Topic: First Asic for SIA - Obelisk SC1 - page 25. (Read 29240 times)

I don't know if ASICs "destroy everything"... I mean, not if YOU have one (or more) when they're first released.

What they DO ruin is GPU mining, so you might want to set your GPU rigs to mine SIA now (by itself or as a dual mine with Ethereum). It's your last chance to stack Sia before the Asics alter the hash rate...


..

Like I said on the other thread, price is determinant to build ASICS. This is bad as a whole, ASICS destroy everything.

Minebox is a decentralized cloud Network Attached Storage that utilizes the SIA Blockchain to store your data in the cloud (it's what the SIA technology is designed to do) -- SIA is not just a "currency"

Minebox uses a 20 of 50 redundancy so for example if you upload "ImportantDocument01" to your Minebox, it then replicates pieces of that file on 50 other hosts across the planet. If your minebox dies or you lose your file somehow, you can download it from the cloud and only 20 of the 50 hosts are needed to recover your file(s). Hosts are vary across the network and are chosen at random.

Separately, the Minebox allows you to "sell" your unused storage space to the cloud via smart contracts. Contracts pay you in SIA Coin for both storage and bandwidth usage of the data being accessed. As long as you uphold your end of the contract terms you will be paid but if for some reason you take a contract and take your host offline, you will not get paid. Contracts can vary in length and capacity and you have control over how much or how little you make available to the cloud along with how much you charge.

The more hosts on the SIA network, the stronger the "cloud" file system becomes.

Minebox IMO is a confusing name for this device because it does not do traditional "Mining" like a GPU or Asic does.

Minebox Batch 1 is available for pre order on http://www.Minebox.io and here is another thread I started that has more details - https://bitcointalksearch.org/topic/minebox-pre-order-8tb-and-16tb-models-using-sia-1812294

Thanks Eyedol,

Do you think you can explain to the thread what is the Minebox? What does it do exactly? Where is the best place to get one.

(Please) cure my ignorance... from what I can gather, it's a data storage device that allows you to sell that data storage for Sia? I've already said more than I know...

Diff will skyrocket but it will create an asic "movement" which will be a cycle that goes like this

Cost 1st gen asic > Asic Mines > Difficulty > Profit > Cost next gen asic > Next Gen Asic Mines > More Difficulty > Profit > Cost...

So in a nutshell there will be miners that will buy the asic for a cost, the asic mines on the network, this drives up the difficulty, people with Asics earn profits but the profits begin to dwindle, then comes a new cost of 2nd gen asic, 2nd gen asic hits network and mines, drives up difficulty again, owners of asics make profits... rinse/repeat.

In a nutshell this will drive up SIA cost to some degree but time will tell how much because today $1 USD varies but has been hovering around 60SC per $1 USD. If people mine more coins faster and then sell them off for profits, it's going to drive coin value down. However traders will likely buy up SIA ahead of asics in an effort to buy low sell high and it will driive costs up. Over time, if the technology SIA brings to the table really changes cloud storage (I think it will) the value of SIA coin will go up.

This is all speculation about whether or not Asics will drive up the price or not, I suspect it will over time but it's unclear how much time it will take, look how long it took LTC to take off and Scrypt Asics have been out for years.

As I believe in SIA and have a Minebox coming, I will probably buy this Asic if the price is right.

...but wouldn't that 2000/day payout go down once these machines are added to the Sia network? I think they'll still definitely be worth it, but maybe/probably / definitely not 2000/day worth it...

...unless I'm missing something...

It could be very profitable. The SIA algo is very easy to implement onto an ASIC. Speeds could be very similiar to SHA256.

So if they came out with a 1TH/s SIA miner, that would generate about ~$2000/day.

It doesn't say how much mega hash will produce this in order to calculate the earning and the profit.
Sia coin is growing good and I see that it is listed in the poloniex in the most traded coins for many days or weeks now.

I don't know if anybody else saw this. but they just announced the very first Asic for SIA, called the Obelisk SC1.

http://cryptomining-blog.com/8837-siacoin-sc-to-get-a-dedicated-mining-hardware-asic-device/

Sia Coin is primarily used to buy and sell data storage space. To be honest, I had no idea SIA was in any way/ shape / form legit enough to warrant ASIC development for their blockchain.

Everything I knew about SIA could be summed up in 2 phrases 1) backed by storage space, and 2) You can dual mine it with Ethereum.

PLEASE edumacate me. I want to know everything now that there's an ASIC coming out. What wallet should I use? All I've found thus far is an official desktop wallet, which isn't that bad, but kind of a pain.

I tend to think the introduction of this new ASIC should bring about a lot of new interest in SIA. Look at what's happened to Litecoin and Dash since the advent of Scrypt and X11 ASICs that mine them. "Correlation" does not indicate "causation", since ASIC companies choose which coins they think are worth pursuing and blahblahblah

LONG STORY SHORT -

1) I think the price of SIA will go up either BECAUSE of these Asics, or because of the reason Obelisk decided to produce the Asic in the first place, or some combination of the two.

2) I. want. this. Asic. I admit, I know very little about SIA, but since I'm bullish on crypto mining, I'm willing to risk the hardware costs just to have the first ASIC that mines SIA. I have to think I am not alone.

3) Until we get more info later in the week, this announcement creates more questions than it answers... Specs, power consumption, hash rate etc. Most importantly: What's the price? Where do you buy it? Who do you buy it from?

In the words of Futurama, "SHUT UP AND TAKE MY MONEY!"

If anybody here has any real information... or speculation, rumors, questions of your own, hunches and guesswork, PLEASE post below...

Even if you just want to make up disinformation to throw us off the sent, I'm desperate and I need a fix.