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The Siacoin Obelisk SC1 ASIC Miner Whenever a new is released for a cryptocurrency, things get interesting quickly for its targeted coin. This was especially true in the Bitcoin world, as ASICs changed the mining game altogether.

Over the years, we have seen similar devices appear for Litecoin, Dash, and now SC as well. But does Siacoin need such an ASIC in the first place and what its impact it will have on the ecosystem as a whole? Considering the SIA ecosystem is all about decentralized cloud storage solutions, an ASIC miner for such a currency seems rather strange.

Most people looking to mine SC either need to rent out their hard drive space or use their computer’s graphics card. With the upcoming Obelisk SC1 ASIC miner, that situation will come to change very quickly, assuming the product is legitimate. Not knowing the manufacturer of these 28nm ASIC chips is a bit of a problem. Even though SIA Tech claims the company in question has around twenty years of experience, there should be no real harm in revealing who it is. Diy Vertcoin VTC Miner.

We will not know for sure until more specifics are unveiled by the team over time. Keeping such vital information under wraps is quite disconcerting, as it makes everything appear less legitimate. From the limited information we do have, we can deduce the will cost $2,499.

It is available for pre-order, which is more often than not a sign of an offer people should skip out on. Most Bitcoin mining manufacturers have offered pre-orders before, and only a handful of them ever shipped products to customers. It is unclear if the same could happen with the Obelisk SC1 pre-orders, but it is important to keep the history of such products in mind. Additionally, this SIA ASIC is allegedly capable of mining at a speed of 100 GH/second.

That is a substantial speed, which would reward users with up to 60,000 SC per month. At current prices, that equals 0.2 BTC or just shy of $500 at current Bitcoin prices. Moreover, keeping in mind how this device has an alleged power consumption of below 500 watts, it would instantly become one of the most profitable miners in all of cryptocurrency. When something sounds too good to be true, it often is. With pre-orders available for perhaps the most lucrative ASIC miner in history built by an undisclosed manufacturer’s chips, it is obvious why some people doubt the legitimacy of this project. Moreover, the initial delivery date is set for June 2018, which means people are paying about a year in advance for a product they may not see before 2019 or later.

It is a very big investment to make, and going the pre-order route still seems sketchy at best. It does not appear this miner will support different algorithms, and customers can only pay with Bitcoin right now.

The inventor of the most famous cryptocurrency today – Bitcoin – attempted to build a “peer-to-peer electronic cash system”. This had been tried many times before but the main point of difference between Bitcoin and previous efforts like Digicash was that it was to be entirely decentralised. Without an overarching entity controlling the currency, the notion of “trust” would be removed from the system. To combat “double spending”, the major flaw in all digital cash systems at that point, Bitcoin inventor Satoshi Nakamoto proposed a revolutionary technology known as the blockchain to record all the transactions made with his currency.

For any single balance, transaction, or change to the network to take place, there would need to be consensus amongst those validating the network – the miners. Since Bitcoin’s invent, many other programmers have attempted to use the model and tweak it to provide what they consider to be a more functional form of digital cash. Other cryptocurrencies include Litecoin, Monero, Ether, and New Economy Movement. Many of these efforts tailor their currency for a special purpose.

Speed, price, and privacy, are among the most common. Being such a new technology, it may be that cryptocurrency has not been used for its eventual use case. Still, today it is used for many purposes. These include, but are not limited to the following: remittances, trading, investment, payment for goods and services, private monetary transactions, gambling, and as a hedge against national currencies suffering rapid devaluation (Venezuela, Greece for example).

As the entire cryptocurrency space expands, it is likely that we’ll see additional uses joining this list. Already there are young services like SteemIt, which sets to revolutionise the way content is paid for on social media, as well as services like Musicoin which seeks to find a more equitable way of paying artists without the need of middlemen.

Defining a single “best” coin is difficult. There are over a thousand different offerings in the space, and the various prices assigned to them is more than simply a reflection of their popularity.

Each token has a different total circulating supply meaning that any changes in market cap will affect them all differently. Right now, the most popular crypto currency is Bitcoin.

This might not be the case in a few years. There are many supposed weaknesses with the current scaling debate being the manifestation of one such issue.

Other more modern efforts have focused on tackling problems perceived with the Bitcoin network, whilst some offer entirely new potential – the Ethereum network, for example. The relative importance this coin has on the overall market. Market capitalization is the ratio of importance that each cryptocurrency individually on the crypto market.

It ranges, therefore, from 0 to 100% and is used to understand who is gaining more relative dominance. Bitcoin used to dominate this market cap – for many years it maintained 80% of the ratio. But recent changes have been challenging this dominance. It is expected that other coins like ethereum, ripple or litecoin start gaining importance. All cryptocurrencies have their own characteristics but recently one coin has come to challenge more than ever before bitcoins. This new player on the market is Ethereum and the reasons for the challenge are easy to understand. Ethereum emerged to try to correct some of the main criticisms that were made towards bitcoin – especially in terms of security.

What it accomplished to do was to provide safer transactions, more flexible contracts that are compatible with any wallet, with short block times to negotiate (where confirmations are easier). Ethereum is more available than bitcoin as well.

Whereas more than two thirds of bitcoins have already been mined, access to ethereum is still widely available. Another core difference between these two coins is that Ethereum allows different developers to raise funds for their own projects. It can therefore be in itself a Kickstarter for a number of projects. The main advantage of Ethereum is that it is a more secure, flexible, easy to use and transact coin. It has also brought innovations in terms of investment and entrepreneurship. And this is posing a serious challenge to bitcoin’s market cap. Cryptocurrency exchanges are all those platforms that allow traders to buy and sell cryptocurrencies.

Because it’s a very recent – and booming – market, most of these platforms are quite new. But, of course, one of the most relevant questions people ask is how to know if a certain platform is safe or not. The only way to find out is to check whether the exchange provides transparent data of coins in cold storage. In other words, whether it has the reserves needed to provide liquidity to its activities.

This can be easily checked by checking whether an exchange is regulated or not. The other relevant information to extract is to look at reviews and comments that people are making about the platform. Are they positive or negative? But we have simplified this research for you: the platforms suggested in this page are all fully registered and highly recommended.