who art and who wast: see 1.8. Some manuscript copyists added “and who is to come” (as in 1.4, 8), but this is not part of the original text here. Translator’s New Testament has a striking translation, “O God Almighty, Lord of the past and of the present.”
That: this is more naturally expressed in English by New Jerusalem Bible: “We give thanks to you … for (assuming your great power).” Another way of rendering this word is “because.”
Thou hast taken thy great power and begun to reign: this means that now God is making use of his great power, God is exercising his great power. If a direct object is needed after the verb to reign, something like “over the (whole) world” may be said.
An alternative translation model for this verse is:
• “(Lord) God who is all powerful (or, the strongest of all), who lives now and has always lived, we thank you that you are showing your great power and have begun to rule.
Quoted with permission from Bratcher, Robert G. and Hatton, Howard A. A Handbook on The Revelation to John. (UBS Handbook Series). New York: UBS, 1993. For this and other handbooks for translators see here .

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