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About Siacoin cloud mining and its features

About Siacoin cloud mining and its features

  • 10 May 2021
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Siacoin cloud mining is a decentralized cloud storage system based on Blockchain technology. Decentralized storage is one of the best applications of blockchain technology. This technology allows developers to create unique ecosystems. One of the most successful decentralized storage projects to date has been Sia Coin and File Coin. They make it possible to keep and store data in the cloud at a cheaper price as well as more security.

Siacoin cloud mining uses the cloud storage structure. Siacoin network allows users to give free space to others without using their hard drive and earn money with it. This is amazing!

On the other hand, users who are faced with the problem of lack of space to store various types of files can save them in cloud storage in a completely secure way for a very low cost.

The biggest competitors of Siacoin in the cloud storage industry are Amazon A3, Microsoft OneDrive, Google Drive, and Dropbox. As you can see, the tech giants are behind them, but the features of the decentralized storage technology are such that they will become a serious threat to these services shortly.

About Siacoin cloud mining and its features

The Siacoin cloud mining

What is Siacoin cloud mining based on?

Siacoin cloud mining is the process of mining Siacoin over the cloud. Also Siacoin cloud mining is the use of a data center situated in a distant region. It uses the portion of the processing power of the miners.

The Siacoin cloud mining has many benefits for miners, including:

  • With this type of cloud mining, miners can mine Siacoin away from having to monitor any of their hardware for mining.
  • Siacoin mining platforms installed, managed, and maintained by the mining company itself. The customer or miner only needs to subscribe with the company and buy shares or mining contracts for Siacoin cloud mining.
  • Siacoin cloud mining offers a cryptocurrency cloud mining service The miner only has to pay for the service.
  • The miner, who interested in Siacoin cloud mining, can rent a physical mining server or a virtual private server. Then Miner can install the mining software on that particular machine.
  • Miners can also purchase hashing power, which is hosted in data centers. Siacoin cloud miners can either choose a specified amount of hashing power for a certain period for the contract.

What is Siacoin cloud mining based on?

Siacoin mining

What is the role of the dedicated token of the Siacoin cloud mining?

Siacoin helps to supply an open-source, low-cost solving problem for decentralized cloud storage. As expected from a blockchain network, the Siacoin cloud mining platform also has its token called SC. Those who want to use Siacoin cloud mining services must use this currency code to pay. SiaCoin has created a truly decentralized business so that users can make money from the unused portion of their computer’s secondary memory.

At the same time, keep their files in a safe place. In this way, they keep their information out of the hands of large multinational corporations. The companies in some cases do not treat user data properly and do not respect privacy.

Siacoin cloud mining enthusiasts keep in mind that the platform name is originally Sia and its main token name is SiaCoin. There are also a limited number of secondary tokens on this platform called Siafunds. However, as the project became known as SiaCoin, we use the same name to refer to the platform.

What is the role of the dedicated token of the Siacoin cloud mining?

Siacoin miner

Where does the Siacoin price history go?

The price of Siacoin SC on May 9, 2021, is equal to $ 0.003817. This coin, on the same date, is ranked 78th on the Coinmarketcap website. This price is too low for SiaCoin, which is almost 8 years old.

Users who participate in Siacoin cloud mining can expect the Siacoin to raise prices. The Siacoin team predicts that the price of this currency will reach one dollar in 2026. Do not forget that there is always the possibility of a price increase in the field of cryptocurrencies, and it is unlikely that the price of this currency will increase by several tens of percent.

Where does the Siacoin price history go?

Siacoin SC

What is the difference between Siacoin and bitcoin?

HashGains is the best Siacoin cloud mining Pool for Siacoin miners. They can participate in the mine via Siacoin cloud mining at a very affordable price. This pool provides several different designs. Users can choose the one that is right for the Siacoin miner.

If you interest in participating in Siacoin cloud mining, you should know that Siacoin has two major advantages over bitcoin:

  1. In other cryptocurrencies such as Bitcoin, it is possible to track transactions and the identity of individuals. But in Siacoin, this is not possible and the identity of the buyer and user of the service will always be unknown.
  2. Siacoin mining can also be done with your personal and home computers, but bitcoin cloud mining requires a powerful bitcoin mining server such as ASIC systems.

What are the characteristics of Siacoin cloud mining?

The most prominent features of Siacoin are:

  • The Sia ecosystem has created a decentralized provide and request bazaar.
  • In this ecosystem, storage space is provided.
  • A very important point in blockchain and decentralized networks such as Siacoin is the possibility of using services without registration and anonymously.
  • Privacy in this ecosystem will fully respect.
  • Because of the use of Blockchain technology, data encrypted before being stored and then distributed across a decentralized peer-to-peer network. Therefore, it is not possible to censor or delete content.
  • Siacoin cloud mining provides a cheap and reliable space at the heart of a powerful and reliable platform for data storage, and that’s invaluable.
  • Sia or other similar cloud storage solutions are a great alternative to common centralized services.

What are the characteristics of Siacoin cloud mining?

Siacoin SC rank

What is the development history and launch of the Sia platform?

The idea for the project dates back to September on the year 2013. At the time, David Vorick and Champine, two computer science students, during the big Hackathon HackMIT event, came up with the idea of ​​using unused storage space around the world. They proposed the creation of a cloud storage platform.

