Siacoin token, has been in the media during the last days due to its price surge. This cryptocurrency has moved from $0.025 dollars on January the 2nd up to $0.10 dollars on January the 6th. This has called the attention of several investors that could be thinking about future returns. But AntPool, one of the largest cryptocurrency mining pools, has decided to support the Siacoin Token.
AntPool Supports Siacoin
Bitmain, the famous mining hardware provider, is the owner of AntPool, and has launched a new device called the AntMiner A3. The new 815 GH/s miner supports the same hashing algorithm used to secure the Siacoin blockchain. The hashing algorithm is known as the ‘blake2b.’
But not everyone is happy about this information. A Reddit user called Taek42, says that is part of the Sia developer team and regrets Bitmain’s decision to move into the Sia space. About this situation he wrote:
“Bitmain has no qualms about overselling their units to buyers. They take massive margins on their hardware (>50%) and make more money than the total block reward at the expense of their customers. They over saturate the market in a way that hurts their buyers. Bitmain will sell more units than the Sia ecosystem can sustain, and many people end up with large losses. Bitmain will not end up with losses, because they were paid up-front with non refundable money.”
What is Siacoin?
Siacoin (SC) is a distributed cloud storage platform that aims to rent their free storage space and reward these users. As cloud storage
services are centralized, Siacoin searches a way to create a decentralized cold storage platform.
With Siacoin, the price of 5 Terabytes of data storage costs $10 dollars a month. Compared to other services that offer the same, the price is much better. And if we take it to 1 terabyte, it cost only $2 dollars a month.
These individuals who own an old device and want to have some profit with it, they can set it up in order to host other user’s files. All the files are encrypted, meaning that they are safely stored and nobody can see what they are. This is part of the new idea of a shared economy in which the resources are shared between people and organizations.
“Using Sia blockchain, Sia creates a decentralized storage marketplace in which hosts compete for your business – this leads to the lowest possible prices. Renters pay using Siacoin, which can also be mined and traded.”
According to Siacoin, ‘unused memory is wasted memory’.
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