The token of Sia, a blockchain-based decentralized cloud storage provider, is called Siacoin (SC). The extremely high level of privacy and security that the blockchain offers is something the developers are proud of. Your data is only accessible to you, which is one of the network’s best features. This article is here to give you and in-depth explanation on the whole process of mining Siacoin. Quick overview of what you can expect to learn:
- What Mining Hardware is compatible with Blake2b Algorithm
- How to set up and configure the Software and Hardware
- How to choose a suitable Siacoin Mining Pool
Siacoin can be mined independently, but it is more convenient to join a mining pool to pool resources and increase profitability.
Cloud mining is an alternative method of mining Siacoin. That way you won’t need to trouble yourself with the technical stuff or obtain hardware. In the article’s body, there is more information on that.
What is Siacoin?
The Sia network, a cloud storage provider and decentralized peer-to-peer network that enables buying and selling of computer storage space, uses Siacoin as its cryptocurrency.
In comparison to other cloud storage providers, Sia promises a high level of privacy.
In addition, compared to other storage providers, Sia’s services are up to 10 times cheaper as it offers 1 TB of storage space for about $ 2 per month. The same is available for $23 per month on Amazon S3.
All users who rent space in Sia’s storage pay with the Siacoin cryptocurrency (SC).
Why You Should Mine Siacoin?
The inexpensive decentralized storage services offered by the Sia platform are a great asset to users. Even better, Siacoin’s price will rise as free space becomes more in demand in the future.
Siacoin mining can be very profitable. You could make as much as 131,263 SC with the current block reward. By distributing the computer power, you will also contribute to maintaining the platform’s security for all users and miners.
Best Way to Mine Siacoin
Mining Siacoin with GPUs is still possible, but not recommended. You unquestionably need an ASIC miner if you want to profit from Siacoin.
The Obelisk SC1 Sia ASIC miner was first developed by the Siacoin developers, but in January 2018, Bitmain, the largest ASIC miner manufacturer, overtook them. The Antminer A3, which outperforms Obelisk SC1, was a surprise release from the Chinese company. The advent of an ASIC device rendered GPUs obsolete, as in the majority of other situations.
Currently, the only profitable option of Siacoin mining is by using the Antminer A3, which produces a hashrate of 815GH/s while consuming 1300 Watts of power at a price point of $475.
We advise signing up for a SIA mining pool where you can collaborate with other miners once you’re ready with the hardware side of things. That way, you’ll receive frequent payments (proportionally split) and steadier income.
What Do You Need to Start Mining Siacoin?
An ASIC miner, a power grid with enough capacity, and constant internet access are required for efficient Siacoin mining. One Antminer A3 uses approximately 1300 W of power, so it’s important to carefully calculate how many machines you’ll be running and how much power they’ll each require. You must first install Sia-UI from the official website and then create a wallet if you don’t already have one to store your Siacoin.
What Else You Should Consider?
ASIC machines were created specifically to generate more hash power while generating a lot of heat and requiring a lot of electricity. Different methods of combating such issues are explained in our hardware/cooling article where we troubleshoot problems like:
- Cooling and Ventilation
- Cleaning and Maintenance
- Noise Reduction
- Power Delivery Issues
After dealing with hardware and electricity aspects, your focus should be on choosing the right wallet. It is a good idea to weigh all of your options. Generally speaking, there are five main categories to choose from: hardware, online, mobile, desktop, and desktop. The Siacoin one was covered in detail, along with installation, later in the article. For all the rest, you can read on our wallets webpage.
Everything is now in front of you. Now is the time to sit down and consider the mining strategy you want to use. You can pick from solo, pool and cloud mining which we are going to explain later in this article.
Siacoin Mining Hardware
While there are some cryptocurrencies that can be mined only with GPUs (graphics cards), Siacoin, like Bitcoin, makes use of specialized hardware devices, called ASIC.
So, if you want I suggest using an ASIC device if you want to mine Siacoin profitably.
In 2017, an Asic hardware was developed specifically for mining Siacoin, the Obelisk SC1, whose power can be compared to 100 GPUs.
Obelisk SC1 can mine Siacoin at a hash rate of 300 Blake2b algorithm is used, and the maximum amount of electricity used is 500W per GH/s.
Obelisk’s ability to function at room temperature and lack of need for external cooling are both significant advantages.
But you can pick an Nvidia GPU like the GTX1080 if you prefer to mine Siacoin using a GPU.
Siacoin Mining Software
As you probably already know, when choosing a software for Siacoin mining, you will have to take into account what kind of hardware you are going to use.
Fortunately, Siacoin mining software is widely available on the market. The Marlin Miner (from SiaMining) is unquestionably among the best and works with AMD or Nvidia GPUs.
