Next you should create a Siacoin Wallet. The Sia-UI is the safest variant. Sia-UI is an official app for Windows created by the developers of Siacoin. The app can be downloaded and installed from the Siacoin website. Then you create your own wallet with it, including the password and the seed, which you should keep well. When this is complete, the wallet should synchronize with the blockchain. This may take a while. Alternatively, you can buy an online wallet on one of the file-sharing sites where you can trade Siacoin, such as Poloniex. But these wallets are not so secure.
Mining with Bitcoin Code
To start with the actual Siacoin mining, open the file “marlin.bat” in the folder of the mining program. Enter the address of the wallet here. After saving and closing the file, double-click on it. Mining should then begin immediately with Bitcoin Code. If you are using a Siacoin Mining Pool, enter the address of the mining pool and the number of workers.
What are the differences between Siacoin Mining and Bitcoin Mining?
The biggest difference in the mining of the two crypto currencies is the algorithm they use. Siacoin uses the blake2b algorithm to hash its blocks. This can only be solved with graphics cards. Unlike bitcoin mining, where only the ASIC processors can be used.
Another difference is the difficulty of mining. Bitcoin now places such high demands on the hardware that a normal person can hardly afford to participate in mining. With Siacoin the difficulty is not yet so high and one does not have to invest so much to be able to earn something from mining.
However, it should be noted that Siacoin is not yet available for exchange at many Exchanges. Bitcoins are much easier to exchange for euros. With Siacoin, that’s even more awkward.
Siacoin Mining – Solo Mining, Pool Mining or Cloud Mining?
In solo mining you try to find the right hash on your own. If you succeed, you’ll have the Siacoins all to yourself. However, you need a very high hash power to find the right hash by chance. For most miners, mining profitability alone is not high enough to recoup the cost of acquisition and power.
They therefore prefer to merge into a Siacoin Mining Pool. Here they combine their hash power, which increases the probability that they can successfully dig a new block. The mining pool then also regulates the distribution of the mined coins. However, onlinebetrug you should make sure that the pool provider is trustworthy.
No hardware is required for cloud mining. Instead, you pay fees to a mining provider. He’ll give you the coins you’ve been digging for it. Cloud mining is a way to get coins without obtaining a mining rig yourself or exchanging the crypto currency on the exchanges.
Siacoin offers a blockchain-based cloud market and thus a promising crypto currency. Siacoin mining can also be worthwhile. Mining is primarily carried out via the graphics cards. For most people, a mining pool is an option in order to really make a profit.