First Asic for SIA - Obelisk SC1

[ekrififi]

I don't know if anybody else saw this. but they just announced the very first Asic for SIA, called the Obelisk SC1.

http://cryptomining-blog.com/8837-siacoin-sc-to-get-a-dedicated-mining-hardware-asic-device/

Sia Coin is primarily used to buy and sell data storage space. To be honest, I had no idea SIA was in any way/ shape / form legit enough to warrant ASIC development for their blockchain.

Everything I knew about SIA could be summed up in 2 phrases 1) backed by storage space, and 2) You can dual mine it with Ethereum.

PLEASE edumacate me. I want to know everything now that there's an ASIC coming out. What wallet should I use? All I've found thus far is an official desktop wallet, which isn't that bad, but kind of a pain.

I tend to think the introduction of this new ASIC should bring about a lot of new interest in SIA. Look at what's happened to Litecoin and Dash since the advent of Scrypt and X11 ASICs that mine them. "Correlation" does not indicate "causation", since ASIC companies choose which coins they think are worth pursuing and blahblahblah

LONG STORY SHORT -

1) I think the price of SIA will go up either BECAUSE of these Asics, or because of the reason Obelisk decided to produce the Asic in the first place, or some combination of the two.

2) I. want. this. Asic. I admit, I know very little about SIA, but since I'm bullish on crypto mining, I'm willing to risk the hardware costs just to have the first ASIC that mines SIA. I have to think I am not alone.

3) Until we get more info later in the week, this announcement creates more questions than it answers... Specs, power consumption, hash rate etc. Most importantly: What's the price? Where do you buy it? Who do you buy it from?

In the words of Futurama, "SHUT UP AND TAKE MY MONEY!"

If anybody here has any real information... or speculation, rumors, questions of your own, hunches and guesswork, PLEASE post below...

Even if you just want to make up disinformation to throw us off the sent, I'm desperate and I need a fix.
 

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[Eyedol-X]

I don't know if anybody else saw this. but they just announced the very first Asic for SIA, called the Obelisk SC1.

http://cryptomining-blog.com/8837-siacoin-sc-to-get-a-dedicated-mining-hardware-asic-device/

Sia Coin is primarily used to buy and sell data storage space. To be honest, I had no idea SIA was in any way/ shape / form legit enough to warrant ASIC development for their blockchain.

Everything I knew about SIA could be summed up in 2 phrases 1) backed by storage space, and 2) You can dual mine it with Ethereum.

PLEASE edumacate me. I want to know everything now that there's an ASIC coming out. What wallet should I use? All I've found thus far is an official desktop wallet, which isn't that bad, but kind of a pain.

I tend to think the introduction of this new ASIC should bring about a lot of new interest in SIA. Look at what's happened to Litecoin and Dash since the advent of Scrypt and X11 ASICs that mine them. "Correlation" does not indicate "causation", since ASIC companies choose which coins they think are worth pursuing and blahblahblah

LONG STORY SHORT -

1) I think the price of SIA will go up either BECAUSE of these Asics, or because of the reason Obelisk decided to produce the Asic in the first place, or some combination of the two.

2) I. want. this. Asic. I admit, I know very little about SIA, but since I'm bullish on crypto mining, I'm willing to risk the hardware costs just to have the first ASIC that mines SIA. I have to think I am not alone.

3) Until we get more info later in the week, this announcement creates more questions than it answers... Specs, power consumption, hash rate etc. Most importantly: What's the price? Where do you buy it? Who do you buy it from?

In the words of Futurama, "SHUT UP AND TAKE MY MONEY!"

If anybody here has any real information... or speculation, rumors, questions of your own, hunches and guesswork, PLEASE post below...

Even if you just want to make up disinformation to throw us off the sent, I'm desperate and I need a fix.
 

I'd like to know the source of this because right now everything I saw said "details" by Friday -- now it seems the rumor mill is calling this an Asic.

[wdnj]

It doesn't say how much mega hash will produce this in order to calculate the earning and the profit.
Sia coin is growing good and I see that it is listed in the poloniex in the most traded coins for many days or weeks now.

[f5alcon]

I don't know if anybody else saw this. but they just announced the very first Asic for SIA, called the Obelisk SC1.

http://cryptomining-blog.com/8837-siacoin-sc-to-get-a-dedicated-mining-hardware-asic-device/

Sia Coin is primarily used to buy and sell data storage space. To be honest, I had no idea SIA was in any way/ shape / form legit enough to warrant ASIC development for their blockchain.

Everything I knew about SIA could be summed up in 2 phrases 1) backed by storage space, and 2) You can dual mine it with Ethereum.

PLEASE edumacate me. I want to know everything now that there's an ASIC coming out. What wallet should I use? All I've found thus far is an official desktop wallet, which isn't that bad, but kind of a pain.

