Siacoin Mining: The Sia network, a cloud storage service and decentralized peer-to-peer network that enables the exchange of goods and services of computer storage space, uses Siacoin as its money.
Comparatively to other cloud storage companies, Sia promises a high level of anonymity. Sia provides 1 TB of storage capacity for roughly $2 per month, making its services up to 10 times less expensive than those of rival storage providers.
This is also available on Amazon S3 for $23 each month. Also, all the users renting in Sia’s storage pay with the Siacoin cryptocurrency (SC). Do you know how to mine Siacoin (SC)? Let’s find out in the first section of this article below, How to mine Siacoin (SC).
How do you mine Siacoin (SC)?
To obtain the most return on your investment in mining Siacoin, you should select the hardware and related software.
See below to find out the best hardware & software, which you are to use in mining Siacoin in a profitable way. Read on below.
Siacoin Mining Hardware
While certain coins can only be mined using graphics cards (GPUs), Siacoin, like Bitcoin, utilizes various hardware components known as ASIC. So, we suggest using an ASIC device if you really want Siacoin extraction to be lucrative.
The Obelisk SC1 ASIC device, which has the processing capability of 100 GPUs, was created exclusively for mining Siacoin in 2017. Obelisk SC1 uses the Blake2b algorithm, and it seems to have a maximum power consumption of 500W, and it can mine Siacoin at a rate of 300 GH/s.
Obelisk’s ability to function at room temperature and lack of need for auxiliary cooling are also significant advantages. However, if you suggest using GPU for mining Siacoin, it is more your style, you can also go with an Nvidia GPU like the GTX1080.
Siacoin Mining Software
Since users already know, you must consider the type of tech you want to utilize while selecting a program for Siacoin mining.
Thankfully, there are many Siacoin mining programs available on the market. Unquestionably one of the finest is Marlin Miner (from SiaMining), which works with AMD or Nvidia GPUs.
According to the Siacoin programming language, read on below to find an updated list of the software used for GPU tools.
Nvidia Miners with CUDA language uses:
- Sia-CUDA-Miner fork
AMD Miners with OpenCL language use:
Lone Siacoin Mining/Siacoin Mining Pool
Siacoin Mining: The decision over mining cryptocurrency alone or in a mining pool comes while mining.
Siacoin could well be mined alone, but it is more simple to join a mining pool to work collaboratively with other users in order to increase the profitability of the mining project.
Be aware that even if users join a mining pool, the benefits you earn will depend on how much you invest in mining.
If you want to start the mining operation via a mining pool, know that there are many mining pools out there, moreover, below is an outline of the most popular & efficient ones out there.
Meanwhile, after mining the Siacoin off these mining pools, what wallet do you think you can use in storing store them? Find out the wallets you can use in storing Siacoin in the following section below.
Siacoin Mining – Wallets used in Storing Siacoin, Find Out!
You must save your SC tokens in a wallet after you have mined them off the mining pools. Sadly, there aren’t many cryptocurrency wallets available right now that support SiaCoin.
But currently, there are only three best wallets we can recommend you use in storing the Siacoin among others, see them as listed below:
- Wallet Sia-UI
- Sia Wallet App (Recommended for Android devices)
- Ledger Nano S
The only Pc wallet for Sia is this one, which was created by the same guys that created Siacoin.
As a GUI (Graphic User Interface), among its other features, it enables users to engage with a decentralized platform and control their Siacoin tokens. Sia-UI is available for Windows, Linux, and macOS download.
Sia Wallet App (Recommended for Android Devices)
The Sia Wallet App is available for immediate download from Google Play. It functions fairly well and lets you transfer, receive, and save Siacoin as well as store your files on the Sia platform, despite the fact that it wasn’t the official Siacoin wallet.
Ledger Nano S
The finest hardware wallet is undoubtedly the Ledger Nano S if you choose not to store your money online or on your PC.
Having your private keys kept on the hardware wallet makes it harder for them to be lost or stolen, which is one benefit of utilizing one.
Is Siacoin mining profitable? Find out!
When the Sia network first went online, the block reward was worth 300,000 Siacoins (SC). At a block-level of 30,000, which has been attained at block 270,000, this reduces by one on every block.
Siacoin’s block reward never ends, unlike Bitcoin. As a result, miners always have a reason to join the Sia network. Like we’ve said, mining Siacoin currently rewards you with a payout of 300,000 SC every block, or around 5 euros depending on the current value.
Siacoin’s value has been relatively steady throughout time, similar to most other cryptocurrencies, save from its present price and reward. Additionally, it is a useful asset that grabs users’ interest because of its usability, which enables cloud storage rental.
Because of this, mining Siacoin is now lucrative. Also, you can use Siacoin Mining Calculator to get an idea about how much Siacoin you may potentially make from mining it and how valuable it is.
For more updates on crypto mining platforms, tokens, and wallets, stay with us on StartEasyCrypto.com. Leave a comment below if necessary, and please don’t forget to share.