Mining Sia coin upgrades and specs. Also questions concerning the liquidity of Sia.
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I've been interested in mining sia coins for awhile now and I have a few question. I'm somewhat unsure where to ask, so perhaps someone might lead me in the right direction. Or if someone is mining currently, they can give me some advice.
I've been thinking of buying the antminer and plugging it to my computer. Do I simply have to plug it and let it compute? Does anyone know what is the best optimized build to mine Sia? I have no experience concerning mining and most of the tutorials haven't been useful.
Similarly, if the devs are around, I have a question. Sia coin have, seemingly, an unlimited supply that you can mine. I've been told that the amount of coins can go to infinite. In just a few days, the total amount of sia coins avaiable has gone up by a few million coins. Does Sia risk of becoming devalued as time goes on if it keeps growing in liquidity? Sia seems like a great coin for miners but not so much for people, like me, who have plans of holding on in the long term from buying on poloniex. If the number of sia coin in circulation continues to grow, and more people use sia to store files, won't it overall keep the price fixed?
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@Mortal-Killer said:
I've been thinking of buying the antminer and plugging it to my computer. Do I simply have to plug it and let it compute? Does anyone know what is the best optimized build to mine Sia? I have no experience concerning mining and most of the tutorials haven't been useful.
As I know, the antminer is a SHA-256 ASIC miner, meaning you cannot use it to mine Siacoins as Sia uses a different algorithm (blake2) for Proof of Work mining.
Currently, the only supported mining devices are GPUs and CPUs.
Similarly, if the devs are around, I have a question. Sia coin have, seemingly, an unlimited supply that you can mine. I've been told that the amount of coins can go to infinite.
True, the amount of Siacoins will grow indefinitely. For emission/inflations curves, see here:
http://siapulse.com/page/marketIn just a few days, the total amount of sia coins avaiable has gone up by a few million coins. Does Sia risk of becoming devalued as time goes on if it keeps growing in liquidity?
Not necessarily. Unlike other coins, the Siacoin has a practical utility as it is used for pay for storage on the Sia network. As the network usage goes up, demand for Siacoin will also go up so that people can pay for storage. In additional, there will be coins bought and sold as an investment.
The founders have previously stated that the relatively high emission of Siacoin is partly to deter speculation and huge swings in value, so that the storage price can be more predictable (especially relevant as with Sia you pre-pay for storage).
Sia seems like a great coin for miners but not so much for people, like me, who have plans of holding on in the long term from buying on poloniex. If the number of sia coin in circulation continues to grow, and more people use sia to store files, won't it overall keep the price fixed?
Sia has been called a "miners game" by some for this reason. Still, hype, speculation and genuine demand for the coin will likely keep pushing the price of Siacoin up in the future. This is just my opinion mind you...
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I see. Thank you very much for answering my questions.
I hope that the influx of new coin will not flatline the price of sia coin.
It's very likely that once V 1.0 comes out in June, the price will increase, but we'll see. I'm holding onto ~ 84 million sia coin and I'm somewhat worried that if the number of coin increases, the value will never grow unless I farm and mine sia coins myself.
I'm guessing the same rigs for litecoin can be used similarly to mine for sia coin.I'm not entirely sure how to understand the emission/inflation curve chart.
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@Mortal-Killer said:
I'm guessing the same rigs for litecoin can be used similarly to mine for sia coin.
Correct. Best way to mine Siacoin currently is with GPUs.
I'm not entirely sure how to understand the emission/inflation curve chart.
The inflation curve I linked you to shows the instantaneous annual inflation rate (i.e. it has been normalized for 12 months). It reports a percentage. For a given moment in time, the curve tells you how many more coins are being produced, relative to the current amount of coins in existence.