According to their programming language, the full list of software used for GPU hardware is provided below.
For Nvidia Miners with CUDA language
- Sia-CUDA-Miner
- Sia-CUDA-Miner fork
- Ccminer
- Marlin
For AMD Miners with OpenCL language
- Sia-GPU-Miner
- gominer
- Marlin
Mining Siacoin Alone Or in a Mining Pool?
When mining cryptocurrencies, the question arises as to whether to mine alone or with a mining pool.
Although mining Siacoin alone is possible, to make the mining activity more profitable it is more convenient to join a mining pool to pool resources with other users.
Note that if you join a mining pool, you will receive rewards based on the resources you have invested.
There are numerous mining pools available to mine Siacoin, and the top ones are listed below:.
- F2Pool
- Luxor
- SiaMining
- Antpool
Which Wallet to Use to Store Siacoin?
Once you have mined your SC tokens, you will need to store them in a wallet. Unfortunately as of today there are very few cryptocurrency wallets that support SiaCoin.
Among them, the best options are:
Wallet Sia-UI
The only Windows wallet for Sia is this one, which was created by the same developers who created Siacoin.
Being a GUI (Graphic User Interface), among other functionalities, it allows you to manage your Siacoin tokens and interact with a decentralized network. Windows, Linux, and macOS users can download Sia-UI.
Sia Wallet App (for Android Devices)
The Sia Wallet App is available for immediate download from Google Play.
Although it is not the official Siacoin wallet, it functions quite well and lets you send, receive, and store Siacoin as well as store your files on the Sia network.
Ledger Nano S
The best hardware wallet option is probably the Ledger Nano S if you prefer to use one to avoid keeping your money in an online or computer account. One of the advantages of using a hardware wallet is that your private keys are stored on the device and it is more difficult for them to be hacked or stolen.
Is Siacoin Mining Profitable?
The block reward was 300,000 Siacoins (SC) at the time the Sia network was introduced. This decreases by one each block, at a block height of 30,000 – which was reached at block 270,000.
Unlike Bitcoin, Siacoin’s block reward never stops. This means that miners will always have an incentive to be part of the Sia network.
As I already told you, mining Siacoin now entitles you to a reward of 300,000 SC per block, or about 5 euros at the current exchange rate.
Siacoin’s value has remained comparatively stable over time, compared to most other cryptocurrencies, aside from its current price and reward. Additionally, it is a useful asset that grabs users’ attention because of its functionality, which enables cloud storage rental.
This is why today Siacoin turns out to be a profitable asset to mine.
Siacoin Cloud Mining
You can start mining Siacoin right away by signing a contract and paying the required amount for cloud mining. Any issues with hardware or configuration are miles away from you. For a fee, of course, the middleman handles everything for you in addition to paying your electricity bills. You simply have to enter the address for your wallet and wait to receive your rewards.
On our special webpage for cloud mining providers, we can assist with the search for trustworthy outside providers. Good examples are MiningRigRentals and NiceHash.
However, here is a small list with few points worth looking at when thinking of cloud mining contracts:
- 1. The provider’s reputation
- 2. Check if the algorithms provided match your choice – be extra careful when reading the contract, the terms and conditions section
- 3. Always pay attention to the maintenance fee of the service and the length of the contract
Keep in mind that there could be some hidden service fees and maintenance fees which should be included in your calculation before you sign the contract.
FAQs
How Long Does It Take to Mine Siacoin?
Every ASIC mines a Siacoin block. But this block is then divided between all miners. How long does it take to mine 1 block of Siacoin for yourself depends on your hash rate, which is basically how powerful your mining setup is. Using an asic will yield the best results when mining Siacoin.
How Much Does It Cost to Mine 1 Siacoin?
Given that the price of your electricity varies, it is difficult to estimate the cost of mining one block of Siacoin. However, in general, if you want to be profitable, you must spend money on specialized mining equipment known as ASIC. Since they were designed specifically for cryptocurrency mining, they have high efficiency and the ideal parameters for the task.
How to Mine Siacoin on Pc?
Although mining Siacoin on a computer is entirely feasible, if you are serious about cryptocurrency mining, you should think about purchasing an ASIC mining setup. The asic is actually the most effective method for mining Siacoin. In any case, try joining a miner pool if you really want to use computers.
How to Mine Siacoin at Home?
You can initially try mining Siacoin using your computer at home. You can buy an asic once you have more mining experience. That is the best way how to mine Siacoin. To avoid simply burning money, check mining profitability charts.
How to Get into Siacoin?
The best way to start with Siacoin is to start from the beginning – that means mining. You get your hands dirty and learn a ton about this cryptocurrency in this way. We advise using an asic as the best mining method for Siacoin.
