Siacoin Wallet Setup & Usage. To send Siacoin to another person you will need their Siacoin wallet address. How to Solo Mine Nexus NXS Coin with. Best way to mine sia? (self.siacoin) submitted 8 months ago by Ruslan2k11. That's 4000-8000 SC each month which you could easily run off a lower powered PC.

This extract is taken from my. Siacoin is currently ranked in the Top 40 of all coins based on the market cap of slightly above $200 million dollars. There are about 28 billion Siacoins in circulation and it will hit the cap of over 40 billion soon enough. So why does it have value? Sia is one of the few coins in the market that has a product. It provides a decentralized storage space, that should be quite safe from hackers, compared to mainstream cloud services.

It will probably compete with cloud storages offered by Amazon, Microsoft and Google, and at a cheaper price. The price will be determined by market forces (you and me). In other words, it will give Google Drive, Dropbox and Amazon S3 a run for its money.

How it works Basically, you need to have at least 2,000 Siacoins to use the service and you can also rent out storage space to others for a fee. Since the storage and the amount of coins in the market is limited, I predict that the value should go up further. Another thing one should look at before investing in a coin is to see who’s behind it. It’s actually one of the more important things. Anyone can create a coin these days and they will remain as shitcoins if there’s no one credible behind it. Siacoin was founded by Nebulous Inc, a startup in Boston and it looks legit so far. They’ve focused more on their product rather than marketing them, which shows there’s room to grow if someone does the marketing for them.

It’s great to see the founders working hard on the project, rather than just marketing a shitcoin. Currently, Sia is in competition with two other coins, i.e. MaidSafe and Storj. It will be interesting to see which coin prevails. Do you guys invest in Siacoin?

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Hi All, I would like to share my opinion/thought on Sia. Please give me input if I understand anything wrong. I notice Sia since it went up to 0.02 and it was one of the profitable coin to dual mining (I am miner). Ever since, I read about Sia and their project is indeed very interesting.

Then, Sia surprisingly launch Obelisk (ASIC miner) which will due to next year (Jun 2018 IIRC) and as expected Siacoin price drop drastically and it is no longer profitable for dual mining. First of all, Obelisk seems really bad investment - people pay $2500 for a miner that come a year later. There is so much variable that can happen in a year. Usually ASIC is ready in 2-3 months for other coins. Also, since Obelisk was advertised to generate 150000 coin a month, Sia coin price will definitely drop to follow the supply.

Note that at current price 0.004, the miner will get ROI after 4 months. It will be quite lucky if the price maintain at 0.004. From my understanding, usually ASIC miner will get breakeven after 7-8 months, hence, Sia price might go down to 0.002 for this to happen. Not to mention Siacoin basically pretty much useless at this point, hence demand must be quite low. Sia investor/supporter, can you enlighten?

You got few points wrong but it's alright as you presented it as a question. And as expected Siacoin price drop drastically and it is no longer profitable for dual mining. You are correct that it won't be profitable for dual mining. But not because of price drop, it will be not profitable because of difficulty increase. Total hashrate (and income) of all GPU miners will drop to maybe 1% or less as they find it waste of resources and leave this coin. But it's effect on price will be opposite. It will go up (explained below).

First of all, Obelisk seems really bad investment - people pay $2500 for a miner that come a year later. It's expensive and by investing into it now you may lose opportunities in other coins.

And right now, buying some SC may be seen as even better idea than Obelisk. But by buying Obelisk, you will get chance to mine on one of first Sia ASICs and for $2500 get much more SC than you could buy otherwise.

So when it comes to long term support and amount of SC, Obelisk is your best friend. Not mentioning that you support this project and help it to grow and be secure by decentralizing it properly. Also, since Obelisk was advertised to generate 150000 coin a month, Sia coin price will definitely drop to follow the supply This is most common mistake. People think that higher hashrate means more coins. But no, the supply is pre-defined and only thing that changes with hashrate is difficulty.

It will adjust and there will be still the same number of coins made every day. But instead of (these numbers are not real, just example to let you see the relation) 20,000,000 SC split between 500,000 GPU miners/dual miners every day (400 SC each on average) there will be 20,000,000 SC split between 4,000 Obelisks (not counting GPU as it's going to be insignificant number), which means 5,000 SC/day = 150,000 SC/month. The supply is same, but with less and more powerful miners, each individual share will be higher.

Sia coin price will definitely drop to follow the supply As last answer would be too long, I will continue with this one here. The difference between GPU (many dual miners) and ASIC miners is in their belief in this project. Where GPU miners are looking for instant profit and switch to most profitable coin, ASIC miners had to lock significant resources to get them.

