Siacoin (SC) is weathering the current cryptocurrency market nosedive pretty well today. At the moment, this coin is down just 5%. Compared to the rest of the highest-net-worth coins, that’s a very upbeat situation. Most of the top-ranked cryptocurrency options are sinking into the double digits. Ethereum (ETH), for example, is trading 27% lower today. Ripple (XRP) is down by 32%. The Siacoin price descent over the past week, on the other hand, looks like it might be slowing down.
Take a Look at the Siacoin Price Chart
After dipping down to nearly $0.0318, it has bounced back and is at a solid $0.04 at the time of writing. Looking at the chart, there is a visible valley starting to form. We will see shortly if it’s the beginning of a rebound.
But why is Siacoin (SC) starting to slow its downturn?
Siacoin Mining Hardware Announcement Hits the Web
Perhaps what’s slowed down the gradual decline in the Siacoin price chart is a particular piece of news coming out of the mining world today. It was just announced that cryptocurrency mining hardware company Bitmain is launching a new piece of machinery that can mine for SC coins. Its new Application-specific integrated circuit chip (ASIC) miner is for the Blake (2b) algorithm, which Siacoin (SC) runs.
We are proud and happy to announce that we are launching the Antminer A3, a new Antminer model to mine cryptocurrencies using the hashing algorithm Blake(2b).
The actual price and option to buy will be available here https://t.co/mrymOaMy4i after 2:30PM (17 Jan, GMT+8). pic.twitter.com/Ye0cxNn95M
— BITMAIN (@BITMAINtech) January 17, 2018
The new machine is called the Antminer A3. This tweet introducing it was sent out about half a day ago.
In the summer of 2017, Sia Tech tweeted about a soon-to-come Siacoin-specific mining machine called the Obelisk SC1. That machine still hasn’t been introduced yet. In fact, the Antminer A3 has similar specifications – but is going to launch earlier than the Obelisk SC1.
Some people have already pre-ordered the Obelisk SC1. The fact that a miner for this cryptocurrency is coming out sooner, but they already shelled out the coin to pre-order one that’s coming out later, might tick some of them off.
The new Antminers from Bitmain will ship pretty soon. They will be the first commercially available mining machines for Siacoin (SC). They are out-of-the-box ready, essentially, so very little extra work is needed to get these machines up and running.
It will be interesting to see what happens to the Siacoin price journey after both these machines start entering the ecosystem.
What Type of Technology is Behind Siacoin (SC)?
This cryptocurrency is the native token of Sia – a blockchain-based cloud storage platform. It’s sort of the decentralized solution to Apple and Amazon’s – and Drop Box’s – dominance in the cloud storage industry. Those centralized power players now have competition.
In this network, both the miners and the users giving up their storage get rewarded via the smart-contract system. This open-source code also allows third parties to build decentralized applications (dApps) on top of the network.
Miners and investors alike are amped on this cryptocurrency – are you?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.