Welcome to our Siacoin (SC) news page. Here you'll find some of our featured Siacoin (SC) platform content pieces as well as all our latest Siacoin Hard Fork posts.
Siacoin (SC Token) is Dealing with Potential Adverse Effects of Proposed Crypto Hard Fork
The Potential Adverse Effects of the Proposed Siacoin Hard Fork
Currently, the Siacoin (SC) platform is waiting for the resolution on the hard fork that proposed the removal of ASIC miners form the network in favor of Obelisk mining hardware. Similar to Bitmain, Obelisk is a manufacturer of ASIC mining rigs that produces ASICs for Decred (DCR) and the Siacoin network. However, Obelisk has struggled to establish a footing among members of the Siacoin community.
Although it has been a major subject of discussion for several months, the Siacoin hard fork remains a hugely contentious matter with neither a specific date nor a clear resolution being achieved. Nevertheless, a section of the community has cautioned that favoring Obelisk would have detrimental effects on the Siacoin project.
Specifically, a Reddit user called MasterD3v mentioned that if the fork passes and established an Obelisk monopoly, the Siacoin network will fall second to Sia. He further added that blocking ASIC miners will destroy the network because they are its security mechanism.
Obelisk and Siacoin both share the same creator, David Vorick. Following delays in the production of Obelisk rigs, the idea of a hard fork was temporarily withheld. This meant that Siacoin miners were using hardware sourced from a variety of manufacturers. However, after Obelisk began shipping the mining hardware in the last week of August, the talks about a potential hard fork resurfaced.
As hinted earlier, the reason of the hard fork is to give the upper hand to miners who own Obelisk hardware. Essentially, Obelisk users will receive bonuses during the mining process. This, however, would turn Siacoin into a centralized project that is controlled by Obelisk. As of now, the crypto community is still contemplating on the future of Siacoin, especially if this fork takes place.
Lately, the value of the Siacoin has beam fluctuating between $0.005 and $0.007. The coin peaked on 23rd September at $0.0074, only to slump to $0.006 a few hours later.
Obelisk Releases Code To Fork Siacoin To Remove Bitmain's ASIC Miner Ability
The Obelisk startup is relatively new to the mining industry, but they have a new protocol in place that could revolutionize how hardware is used. They recently unveiled a new code on their system that would help eliminate the need for Bitmain’s chip-based mining hardware. The new code would let those in charge of the mining to exclude the devices that made ASIC mining possible, so it would no longer be compatible with the updated software.
In a statement, Obelisk noted,
“This will give the sia community the ability to fork and could invalidate all non-Obelisk siacoin ASIC miners on the forked chain.”
The reason that this is so interesting is because Bitmain is working on one of the biggest initial public offerings (IPOs) ever established.
Part of Bitmain’s offer has to do with their existing ability to design hardware that mines for Bitcoin, but it can be adapted to other protocols as well, like siacoin. Right now, their hardware is capable of mining Bitcoin Cash, Litecoin, Dash, and Ether as well.
Siacoin has a current value of $170 million and is easily the smallest addition to Bitmain’s resume. Unfortunately, most users are not exactly excited about the fact that they would need to make a direct purchase from Bitmain for one of their products or services to even access the flexible protocol.
Obelisk thrives on the fact that their community is responsible for funding the production and creation of their ASIC miners, even though they actually were beaten out by Bitmain with their launch. Their code’s purpose is to get rid of the competition for mining, but the risk of a blockchain split stopped them from following through.
Still, even with all of the roadblocks in the way, the code should be available publicly within “the coming weeks,” and the hardware is near completion. In fact, units should start going out within the week. If siacoin succeeds, it will be in good company with other efforts that have been established to get rid of Bitmain ASICs. Monero, for instance, established code on their platform and tokens that eliminated the use of Bitmain ASICs towards the beginning of 2018.
When it comes down to the part that Obelisk will play, they want to be the developer-friendly option, since it gives developers more security and less concern with hardware creators. Obelisk will be offering compatible ASICs that will afford the opportunity to reach more crypto coins. However, they are presently building that hardware discreetly, and will not be released until later to the entities in charge of each of these cryptocurrency options.
To create an independent opinion about the change, here is the full email obtained and referenced by CoinDesk:
Dear Obelisk Customers,
Production is progressing, firmware is almost complete, and we expect to begin shipping units this week. We now have approval from our team, board, and counsel to share our plan.
First, we will compensate Batch 1 customers with expected mining revenue. Since we missed the estimated shipment date for Batch 1, we will compensate all Batch 1 customers with the mining revenue that you would have received between June 30 and the day your order ships. As of today, this is approximately $90 for each SC1 unit and $250 for each DCR1 unit. If we miss the estimated shipment dates for Batches 2-5, this policy will also apply.
We will begin sending out this compensation to customers sometime after Batch 5 ships. Obelisk will calculate your expected mining revenue based on a hashrate of 800 GH/s for SC1 and 1500 GH/s for DCR1. Compensation will be in USD, and will assume that you exchanged your mined coins for USD on a daily basis and that your electricity cost is $0.
In the coming weeks, we will put together a more complete guide to receiving this compensation and publish our official calculations so that they can be reviewed by the community. Depending on Obelisk's financial position after delivering Batch 5, it may take several months or more to compensate all customers.
