SiaCoin (SC) is building a decentralized backend cloud storage solution which it hopes will compete with large players from Amazon, Google and Microsoft. The SiaCoin network currently is operating at 212 TH/s of PoS computing and is only minable by graphics cards with better performance on nVidia cards like GTX 1060, 1070, 1070ti, 1080 and 1080ti compared to AMD.
Today saw the surprise announcement from the world’s largest ASIC manufacturer Bitmain of the imminent shipping of the first known batch of ASIC miners for the SiaCoin network. Known as the Antminer A3, the processor will run only the blake(2b) algorithm at an advertised 815 GH/s @ just under 1200 watts electricity. At press time it is unknown how many ASICs were sold in the first batch but is rumored to be 2000-2500 based on the holdings in Bitmain’s Bitcoin Cash (BCC) wallet. BCC was the only acceptable currency for purchasing the miner which sold out in ~7.5 minutes.
SiaCoin (SC) is part of the next-generation blockchain economy that is launching via blockchain technology to revolutionize legacy business practices. The dev team promises to deliver secure data storage on a decentralized network that is hybrid proof-of-work to mine SiaCoin and data hosting market. Much like Ripple (XRP) and Stellar (XLM), SiaCoin is looking to launch a business using the blockchain to deliver an established service faster, cheaper, and more secure than established players.
What is SiaCoin?
Sia is a decentralized cloud storage platform that uses a blockchain to facilitate payments. On Sia you can rent storage, get paid to host files, mine Siacon, or contribute to the project! (from the FAQ at https://sia.tech/faq/)
The Sia project is a network of nodes that power a blockchain which allows for asset transfer, payment processing, data storage purchase and selling on the blake(2b) network. The code is open source the the team at Sia encourage third party developers to build specific applications on the network to build the ecosystem of available products.
The network allows connected computers to use available storage space to contribute to the network to store encrypted data based on smart contracts. In return, fees are paid via the smart-contracts which rewards both miners of SiaCoin and those hosting data. The goal is to “to liberate the unused bits of the world and construct the largest storage superserver on the planet.” Lofty goals indeed.
SiaCoin Volume vs Value
SiaCoin (SC) has not been spared the recent market sell-off which has hit all crypto coins. The last 7 days have been brutal with a decrease of in price from $0.064 per coin to $0.042 at press time which is just off the lows. This is 1/3 of lost value in 7 days which compares well to other currencies like Ripple (XRP) which has lost nearly 66% of its value since reaching an all-time high.
Volume has increased in the last 4 hours with the slight recovery with over $177 million changing hands in the last 24 hours. This demonstrates some strength in the price bump. The largest markets for SiaCoin are Bittrex and Upbit with over 85% of the combined market share. Volume was at the highest in 7 days which may indicate establishing some support at current prices.
What the Bitmain Launch Means
Most coins do not have ASICs which are application specific integrated circuits. ASICs are designed to perform one single task both fast and efficient. Bitmain has developed a proprietary processor for the device which could cost several million in development fees. Without support for the application Bitmain would be at risk of losing millions in development. As there are few blake(2b) based coins, Bittmain is solely focused on the Sia project with the launch of the A3.
Based on the estimated sale of 2000-2500 units based on very (non)specific wallet hunting it is expected to add 800GH X 2000 to the network. While we at TheIndependentRepublic are ok at writing, we are not so good with math. Base don the above math problem we will simply say the network is going to grow. A Lot.
The announcement also upends the Sia project supported Obelisk miner which is also listed as 800 GH/s. Found here (down at press time for maintenance) with an advertised ship time before June 2018 the Obelisk is the official ASIC of the Sia team. There is possibility given the similar specs that Obelisk simply worked with Bitmain to develop the project. There are only a few large developers of ASICs and Bitmain may have caught wind of a new development and decided to ship early. IT has long been rumored that Bitmain simply uses the ASICs it develops to mine until profitability decreases then ships to the buyers. With another launch coming, Bitmain may know the network is ready to explode and cashing in prior to profitability plummeting.
For Sia, the increase in hashrate can only further the project. More computing power increases the bandwidth of the entire network. This increases the work that can be performed, data that can be moved and transactions of SiaCoin.
The Sia Project
Head over to the website to learn more. The roadmap is interactive and found here with the all required downloads for developers, miners and storage hosts available here. Much like Ripple (XRP), Stellar (XLM), Cardano (ADA) and IOTA (MIOTA), SiaCoin (SC) is part of the next generation blockchain economy but unlike its peers it sits at a much smaller market cap of $1.2 billion and #24 on CoinMarketCap. The project is just getting underway and with support from Bitmain, SiaCoin could be launching soon.