Some may probably look for ROI and pay out early, but most will hold in expectation of price going up. Each time there was some huge investment in mining devices and difficulty went up, price of coins went up as miners want it to be profitable and won't sell new coins for cheap. And with growing demand and smart people holding till Sia goes huge, price will have to go up so people have motivation to sell. Also, inflation gets lower overtime and combined with Proof of Burn, actual use of the network and demand for SC there should be around 40 billion SC in circulation in few years. And if it goes big as I expect (need for more and more data storage goes up significantly every year), we may eventually see start of deflation. But it all depends on the actual use of network.

Note that at current price 0.004, the miner will get ROI after 4 months. It will be quite lucky if the price maintain at 0.004. Let's say that you mine 1,000,000 SC before June 2019, in 1 year. And let's say that price by the end of 2018 is $0.1 and in June 2019, with Sia fully implemented and integrated by enterprises (Sia can be backbone of Netflix, Dropbox, K.im and other businesses - you shouldn't see it as competition, but as a new amazing infrastructure they can use to offer better services) it's $0.5. And in last case, let's be more optimistic and count with possibility of $1.

That leads us to income: (1) $100,000 - (2) $500,000 - (3) $1,000,000. Not bad (and it's just 1 year, you will keep mining and mining.), now what did you say about ROI?:-) And finally, the best thing about Sia I personally love is that all Cryptocurrencies may die (I hope not!!! I will do whatever I can to support what I believe in), but I see Sia as something isolated. It's foolish to compare it with other crypto's market caps. Sia is data storage infrastructure and ecosystem and it's well designed. There will always be some gateway to buy/sell it through, no matter if it's exchange or some other service. In it's nature it's no different from any virtual (in-game or e-shop) currencies used for given product, but SC has all of the strengths of cryptocurrencies.

I'm not trying to get you interested and invested, but rather fixing some serious mistakes in what you know about Sia. Earning SmartCash SMART Mining. There is much more to add, but I think I just covered most of the important stuff:) • • • • • •.

Thanks for the comments!! Sorry if there are mistakes as I am looking from economical perspective. People starting to leave dual mining (ETH+SIA) because of price drop. It was really profitable when Sia was 0.02 - it can pay for electricity, and you can keep the ETH fully. You are correct that amount of Sia gained also reduced, but the greatest reason is the price = 1/4 of previous.

On Obelisk mining and price, I understand on the difficulty raising which means Obelisk miner get less and less Sia each month, but why the price is going up instead of down? Siacoin usage is only for people who want to store their data through Sia. Imagine if you have 1,000,000 bricks at home.

You cannot use them since you do not know how to build a house. Sooner or later, you will be the one forcing to sell, rather than the constructors desperately buy your bricks at higher price. Especially since you know there are other 4000 people that have those bricks. Regarding Sia. I read that Sia will impose fix price in form of Siacoin.

Let say the price of holding 1TB is $2 a month and that time, 1USD = 0.004 Sia. Means the cost will be 500 Sia. If let say, Sia holder only want to sell at 0.02 (means $10 per TB now), who want to buy Sia and host there?

There might be option out there that is cheaper. My point is, Obelisk miners are not the one who can control the price, since they are not the user of the coin.

I know it will be good if price can reach $1, but on what reason that it can reach $1? Even it become backbone of Netflix etc, Siacoin price still can be at 0.004 and the founders are still rich from the file hosting commission. Please help to enlighten, sorry if I sound too noob:) • • • • • • •. You're welcome:) but why the price is going up instead of down? Who do you think is lowering current price?

It's two sorts of people - 1) weak hand traders, selling with huge losses after they bought it high and 2) miners, especially those you mentioned, which are as I believe much bigger group than 1. After miners are gone, tell me, who is going to sell their coins undervalued? Definitely not as many people as now. Less coins in circulation means that those willing to sell it will sell it at higher prices and it will climb up. Also, SC is not only for people who store their data. It's currency made for everyone on this network, including traders (for speculation) and hodlers, which at this moment are more like early investors and SC are their shares. Unless you want, you will never be forced to sell as you mentioned in your brick scenario.

That's the difference between GPU gold rush miners and ASIC strong hand hodler. Less coins offered for cheap will drive the price up. If you think ASIC miners will be forced to sell, you couldn't be wrong more.

Did you see for example Dash lately? After big batch of new ASICs and difficulty sky rocketing, the price went to 200% in a flash. The price needs to adjust for miners to be profitable, because there is demand for coins and those ASIC miners won't sell cheap, it's serious business for them.

