How to Mine Siacoin (SC): Comprehensive Guide

Siacoin can be effectively mined by Goldshell SC-Box. Here is a step-by-step guide for optimal mining performance. Start earning rewards today!

Since various digital currencies have provided individuals with distinctive opportunities to participate in the decentralized economy, cryptocurrency mining has grown tremendously in popularity in recent years. Due to its unique method of storing and retrieving files, Siacoin, a blockchain-based platform for decentralized cloud storage, has gained popularity. This guide will walk you through the procedure and offer helpful insights if mining Siacoin interests you and you hope to earn rewards.

What is Siacoin?

Siacoin is the cryptocurrency used by the Sia network, a cloud storage provider and decentralized peer-to-peer network that allows buying and selling computer storage space.

Sia guarantees a high level of privacy compared to other cloud storage providers.

In addition, compared to other storage providers, Sia’s services are up to 10 times cheaper as it offers 1 Storage space of 1 TB for about $2 per month. For $23 per month, the same is made available on Amazon S3.

The Siacoin (SC) cryptocurrency is used by every user to make payment for storage space rentals.

Siacoin (SC) Mining

Infinite amounts of Siacoin are available. This is due to the fact that it corresponds to the virtually infinite amount of data that can be generated and stored.

At the time of writing, there are 47,277,382,992 SC tokens in circulation and their price is $0.01877.

As we have seen, one way to earn Siacoin works by letting the Sia network use your extra storage space.

But, if you prefer, you can mine Siacoin and earn SC tokens to keep the Running securely is the Sia network.

Sia’s blockchain is protected using the Proof of Work consensus algorithm because, according to its founders, it is the best way to protect the network because it ties the ability of a malicious actor to attack the network to the huge power requirements and hardware overhead.

Siacoin, like other cryptocurrencies, distributes block rewards as an incentive to miners who contribute their computational power to the operation and maintenance of the network. A certain number of Siacoins are distributed to the block’s miners when a block is successfully verified or solved.

Best Way to Mine Siacoin

Though it is not advised, GPU mining for Siacoin is still feasible. If you want to make money from Siacoin, you definitely need an ASIC miner.

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. Everyone was taken aback by the Chinese company’s product, the Antminer A3, which outperforms the Obelisk SC1. Similar to most other situations, GPUs became unnecessary when an ASIC device was introduced.

Currently, the only profitable option of Siacoin mining is by using the Antminer A3, which produces a hashrate of 815GH/s while consuming 1300 Priced at $475, Watts of power.

We advise joining a SIA mining pool where you collaborate with other miners as soon as you are prepared on the hardware front. By doing this, you’ll get more consistent payments that are made frequently.

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. You must carefully determine how many machines you intend to run and how much power they require. One Antminer A3 consumes approximately 1300 W. Install Sia-UI from the official website, then create a wallet if you don’t already have one to store Siacoin.

To Summarize the Requirements:

• ASIC miner compatible with the Blake2b Algorithm
• Enough power line capacity
• Siacoin Wallet where your coins will be stored
• Internet Connection with at least 1 MB/s Bandwidth

What Else You Should Consider?

ASIC machines were created specifically to generate more hash power while using a lot of electricity and creating a lot of heat. 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

Your attention should be on selecting the ideal wallet once the hardware and electrical issues have been addressed. It is a good idea to weigh your options. The five main categories are mobile, desktop, online, hardware, and physical. Later in the article, we covered the Siacoin one in detail, including installation. You can read more on our wallets page if you’re interested.

All of it is now in front of you. Now is the time to sit down and consider the mining strategy you want to use. You have the option of solo, pool, or cloud mining, all of which will be covered in more detail below.

Best Hardware for Mining Siacoin

Hash rate, power consumption, and price are the only significant characteristics of such a device. To find the hardware that best meets your needs, you should conduct careful market research.

To avoid any headbanging while trying to figure everything out, here is a table with top three machines for Siacoin’s algorithm – Blake2b:

With the aid of our calculator, you can compare each ASIC miner once you are aware of its cost and performance.

You can quickly determine your approximation of profitability using the data from the aforementioned table and our Siacoin mining calculator.

Remember that the calculator’s output depends on factors like coin price and difficulty.

Setup Hardware and Software

When discussing ASIC miners, the process is essentially the same for each model.

