SiaCoin is another altcoin, a peer-to-peer decentralized network which can be used for selling and buying computer storage space. The cryptocurrency which users will use to pay for their transactions in the Sia network is the SiaCoin. Similar to the Bitcoin, SiaCoin mining will also depend upon miners who contribute computing powers to the network. The biggest advantage of mining the SiaCoin is that instead of all the data centers coming under the ownership or control of one company, the Sia makes it possible for all to get profits through leasing out their hard drives.
How does SiaCoin mining work?
The SiaCoin is nothing but the name of the cryptocurrency which Sia uses for making decentralized payments. SiaCoin actually allows miners to accomplish things which may not have been possible using traditional online payments. This is because the Sia network will build a decentralized computer storage network. To do so, it uses the idle storage space from people all across the world and unites them into a global market aimed at data storage.
Why should you choose to mine the SiaCoin?
The Sia network will also make use of blockchain technology like the Bitcoin in order to allow hosting plans to be bought in a trustless manner. It entails smart contracts which are cryptographically secured and these will guarantee that data transfers are completely secure with no room for any third party to intervene. The initial rewards were 300,000 SiaCoin. Every block reward following this will be one SiaCoin less than the earlier block reward.
Unlike Bitcoin or Ethereum which had been launched to fulfill multiple uses, the SiaCoin has been launched for a specific use alone. Sia is unique because it mainly focuses on privacy as compared to any other cloud storage provider. In short, it will make sure you alone get to access and control your files. Sia is also a cost-effective way of getting storage and guarantees far better uptimes compared to other providers. Finally, Sia is also open-source and it will let you create applications which can be run on the Sia API.
Those who wish to rent space have to pay the SiaCoin. It is possible to mine these coins and even trade them. The main reason why Sia introduced this cryptocurrency was because they wanted their individual coin and did not wish to depend on any other currency. The developers felt that both Ethereum and Bitcoin have congested networks and they are likely to be affected by vulnerabilities and forks. So, having one’s own blockchain is preferable as it gives greater stability.
SiaCoin mining:
- It is easy to mine the SiaCoin because installation is simple and needs only elementary expertise. You will however need to get SiaCoin mining hardware, software, mining pool and wallet.
- The most significant component is obviously the hardware and this where you need to make a hefty investment. SiaCoin mining is also possible using the ASICs; GPU mining can generate profits when you use the Nvidia GTX 1080 series. In 2017, a new ASIC device was launched for SiaCoin mining. This new move to the ASICs was expected because that is the current market trend. This new Obelisk SC1 miner consumes as much as 500 watts of power but it does not need external cooling. It can run at room temperatures.
- You will also need SiaCoin mining software; when you use the Nvidia GPUs you can set up the CUDA. For the AMD GPUs you can use the OpenCL. You can also install any of the SiaCoin miners available in the market.
- With the hardware and software in place, you need to join a mining pool. You must choose pools that will pay regularly. Those who have contributed more computing powers get to enjoy higher profits.
- The coins earned are stored in the SiaCoin wallet. The choice of wallets however is very limited. You can choose the Sia-UI wallet developed by the Sia creators and this is a Windows wallet. You can download it on the computer. Else, you can make a new account on Bittrex to set up a wallet there.
Reports suggest that SiaCoin price will escalate in 2018 and all predictions in this line are quite positive. There are also reports which state that Sia storage is much cheaper than traditional cloud storage, and being competitively priced, could help increase demands for this cryptocurrency. This would indirectly help to increase SiaCoin prices.