Second, we will release the SC1 alternative Blake2b algorithm in the coming weeks. This will give the Sia community the ability to fork and could invalidate all non-Obelisk Siacoin ASIC miners on the forked chain.
The Sia core developers are currently considering community member FaustianAGI's proposal and will soon be issuing an official response. As of today, all Nebulous (the company employing Sia's core developers) and Obelisk employees are supportive of a fork.
There are still many details to solidify, but we pledge to provide additional information in the coming weeks. We are working tirelessly to deliver your orders, and will continue to update you with our progress.
– Team Obelisk”
100,000 Chinese Internet Cafe Mining Machines Hijacked, $800K SiaCoin Cryptocurrency Tokens Stolen
100,000 Computers at Chinese Internet Cafes Hacked: Mining $800K Worth of Crypto
It has been recently come to our attention that a group of hackers managed to breach into Chinese internet cafes’ computers to mine cryptocurrency. The shock of it all is the fact that Chinese computer maintenance firms planned the whole scheme out with the hackers to make it happen.
The newsflash was reported by local news on June 16,2018, where Rui’An city police officials arrested 16 defendants who might have been involved. As for their success, the rather massive group was capable of getting hold of 5 million yuan worth ($800,000) by mining cryptos on over 100,000 computers situated across 30 Chinese cities. This hack has been an ongoing effort, as it the hackers have been mining illegally since July 2017.
The way in which the hackers were able to get into that many computers was by developing a piece of malware that automatically only mined Siacoin. This is where computer maintenance firms come into play, as they were responsible for implanting the malware into the systems at the internet cafes. The report also suggested that the profits made were split among those involved.
Many internet cafes in Rui’An were quick to notice several factors that resulted in a police report. What caught their attentions were as follows:
- Increased CPU usage rates which lead to slower computer speed
- Hikes in internet café bills
As for the arrest, the CEO of a computer maintenance firm was also one of the number of individuals detained in August. This is due to the fact that most internet cafes in Rui’An rely on the services of one key maintenance firm, which is yet to be disclosed.
According to the local report, the case is still ongoing, as 30 Chinese cities have been affected altogether.
Halong Mining DragonMint B52 Blake2b Siacoin Crypto Miner
The best way to get some real profit with mining is by acquiring some good mining gear. To aid our readers in their search, today we will review the DragonMint B52 Blake2b miner.
What is DragonMint B52 Blake2b?
The DragonMint B52 Blake2b miner is a Siacoin ASIC miner developed by Halong Mining. This one of the several mining gears that were announced by the company recently and one that has some of the best specs.
This equipment has a speed of 3.83 TH/s, 1280 watts, dual fans to keep the system cool and it has Ethernet connections. The fans are standard and it uses the Blake2b algorithm, which is only suitable for Siacoin at this moment.
The product weights 6000g, has a noise level of 70db, a voltage of 12V, a size of 295 x 124 x 155mm and its temperature can vary from 0 to 40ºC without overheating problems.
How to Buy the DragonMint B52 Blake2b?
You can buy this product at Halong Mining’s online store. At the time of this report, the product was unavailable, probably because the sales have been pretty good, as this is a very strong mining equipment, but you can sign in to receive an email alert when the product is being sold again by the company. The price of the equipment is currently at $5549 USD.
Should You Buy the DragonMint B52 Blake2b?
This might be a hard decision, as this is a very good mining equipment, but remember that it only mines Siacoin at this moment, not more popular cryptocurrencies like Bitcoin or Ethereum for instance. The price is also very expensive, which might be a problem if you do not have a lot of money to invest.
Because of this, you might want to wait some time before you buy this mining equipment, even if it is, in fact, a powerful equipment.
Binance Exchange Lists SiaCoin (SC) - BNB, BTC, ETH Trading Pairs
SiaCoin (SC) Listed On Binance
The world’s favorite alt coin cryptocurrency exchange Binance has now added Siacoin (SC) to its list of growing tokens to be traded within the platform.
The Siacoin token will start out with three trading pairs as usually Binance does in SC/BTC, SC/ETH and SC/BNB (which is Binance exchange’s native token). The trading pairs will be ready on June 14, 2018 at 11AM UTC.
Siacoin is known as an open source decentralized data storage platform that utilizes blockchain technology to secure files and information which encrypts and distributes your files across their network. They want to specialize in underutilized hard drive capacity that will then turn into a marketplace to guarantee users and token holders the best cloud storage providers possible.
You have complete control of your private keys and own all of your own data in which no third party can see or access your files unlike the traditional providers in the space. As an example according to the official Siacoin website, storing 1TB of files with their platform will be about $2/mo whereas Amazon will be $3/mo.
At the current time of the announcement coming from the official Binance twitter account the SC token has $0.014771 which is a +(13.69% USD) in the last 24 hours and surely will see the “Binance effect” happen to its pricing.
What do you guys think about Binance listing Siacoin (SC Token) to their exchange? Will the simple decentralized storage blockchain project be one of the alt coins that make a big surge in the second half of the year?
One thing is for sure, being on Binance gives alot more traders access to using and investing into their coin. Stay tuned as we update you with more Siacoin updates and Binance listings.
You can read the full announcement here.