The process of connecting the cables, selecting a mining pool, and setting up your device to become a fully functional SIA miner are all covered in the step-by-step guide that follows.

Step 1. Plugging in Your Device

Connect the controller board and hashing boards of the device with the cables that are coming from the PSU. The power cords for the PSU and the power outlet should then be plugged in.

Now take plug a LAN cable from your internet router to the Ethernet port of the control board:

Step 2. Choose a Mining Pool

Think about the pool fee and any incentive programs that might be in place.

Step 3. Find the IP Address

You can find it by downloading the IP Reporter tool from Bitmain’s website or looking in the DHCP table of the administration interface of your internet router. To use the tool just run it and click “Start”. After that hold the “IP Report” button located on the miner control board and the The chosen miner’s IP address will appear on the screen.

Step 4. Login to the Web Interface

Once we have the ASIC’s IP address, enter it into your preferred web browser and press Enter. A pop-up dialog box will appear where you need to enter a username and password, which by default are both “root”. Example:

Step 5. Enter the Mining Pool Information

You can begin configuring the miner as soon as you log in. Go to General Settings under Miner Configuration.

The URL address for the pool, the worker name, and the password must be entered here. Fill out the worker field with your Siacoin wallet address. You can separate different workers with a “.” followed by the worker name. For example:

7bc602bb52256a5b7c5fe4e683c8cf22928fa2dcc2acee24830ce3e73f9b2dd5286f952e447e.work1

You can use the default value of 123 in the password field or leave it empty.

To use the failover feature in case one of the pools is down, you can enter more than one group of worker and pool.

Your configuration page should look like this:

Step 6. Click Save & Apply and Wait for Miner to Restart

Once the reboot has been successful, you can check the status page for any mining activity. By pasting your wallet address into the search bar, you can view the mining activity on the dashboard for your mining pool.

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.

Siacoin can be mined independently, but joining a mining pool to share resources with other users will make the process more convenient and profitable.

Be aware that if you join a mining pool, the rewards you receive will depend on how much you invested in resources.

There are many mining pools available to mine Siacoin, and the top ones are listed below:.

• F2Pool
• Luxor
• SiaMining
• Antpool

Which Wallet to Use to Store Siacoin?

The SC tokens you have mined must be kept in a wallet after you have mined them. 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 the official Siacoin wallet, created by the same developers as Sia.

As a GUI (Graphical User Interface), among its other features, it enables you to interact with a decentralized network and manage your Siacoin tokens. On Windows, Linux, and macOS, Sia-UI can be downloaded.

Sia Wallet App (for Android Devices)

From Google Play, you can directly download the Sia Wallet App.

It functions quite well and lets you send, receive, and store Siacoin as well as store your files on the Sia network, despite the fact that it is not the official Siacoin wallet.

Ledger Nano S

The Ledger Nano S is probably the best hardware wallet option if you prefer not to store your money online or on your computer. Your private keys are stored on the hardware wallet, making it more difficult for them to be compromised or stolen. This is one benefit of using a hardware wallet.

Is Siacoin Mining Profitable?

The block reward at the time the Sia network was introduced was 300,000 Siacoins (SC). This decreases by one every block, reaching a block height of 30,000 at block 270,000.

Siacoin’s block reward never stops, in contrast to Bitcoin. This implies that miners will always be motivated to join 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.

In comparison to the majority of other cryptocurrencies, Siacoin’s value has remained largely stable over time, beyond its current cost 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 It turns out that mining Siacoin is a lucrative endeavor.

Use the SiaCoin Mining Calculator to get an idea of how much Siacoin you could potentially earn from mining it and how profitable it is.

Where to Buy Siacoin (SC)

Last but not least, if you believe that mining Siacoin is not very profitable for you, you can always purchase SC on a reliable website like Bitnovo.

If you are unfamiliar with them, Bitnovo is the market leader in the buying and selling of bitcoin and other cryptocurrencies. They enable you to easily, quickly, safely, and affordably purchase Siacoin online or in more than 40.000 physical stores across Europe.

Conclusion

For those looking to get involved in the blockchain revolution and support decentralized cloud storage, mining Siacoin can be profitable. You can raise your likelihood of receiving Siacoin rewards by getting the appropriate hardware, configuring the proper mining software, joining a mining pool, and improving your mining efficiency. Consider updating your strategies in light of the most recent Siacoin mining developments. Wishing you luck as you pursue mining!