I tend to think the introduction of this new ASIC should bring about a lot of new interest in SIA. Look at what's happened to Litecoin and Dash since the advent of Scrypt and X11 ASICs that mine them. "Correlation" does not indicate "causation", since ASIC companies choose which coins they think are worth pursuing and blahblahblah

LONG STORY SHORT -

1) I think the price of SIA will go up either BECAUSE of these Asics, or because of the reason Obelisk decided to produce the Asic in the first place, or some combination of the two.

2) I. want. this. Asic. I admit, I know very little about SIA, but since I'm bullish on crypto mining, I'm willing to risk the hardware costs just to have the first ASIC that mines SIA. I have to think I am not alone.

3) Until we get more info later in the week, this announcement creates more questions than it answers... Specs, power consumption, hash rate etc. Most importantly: What's the price? Where do you buy it? Who do you buy it from?

In the words of Futurama, "SHUT UP AND TAKE MY MONEY!"

If anybody here has any real information... or speculation, rumors, questions of your own, hunches and guesswork, PLEASE post below...

Even if you just want to make up disinformation to throw us off the sent, I'm desperate and I need a fix.
 

I'd like to know the source of this because right now everything I saw said "details" by Friday -- now it seems the rumor mill is calling this an Asic.

The developers said it was https://www.reddit.com/r/siacoin/comments/6ig4i7/thread_for_questions_about_proof_of_work_asics/

[adaseb]

It could be very profitable. The SIA algo is very easy to implement onto an ASIC. Speeds could be very similiar to SHA256.

So if they came out with a 1TH/s SIA miner, that would generate about ~$2000/day.

[ekrififi]

...but wouldn't that 2000/day payout go down once these machines are added to the Sia network? I think they'll still definitely be worth it, but maybe/probably / definitely not 2000/day worth it...

...unless I'm missing something...

It could be very profitable. The SIA algo is very easy to implement onto an ASIC. Speeds could be very similiar to SHA256.

So if they came out with a 1TH/s SIA miner, that would generate about ~$2000/day.

[Eyedol-X]

...but wouldn't that 2000/day payout go down once these machines are added to the Sia network? I think they'll still definitely be worth it, but maybe/probably / definitely not 2000/day worth it...

...unless I'm missing something...

It could be very profitable. The SIA algo is very easy to implement onto an ASIC. Speeds could be very similiar to SHA256.

So if they came out with a 1TH/s SIA miner, that would generate about ~$2000/day.

Diff will skyrocket but it will create an asic "movement" which will be a cycle that goes like this

Cost 1st gen asic > Asic Mines > Difficulty > Profit > Cost next gen asic > Next Gen Asic Mines > More Difficulty > Profit > Cost...

So in a nutshell there will be miners that will buy the asic for a cost, the asic mines on the network, this drives up the difficulty, people with Asics earn profits but the profits begin to dwindle, then comes a new cost of 2nd gen asic, 2nd gen asic hits network and mines, drives up difficulty again, owners of asics make profits... rinse/repeat.

In a nutshell this will drive up SIA cost to some degree but time will tell how much because today $1 USD varies but has been hovering around 60SC per $1 USD. If people mine more coins faster and then sell them off for profits, it's going to drive coin value down. However traders will likely buy up SIA ahead of asics in an effort to buy low sell high and it will driive costs up. Over time, if the technology SIA brings to the table really changes cloud storage (I think it will) the value of SIA coin will go up.

This is all speculation about whether or not Asics will drive up the price or not, I suspect it will over time but it's unclear how much time it will take, look how long it took LTC to take off and Scrypt Asics have been out for years.

As I believe in SIA and have a Minebox coming, I will probably buy this Asic if the price is right.

[ekrififi]

...but wouldn't that 2000/day payout go down once these machines are added to the Sia network? I think they'll still definitely be worth it, but maybe/probably / definitely not 2000/day worth it...

...unless I'm missing something...

It could be very profitable. The SIA algo is very easy to implement onto an ASIC. Speeds could be very similiar to SHA256.

So if they came out with a 1TH/s SIA miner, that would generate about ~$2000/day.

Diff will skyrocket but it will create an asic "movement" which will be a cycle that goes like this

Cost 1st gen asic > Asic Mines > Difficulty > Profit > Cost next gen asic > Next Gen Asic Mines > More Difficulty > Profit > Cost...

So in a nutshell there will be miners that will buy the asic for a cost, the asic mines on the network, this drives up the difficulty, people with Asics earn profits but the profits begin to dwindle, then comes a new cost of 2nd gen asic, 2nd gen asic hits network and mines, drives up difficulty again, owners of asics make profits... rinse/repeat.

