Launched in June 2015 by the founders David Volrick and Luke Champine, the Sia blockchain is built on a global network of data sharing based on the concept of data storage between three parties: hard disk owners ( Host ), storage space users and a coordinator ‘board. Let us learn about Siacoin Mining.
Siacoin mining works exactly the same as Bitcoin, with each extracted block resulting in a Siacoin. Siacoin mining uses the same technique as most cryptocurrency mining, which relies primarily on customized mining equipment to provide computational power. To start your journey through Siacoin, you need graphics Processing Units ( GPU ) such as ccminer and Sia – CUDA – Miner.
Siacoin mining uses your infographics card. To perform a Siacoin miner, you will need to install the right library for mining software to communicate with the GPU of your computer. It’s because mining uses all the graphics resources available, making it difficult for you to use your computer normally.
Sia is working on a cooperative cloud storage model – a decentralized network that allows users to rent their disk space. Siacoin mining, like other cryptocurrencies, relies on the computational power of hardware to protect the network. Siacoin Mining is only carried out if you have a Siacoin wallet to store your extracted Siacoin.
Your experience will vary depending on the GPU performance, the percentage of time your mining operator is running and the number of other active Siacoin miners. Reaching the hardware is quite difficult when it comes to Siacoin mining because the user invests huge investments in it. GPUs are widely used in cryptocurrency mining, as users are on the profit margin, earning 500 SiaCoin a day.
Siacoin mining has become a bit centralized since September 2018, but it can be helped by mining with smaller hash energy. Siameseen com was the first Siacoin mining company in history, and you can mine anonymously with a portfolio address. If you have affordable electricity and resources to operate an ASIC plant, then Antminer A3 can be used for Siacoin mining.
Sia provides users with tomorrow’s assurance, leaving aside the killing switch and the self – the appointed trigger for a decentralized infrastructure that is not infallible and secure, regardless of financial or political changes.
At the beginning of 2018, Sia experienced a gap between hosts, tenants, miners, and co-workers after Bitmain – a Chinese bitcoin mining and ASIC chip designer – announced the launch of its ASIC mining Blake2b ( A3 ). Multi-million dollar A3 mining equipment was sold overnight before the Sia development team was even informed of its existence.