I know it will be good if price can reach $1, but on what reason that it can reach $1? Try thinking about some. I will start with few facts and ideas that came to my mind: • need for data storage gets bigger every year. I don't know exact numbers, but I would guess that in last 3 years people created more data than in entire history before.

I think that in 3 years, this phrase might easily get resurrected:) • people buying mineboxes and other data storage HW that they can setup at home, use for backups and offer the rest of their HDDs as Sia hosts, it will not only pay for electricity, but maybe they earn some extra bucks:) Some homes (I will for example) may be even running one multi-purpose computer that acts as Bitcoin and Sia node, mines cryptocurrencies with both GPU and CPU and offers extra (unused) space on their HDD to other people on Sia. Such computer would be not even profitable for every home, but also make the networks more decentralized, safe and would work as home center for IoT and personal data storages or media server.

I'm quite curious which company will present first one. • Enterprises and mass adoption. One year is extremely long time in tech world. Imagine that companies and individuals will start building tools and implementing some features of Sia. For examle, in 4 weeks update will come with video streaming (as far as I know, hopefully I'm correct). This will be huge and I would bet that several people and companies will immediately start working on implementing it.

I don't know what feature brings as I didn't see it yet, but history proved it so many times that people will find uses that we couldn't even dream of:) And the fact Sia is fully decentralized will play key role. Btw, one great thing about SC's big supply is that it will be easy for calculations. Similar to fiat money, instead of trading 0.001234 BTC, you have for example 1175 SC, much easier to imagine:) Regarding Sia. I read that Sia will impose fix price in form of Siacoin. This confusion comes out of Sia'a comment taken out of context. Developers care about price a lot and what they meant is that they just have no means to manipulate it, it's up to markets and users to decide the price. You can check reddit post of Sia Team below.

• • • • • • •. Thanks for answering! I know that Sia might become really big, let say two years from know, it takes up 30% of cloud storage in the world. But, Siacoin is separate thing. It does not mean it need to go up together with Sia success, am I right? In my eyes, Siacoin is not the same as Company shares.

When we own company shares, we practically own certain percentages of the company. Hence, if the company become bigger, the share price will also increase. In case of Siacoin, it only determine how much people need to pay/gain storage rent (let say 1000 SC per TB).

Even if we own 51% of existing Siacoin, it does not make us control the company/price. The only thing that I can think of is when there is shortage of Siacoin (lack of supply), then price can be adjusted.

Simple example: let say currently there are 1,000,000 Siacoin out there. Rent cost $2 (500 SC) per TB. There are 2,001 TB ready for renting, hence current Siacoin supply wont be enough to pay all 2,001 TB. In this case, they can double Siacoin price and halved SC per TB (now 250 SC per TB - same amount in USD: $2 per TB).

But this idea seems contradict with Obelisk selling because Obelisk will increase Siacoin supply drastically within short period of time - we will see difficulty raising exponentially compared with normal GPU mining. Which is why I think Obelisk might not be good for Siacoin price.

I might be wrong though. • • • • • • •. Tried to explain, but you really need to make own opinion. I can only say: • Sia is network and Siacoin is it's currency, they are two key components of the ecosystem and Siacoin's price will grow with the interest and success no matter how you are trying to interpret it • You still don't understand that Obelisk will not increase supply drastically.

The supply is same, no matter if it's distributed between for example 500k (GPU) or 4k (ASIC) miners. Imagine that you do some work and it's paid $100 for a day. You can do it yourself because you work fast and get $100. Or you can forward it to group of 100 guys who do it together for $1 each.

At the end of the day, only $100 was paid for the total work. And the same it's with the supply, it's the same no matter how many or how powerful devices mine it. What changes is only share of each of devices based on it's hashrate vs. Total hashrate.

Anyway, if you think it still won't be good, it's ok. I just wanted to explain it from different point of view and correct what was wrong, because I keep reading those misinterpretations so often. You're welcome:) • • • • • • •. SC price dropped not because an Obelisk.

It happened with the all altcoins. There are many reasons why it's happened: 1. Correction after overpriced altcoins, then panic. Suckers who were afraid the fork, and sold their altcoins, so thereby brought down the cryptomarket. Constantly bad news from China. Obelisk it's the best investment because if you build a mining rig for $2500 (4X GTX 1070 + stuff) you'll got only $180 per first month if you will mine ETH the most profitable coin for mining now. After two month $140/month, after 3 month $100/month because the ETH mining difficulty is constantly increasing.

ETH price should constantly growing up to $70 every month to mine just the same amount of coins. 1 Obelisk will mine more than one million SC for one year. Don't forget that 1 Obelisk = >100 GPU's. (rumor up to 250 GPU's) This is why even one Obelisk much better.