Siacoin Mining allows miners to earn Siacoins on verified transactions between the cloud host and the renters.
It is similar to the way people would mine bitcoin or Ethereum (ETH) for token rewards. However, these cryptocurrencies are not the same in blockchain design or function. So here is a breakdown.
Table of Contents
Point In Case _ Block Reward
Based on Bitcoin, Siacoin Mining provides awards to the miner whenever it verifies a node, thus adding a new ledger to the blockchain. It maintains a high of three hundred thousand (300000) Siacoins and a minimum of thirty thousand (30000), i.e. a tenth the size of the opening reward cap.
But there is a twist in the reward format, which veers off the usual track for BTC.
Instead of using a zero-sum model, Siacoin keeps an infinite 30000 Siacoins low as the lowset reward. The crucial idea behind this plan is to incentivize miners to keep contributing to the computing power of the blockchain.
You might be wondering how this is different from traditional bitcoin mining. If so, check the section below for the key differences between the two.
Siacoin Mining V.s Bitcoin Mining
Upon completing a Proof of Work task, a Bitcoin Miner receives BTCs as a reward.
On the other hand, Siacoin Mining provides Siacoins (SC) and a Smart Contract that offers cloud storage on a decentralized network. The defining border is BTCs as PoW aftermath as against a rented smart Cloud Storage.
Although the two are decentralized services, Sia takes the process up a notch.
It provides the optimal experience on decentralized service, attempting to bypass the intrusion of corporates into routine activities like media storage and money transfers. Until the advent of Defi, people relied on trust-based internet servicing, in which the service provider is necessarily deserving of trust.
In such systems, the clients would still give the provider the benefit of the doubt when things go haywire. That is a barrier to absolute user privacy.
So, over the years, projects like the BTC and Sia now work to provide payment solutions and storage spaces without central control.
The former focuses on monetary transactions, while SC offers client services. According to the official website, sia.tech,
“Cryptography has unleashed the latent power of the Internet by enabling interactions between mutually-distrusting parties. Sia harnesses this power to create a trustless cloud storage marketplace, allowing buyers and sellers to transact directly.”
To enter into this new world of internet servicing, Siacoin miners need competent processing power, one which outperforms the typical gaming GPUs. So, this is where Application-specific Integrated Circuits are necessary.
Besides explaining Siacoin Mining, we discuss the profitability and how to download the app to your mobile device.
Read on below for details.
Siacoin Mining: Profitability & Mining Pools
Once you have the hang of it, determining the Siacoin Profitability is only an easy process. These days the miner only needs a Siacoin calculator to set up a tracking timeline.
It essentially works in this way.
Purchase the Siacoin Calculator depending on the pricing, hash rate, yields, and power costs.
Afterward, you can add parameters from your preferences and check the performances against the effective costs. The optimal yield charts determine the best profits for that choice of Siacoin Calculator.
How do you get one?
Check the official website for recommended gadgets and updated tools.
How do you get the best reward rates from this cryptocurrency?
The best way to go about it is to opt for the mining pools or use an ASIC (preferred over the obsolete GPU options).
Subsequently, the synergy of pool mining guarantees that you break even with other miners in the system. Some of the best pools for Siacoin Mining are
Each of these options offers typical features that go with the mutually-distrusting-parties service. They include Pay-Per-Share (PPS), which offers a minimal deviation from the average earning, with options for continued profits regardless of orphaned blocks.
Also, miners can access the Stratum Protocol, using efficient encoding on all features. The overarching Siacoin Mining feature is still applicable to these services, implying that miners could still enjoy open-source, private, and redundant coverage.
Redundancy on cloud services means that the blockchain is self-correcting, which helps it to identify and remove issues that could lead to downtimes.
Download the App
Sadly, the user-insured application that has Play Protect isn’t available on the Play Store. Only the APKs are accessible online. However, they are not ideal for Siacoin Mining since APKs portend privacy issues and unreliable security.
You can avoid complications by joining a mining pool. The bare minimum is that it guarantees security and better Siacoin Mining profit (cue the PPS sharing model above).
See how to mine Siacoin from F2Pool in the following section.
How to Mine Siacoin
Get Mining Hardware
You can start Siacoin Mining by getting the requisite Mining Hardware Tools from the recommended listing on the F2Pool platform. Alternatively, you can check for the verified hardware on Siatech.com.
Get Wallet Address
If you need to keep track of your earnings, consider getting a wallet address. Apparently, it isn’t possible to mine the cryptocurrency without any wallet anyway. It also helps you determine the withdrawal period by checking the revenue volume.
Moreover, you will need the wallet to receive the 3% profit-per-share on accumulated profits.
Configure the Hardware
Each Siacoin Mining pool specifies user configurations for miners. We outline the requisites for mining Siacoins on F2Pool. Below is how it works.
- First, choose a supported server from the F2Pool Server lists on the site. Then, transfer the following details to your Siacoin Mining hardware.
- Enter the designated URL _ stratum+tcp://sc.f2pool.com:7788
- Also, enter the username _ walletAddress.workerName
Moreover, you will have to create a user password and label your device with an arbitrary combination of words and numbers as workerName (optional).