How to mine Siacoin
Getting started mining can be a daunting task if you are completely new. This post will hopefully simplify this entire process for you, as once you get into it, it is actually incredibly simple – but like anything else it requires a bit of reading around first (yer, even on other sites than this! :D).
What is Siacoin?
You are probably not here to read about this, but in brief Siacoin is a cryptocurrency (duh! :D), that is intended to be used for buying for cloud storage on the Sia Cloud Network. It is meant to challenge the big guys of Google and Amazon by completely decentralising storage while at the same time encrypting the shit out of it, so that your storage is completely safe. It is incredibly cheap at just around $2 per 1TB. As the tech becomes more adopted, the coins value will inevitably increase in line with the adoption rate too – however this could of course take some time.
1. Getting Started Mining Siacoin
To get started, you first need to identify your Graphics Card (GPU) type, whether you have AMD or Nvidia. I realise that some of you may have a mix of both cards, and in my experience mining with both on the same machine is not a problem (I am currently using an AMD Rx 480 8gb and an Nvidia GTX1080 on the same mining machine and I am having no issues when I use the Marlin Siacoin mining software – more about that soon).
Right click your Windows icon in the bottom left corner and select Device Manager. Here you can click Display Adapters to be shown your installed GPUs.
2. Install your GPU Drivers
There are no particular drivers that appear to be more effective than others so simply go with the latest AMD or Nvidia drivers – Cuda for Nvidia and OpenCL for AMD.
3. Get a Siacoin Wallet
I always recommend that you get the official Sia client downloaded so that you do not have to worry about whether an exchange may close its accounts tomorrow. So I am going to guide you on how to create an official Siacoin Wallet.
Do bear in mind that when you click Receive Funds you get a new Siacoin address every time, this is simply for security reasons, and nothing to worry about. ALL addresses you have ever created will ALWAYS work, so you will never lose anything by using an old address.
- Go here to download the Sia software.
- Select your operating system accordingly. Your download will now commence.
- You will notice that the software will be synchronising, this may take a day or so before it is done. That is nothing to worry about. If you do receive any coins while it is synchronising these will be added to your account immediately after it is done (I tried this myself).
- Produce your Siacoin wallet by clicking Wallet in the software on the lefthand side.
- Press on “Create a new wallet”.
- On the next screen it is VITAL that you save your Seed and Password from Sia locally and online so you never lose this. If you do lose this, you will never be able to regain access to your wallet again and your coins will be lost to the outerspace of the interwebs.
- Once you are done here, simply click “Receive Funds” in the top right corner of the client, copy the address generated and viola! You are now the proud owner of a Siacoin wallet, congrats!
4. Download a Siacoin Miner
You have two options when you want to mine Siacoin, you can either dual mine Siacoin and Ethereum (in which case your Siacoin hashrate WILL be reduced) or you can simply mine Siacoin on its own to get maximum hashrate. For now let’s focus on just mining Siacoin.
- Download the mining software here (Marlin) by choosing x32 or x64, depending on your system being 32 or 64 bit (most modern PCs are 64 bit).
- When you are done downloading it, unzip the content onto your C drive as Marlin (you can store this anywhere you like though, I just personally prefer it there).
- Now open up the commandprompt (CMD) – this is just to test that everything is working as you would be expecting before you get started mining, you can skip this step if you prefer.
5. Ready to start miiiiining Siacoin baby!
Aaaah close, just one minor step left and we are done. You now have to connect your mining rig (GPU – graphics cards and Marlin) up to your wallet and start breaking those algorithms so you can get your first Siacoin produced.
This step is so easy you can almost do it in your sleep (although I do not recommend it, it may be tougher than I made it out to be).
- Go to your Marlin folder.
- Right click the file Marlin.bat and select Edit
- Where it says SET address change it to your previously generated Siacoin wallet address (don’t worry if you did not save this, just generate a new address and you are ready to go).
- Save and you are done! Let’s mine!
- Double click on the file Marlin.bat and start seeing the online crypto-gold pouring into your account (once you have 500) they will be added to your account automatically – where you have your Siacoin wallet).
To see how many coins you have mined, as well as your uptime and all sort of other interesting data, go here https://siamining.com/ and insert the EXACT SAME Siacoin address you used in the miner. If you forgot it simply right click Marlin.bat and select Edit to see the SET Address you have in there. It may take a few minutes to update.
Thank you for reading and I hope this helped you get started.
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