Siacoin is a cryptocurrency that enables a decentralized and secure cloud storage platform. Users can rent out unused hard drive space to other users who need to store data on the Sia network. The network uses smart contracts to ensure hosts are paid in Siacoin for providing storage space and that renters can access their data at any time. Siacoin aims to offer a more affordable and reliable alternative to centralized cloud storage providers.
So will it be profitable to mine Siacoin? What all do you need to mine 1 Siacoin? This article has answered all this and more about how to mine Siacoin. So read on!
Is SC Mining Profitable?
The profitability aspect depends on several factors—for example, the current. The most beneficial way to mine Siacoin is with Antminer A3. It gives a hash rate of 815 GH/s while using 1300 W of power. It requires a price of USD 475. It also depends on the mining pool the miner is associated with. When they cooperate with other miners, they get more payments. Another amusing fact about Siacoin is that its value has always been stable. Its stability is in comparison to other volatile currencies in the market. So the mining of SC is a wise and even profitable venture. It also allows users to rent storage in the cloud.
How to Mine Siacoin (SC): Our Top 5 Recommendations
Choose a Wallet
The first important step in mining Siacoin is choosing a wallet. After mining, you need to store them in a wallet. There are various wallets that you can choose from. You must consider your priorities or the device you use to make the choice easier. You can store Siacoins in the following wallets:
Official SIA-UI
Ledger Nano S
Sia cold storage
Select A Mining Software
It is essential to mention here that choosing software also depends on the type of hardware. There is a wide range of software available on the market that you can use to mine Siacoin. The best one to use is Marlin Miner, developed by SIACOIN. It is compatible with Nvidia and AMD GPUs.
You can use the following software as per your programming language:
For AMD miners who have OpenCL:
- gominer
- Sia-GPU-Miner
- Marling
For NVIDIA miners who have CUDA:
- Cc-Miner
- Sia-CUDA-Miner
- Marlin
- Sia-CUDA-Miner Fork
Get All The Required Mining Hardware
Most cryptocurrencies make use of GPUs. But Siacoin is one of the few that needs hardware. It uses a device called an ASIC, which can make Sia mining more profitable. The Obselisk SC1 is one such specific type of ASIC. It has the power of 100 GPUs.
Configure the Hardware and Software
As presented above, some cryptocurrencies require only the GPU. Only in exceptional cases, like Siacoins, is there a need for hardware. But it is important to sort it out before the mining work begins. It can speed up the process. It would help if you connected the miner to the mining pool. Then you must enter the details, such as the URL or username.
Join A Mining Pool
The mining pool is the most critical question in how to mine Siacoin. It means you must decide whether to mine alone or in a pool. It is more profitable to choose the latter. You can get all your resources together with other users. You also get a chance to earn rewards for the resources you use. Some mining pools include
- F2Pool
- SiaMining
- Luxor
- Antpool
Also read: Cronos Price Prediction
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Also read: Check SC Prices Live
How Does SC Mining Work?
There is no limitation to the supply of Siacoins. The primary way to earn from Siacoin is to rent out space on the network. But some choose to mine SC tokens and keep the network functional. The blockchain of Sia has protection from the Proof of Work algorithm. It safeguards the network from any harmful attack because of significant power necessities.
It also sends out block rewards to all the miners. It is to compensate for the computational power they spend on the network. If a block verification is over, some Sia goes out to the miner who mined it. As the rate of rewards keeps changing, it is impossible to state the exact amount one would earn.
How Long Does It Take to Mine One SC?
The Obelisk SC1 is one of the best devices to mine Siacoin. As presented above, it possesses the power of 100 GPUs. The current situation of the market demands the use of ASIC. These are the future mining tasks. The hash rate of the Obselisk SC1 is 300 GH/s when mining. It uses the Blake2B algorithm. It also makes use of at least 500 W of electricity. It does not require external cooling. It can even be made at room temperature.
How Difficult It Is to Mine SC?
Knowing what it stands for before you learn about the alarming rate of mining SC is essential. The difficulty of mining depends on the number of miners available on the network. It also stands for the computational power that mining a single token requires. The current difficulty of Siacoins is 15,369 PH. It will change depending on the mining of a new block. It will also depend on the miner’s ability to find a new block.
What All Do You Need to Mine SC?
Hardware
There are several pieces of hardware on the market to mine Siacoin. You must do your research well to find the best one. The most suitable ones for Blake2B are as follows;
- ASIC Antminer A3
- SiaMaster Innosilicon S11
- Antminer S19 XP Hyd
You can even find them on popular shopping sites. You can compare the price and characteristics of each to find the most suitable one.
Software
You can select from the list presented below to mine Siacoin:
- Sia-CUDA-Miner
- Sia-CUDA-Miner fork
- Ccminer
- Marlin
The above is specifically for Nvidia users.
For AMD miners, the software is as follows:
- Sia-GPU-Miner
- gominer
- Marlin
However, the best will always be Marlin Miner.
Most frequently asked questions on SC Mining
Q1. Is it Legal to mine Siacoins?
Yes, it is legal to mine Siacoin. There are a few countries where it is illegal. You can find the names in the regulations for Siacoins. But some are Bangladesh, Nepal, Macedonia, Ecuador, Bolivia, and Algeria. In other countries, you can easily mine Siacoin and profit from it. As this currency barely fluctuates, it is always wise to indulge in it in places where it is legal.
Q2. Which countries do not allow Siacoins payment?
The countries that do not allow Siacoin payments are Thailand, Indonesia, and Vietnam. You should always avoid making payments in cryptocurrency in these countries. Here, the use of cryptography can also have legal consequences. It can do more harm than good. It means you may mine Siacoin in these countries but need help using it for payments.
Q3. How many Siacoins can one mine in a single day?
There is no limit to the number of Siacoins one can mine daily. It depends on one’s capability for mining. It also depends on the type of device you are using. It also depends on the method of mining you opt for. For example, if you choose hardware, you must select an efficient device. If you need to mine more, choose a device that can run for a long time.
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