How to Mine Siacoin (SIA): A Beginner’s Guide

Siacoin is the cryptocurrency powering the Sia network, an open-source decentralised cloud storage platform where people can rent out space at low prices. Renters use siacoin (SC) to pay for storage space on the platform.

In this guide, you will learn how to mine Siacoin and how to calculate the estimated earnings.

Tools You Need to Mine Siacoin

Siacoin uses the Blake2b mining algorithm and you can mine it with a GPU or an ASIC. However, to make a profit, you will need to use an ASIC miner like Antminer A3. Ensure that your power supply can provide the amount of power your ASIC miner needs.

Besides acquiring an ASIC miner, you will need to join a mining pool to increase your chances of getting a block reward. When the members of a pool combine their hashing power, they increase their ability to solve the puzzle and earn a block reward. You can join mining pools like SiaMining or Luxor.

Once you receive a block reward, you will need a wallet to store your SC. To get a Siacoin wallet, download Sia-UI and install it on your computer. Also, you should invest in a stable and reliable internet connection. Your internet should run 24/7 for successful mining.

To keep your mining rig running smoothly, you should provide proper ventilation to cool it. Furthermore, you can install fans for extra cooling. Lastly, you should set up your rig in an isolated location or a soundproof room because it will produce a lot of noise.

The Setup Process

Once you have obtained all the tools that you need, you can begin the setup process by following the steps below.

• Connect the cables from the power supply unit to the miner’s hashing and control boards. Next, connect the power cord to the power supply unit and power outlet.
• Connect the LAN cable of your router to the ASIC miner. The miner has an Ethernet port on the control board.
• Join the mining pool of your choice. When making the decision, consider the mining pool fees, the reward system, and the server locations. To join a mining pool, simply create an account to register.
• Look for the ASIC miner’s IP address by accessing your internet router’s admin interface. Moreover, you can download the IP Reporter tool from the ASIC miner’s website. To find the IP address with this tool, select “Run” then click “Start.” Next, press the “IP Report” button on your ASIC miner’s control board and the IP address will appear on your screen.
• Now that you have the IP address, paste it on your browser and hit “Enter.” A sign-in dialog box will appear where you should type in the default username and password as provided on the miner’s manual. Click “Sign In” when done.
• Once you are logged into your miner, Click “Miner Configuration” then “General Settings.” Type in the mining pool information where the URL is the pool’s address, the worker is your Siacoin wallet address, and the password is “123” if you are using an Antminer. You can also leave the password blank if you choose. Additionally, enter the information of additional pools in the other fields to ensure that your rig will keep running even though one pool fails.
• Save the changes and apply for your miner to restart. After the reboot is complete, go to the status page to view the mining activity. If you can see the hash rate, your miner is working.

Estimated Earnings

While it is impossible to say for sure how much money you will make mining Siacoin, it is advisable to calculate the estimated earnings. As a result, you can figure out whether to increase your ASIC miners or to join a cheaper mining pool.

If you were to use Antminer A3, pay $0.02 per kWh for electricity, and three percent as mining pool fees, the estimated earnings will appear as follows:

Several factors could affect the returns you make from mining Siacoin. These factors include:

• Siacoin price
• Mining difficulty
• Mining pool fees
• Initial investment cost
• Cost of electricity
• Hash rates of the mining pool and the ASIC miner
• Power consumption of your ASIC miner

Your goal is to keep your expenses low and to use a miner and a pool with a high hash rate. Additionally, consider using more than one ASIC miner to boost your returns.