They focused on completely decentralized infrastructure development. Here, users rent a part of their computer system without using secondary memory and receive a currency code in return. The token SC is a digital currency on the Siacoin network. David Warrick and Luke Champain founded Nebulous in 2014.

Their initial idea took off, and in 2015, the first beta version of the Siacoin platform launched. The software written in the Golang programming language and runs on 64-bit Windows, Linux, and Mac OS computers.

In the Sia platform, all the limitations and problems related to traditional and centralized storage solutions considered and eliminated.

What is the development history and launch of the Sia platform?

Sia platform

How is Siacoin cloud mining done?
  • The easiest way to get Siacoin in the Sia network and using home systems is to provide a file contract with a certain amount of unusable space in your system to this network. In the Sia network, file contracts by Siacoin currencies are done. That is, the fee paid in the network is Sia currency.
    This means that you will receive Siacoin currency in exchange for being a host on the Sia network. It should note that because the contracts stored in the blockchain public office, the contract settings cannot change after sending to the other network. But the contract must be flexible.
  • The other way to mine Siacoin is the same as mining Ethereum. The difference is that the first block miner will receive 300,000 Siacoin, and the primary miners will receive less than one unit of Siacoin.
How is Siacoin mining performed in the Ethereum mining method?

The Siacoin team has mined the first 100 units of Siacoin. All of its award-winning blocks have also been mined. About 300 million Siacoins have been mined so far, of which the first 300 thousand have been given as reward.

Users who use Siacoin cloud mining know that SiaMining is the most famous mining pool. At present, the mining of Siacoin greatly reduced. But Siacoin may be one of the top cryptocurrencies in the future.

The highest growth rate of Siacoin compared to Bitcoin was 0.0000843 bitcoins. So not only by Siacoin cloud mining but also by becoming a host for cloud storage you can earn money and receive Siacoin cryptocurrency.

What are the appropriate Siacoin cloud mining hardware devices?
  • Siacoin mining done with conventional systems and graphics cards, such as AMD graphics cards, but it does not have much efficiency.
  • Siacoin can obtain using Nvidia graphics processors such as the 1080 GTX series. This powerful graphics card can use not only for Siacoin mining but also for other best crypto mining. The efficiency of this graphics card is only 500 Siacoin units per day, which is a very small amount.
  • There is Asic mining hardware in the Sia network. Special purpose integrated circuits, such as the Obelisk SC1, are hardware used in Siacoin mining. The Obelisk SC1 has been launched in two different generations. The first generation of these miners is called Gen1 and the second generation is called Gen2. These devices are available in two types, slim and normal.

Besides the above hardware devices, you also need special software for Siacoin cloud mining.

What are the appropriate Siacoin cloud mining hardware devices?

Obelisk SC1

What is the suitable software for Siacoin mining?

According to the hardware used for Siacoin mining, the appropriate software applications for Siacoin mining are:

  • CUDA software recommended for monitoring Nvidia graphics cards.
  • OpenCL software, this software is suitable for AMD graphics card settings.
  • Marlin Miner software, this software is suitable for use in the settings of Asic miners and their monitoring. Marlin Miner software is also matchable with Nvidia and AMD graphics cards.
How to calculate Siacoin mining profit?

Those who intend to participate in Siacoin cloud mining must pay attention to whether Siacoin mining is profitable for them or not. They must consider some things that apply not only to Siacoin but to all cryptocurrencies. These cases are the value of the produced cryptocurrency, the hashing power of the hardware system, and the amount of electricity consumed by the devices.

By calculating the hash rate and electricity consumption required to mine a Siacoin unit, it concluded whether Siacoin mining at that time is cost-effective. With a cryptocurrency profit calculator, they can estimate their profit from this work and also estimate the most profitable cryptocurrency to mine. Because the exchange rate of this currency is changing a lot, the calculations must be up to date.

How to calculate Siacoin mining profit?

Siacoin mining calculator

What is decentralized storage and what are its major benefits?

The Siacoin cloud mining uses the facilities of decentralized cloud storage. The following are the important benefits of decentralized storage:

  • Creating a distributed cloud storage ecosystem puts user data out of the control of Amazon, Google, and Microsoft. This eliminates concerns about issues such as selling data to advertising companies or making them available to governments. The “decentralized” essence of blockchain networks means that the system not controlled by an individual, team, group, company, or organization.
  • In Siacoin cloud storage, the real owner of the data is in control and no entity can use or manipulate the data without the owner’s permission. Files stored on a large number of computers after divided into different sections and then encrypted. Due to data encryption using the user’s private key in Siacoin, only this person will be able to access it again.
  • From the user’s point of view, this technique is no different from traditional centralized solutions. It is possible to load, store and re-access all types of data. However, what happens behind the scenes is fundamentally different. This rule applies to Siacoin or its competitors similar to the coin file.
  • Two very important features of decentralized cloud storage platforms are flexibility and high productivity. The modern Internet is extremely fragile. Content is located behind URLs, and each file belongs to a definite server at any point in time. Users who use Siacoin cloud mining should pay attention to one thing. It will be impossible to use the data stored on it if the service provider encounters a problem for any reason and is denied access to the service.

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