Exploring Siacoin: Understanding Its Uses and Simple Mining Steps

• Siacoin is a popular cryptocurrency, unique because of its use in the Nebulous Network.
• At the start of the network, users received a block reward of 300,000 Siacoin.

About Siacoin

Siacoin is part of the Nebulous Inc. network, which owns the Siacoin cryptocurrency. Before understanding the Siacoin cryptocurrency and deciding whether it is worth mining or not, let’s first understand the Network that owns it. 

As we discussed earlier, Siacoin is owned by Nebulous Inc. This company can also be called the Airbnb of hard drives. The reason being, users can rent their cryptocurrency on this network. All you need to do is to register on this network. If you have vacant space on your computer, you can rent it and earn big money from it. This is how the Sia network functions.

I know you might be concerned about the security of the data that you upload on this network because it is going to be stored on the hard drive of other computers. It has a special system that breaks the data into small pieces that you upload on this network. Other than this, it also encrypts it. It stores data on different nodes and no node has access to the entire user data. So even if anyone hacks the network and accesses any node, what they will get is a piece of information. And this information will be of no use to them.

This network works on a decentralised basis, which means no one controls the working of the network. This ensures data security.

Utilities of Siacoin

You might be thinking about what utility Siacoin has in this process. The answer lies in the working of the network. Interestingly, all the transactions on this network are processed through the native cryptocurrency called the Siacoin. This means that if you rent your hard drive on this network, the rent you will receive will always be in the form of the Siacoin Cryptocurrency. This technique boosts the circulation of the Siacoin cryptocurrency, and as more and more users will adopt it, its utility will also increase. 

Let’s now discuss some statistics of Siacoin.

Siacoin is currently trading at a price range of $0.003225. It enjoys a market cap of $176,054,038, with a 24h trading volume of $2,190,058. Currently, it has no cap on the maximum supply, which means you can mine as much as you want. There is no restriction on this. The total supply of Siacoins is 54,585,599,984 SC.

How to mine Siacoin?

Miners are the backbone of the Sia Network. They receive the reward in the form of Siacoin and services of the network. The block reward is the incentive that the miner gets for contributing time and energy to the network. At the beginning, miners receive a block reward of 300,000 Siacoins. This decreases by one every block, with a floor at 30,000 – which was reached at block 270,000 (300,000 – block height).

You can start mining Siscoin in 5 Easy Steps:

1. Obtain the Mining devices used to mine Siacoin currency. This cryptocurrency can be easily mined with the help of ASIC mining machines.
2. Obtain a wallet address. If you do not have a cryptocurrency wallet, then you will first need to acquire one. We recommend the official wallet from any trustable exchange. You will receive your coins in this wallet.
3. Configure Your mining Device
4. Start Mining

Once you complete these steps, you will be on your way to mining Siacoin.