In a nutshell this will drive up SIA cost to some degree but time will tell how much because today $1 USD varies but has been hovering around 60SC per $1 USD. If people mine more coins faster and then sell them off for profits, it's going to drive coin value down. However traders will likely buy up SIA ahead of asics in an effort to buy low sell high and it will driive costs up. Over time, if the technology SIA brings to the table really changes cloud storage (I think it will) the value of SIA coin will go up.

This is all speculation about whether or not Asics will drive up the price or not, I suspect it will over time but it's unclear how much time it will take, look how long it took LTC to take off and Scrypt Asics have been out for years.

As I believe in SIA and have a Minebox coming, I will probably buy this Asic if the price is right.

Thanks Eyedol,

Do you think you can explain to the thread what is the Minebox? What does it do exactly? Where is the best place to get one.

(Please) cure my ignorance... from what I can gather, it's a data storage device that allows you to sell that data storage for Sia? I've already said more than I know...

[Eyedol-X]

...but wouldn't that 2000/day payout go down once these machines are added to the Sia network? I think they'll still definitely be worth it, but maybe/probably / definitely not 2000/day worth it...

...unless I'm missing something...

It could be very profitable. The SIA algo is very easy to implement onto an ASIC. Speeds could be very similiar to SHA256.

So if they came out with a 1TH/s SIA miner, that would generate about ~$2000/day.

Diff will skyrocket but it will create an asic "movement" which will be a cycle that goes like this

Cost 1st gen asic > Asic Mines > Difficulty > Profit > Cost next gen asic > Next Gen Asic Mines > More Difficulty > Profit > Cost...

So in a nutshell there will be miners that will buy the asic for a cost, the asic mines on the network, this drives up the difficulty, people with Asics earn profits but the profits begin to dwindle, then comes a new cost of 2nd gen asic, 2nd gen asic hits network and mines, drives up difficulty again, owners of asics make profits... rinse/repeat.

In a nutshell this will drive up SIA cost to some degree but time will tell how much because today $1 USD varies but has been hovering around 60SC per $1 USD. If people mine more coins faster and then sell them off for profits, it's going to drive coin value down. However traders will likely buy up SIA ahead of asics in an effort to buy low sell high and it will driive costs up. Over time, if the technology SIA brings to the table really changes cloud storage (I think it will) the value of SIA coin will go up.

This is all speculation about whether or not Asics will drive up the price or not, I suspect it will over time but it's unclear how much time it will take, look how long it took LTC to take off and Scrypt Asics have been out for years.

As I believe in SIA and have a Minebox coming, I will probably buy this Asic if the price is right.

Thanks Eyedol,

Do you think you can explain to the thread what is the Minebox? What does it do exactly? Where is the best place to get one.

(Please) cure my ignorance... from what I can gather, it's a data storage device that allows you to sell that data storage for Sia? I've already said more than I know...

Minebox is a decentralized cloud Network Attached Storage that utilizes the SIA Blockchain to store your data in the cloud (it's what the SIA technology is designed to do) -- SIA is not just a "currency"

Minebox uses a 20 of 50 redundancy so for example if you upload "ImportantDocument01" to your Minebox, it then replicates pieces of that file on 50 other hosts across the planet. If your minebox dies or you lose your file somehow, you can download it from the cloud and only 20 of the 50 hosts are needed to recover your file(s). Hosts are vary across the network and are chosen at random.

Separately, the Minebox allows you to "sell" your unused storage space to the cloud via smart contracts. Contracts pay you in SIA Coin for both storage and bandwidth usage of the data being accessed. As long as you uphold your end of the contract terms you will be paid but if for some reason you take a contract and take your host offline, you will not get paid. Contracts can vary in length and capacity and you have control over how much or how little you make available to the cloud along with how much you charge.

The more hosts on the SIA network, the stronger the "cloud" file system becomes.

Minebox IMO is a confusing name for this device because it does not do traditional "Mining" like a GPU or Asic does.

Minebox Batch 1 is available for pre order on http://www.Minebox.io and here is another thread I started that has more details - https://bitcointalk.org/index.php?topic=1812294.0

[Metroid]

Like I said on the other thread, price is determinant to build ASICS. This is bad as a whole, ASICS destroy everything.

[ekrififi]

Like I said on the other thread, price is determinant to build ASICS. This is bad as a whole, ASICS destroy everything.

I don't know if ASICs "destroy everything"... I mean, not if YOU have one (or more) when they're first released.

What they DO ruin is GPU mining, so you might want to set your GPU rigs to mine SIA now (by itself or as a dual mine with Ethereum). It's your last chance to stack Sia before the Asics alter the hash rate...


..

[hungrybits]

So what would happen to the initial price of Sia once ASICS are released into the wild both short-term and long-term?

Once things get centralized towards the big miners, I fear that prices are going to tank given the huge influx of coins being released. Yeah things will taper off once difficulty increases but that won't be for awhile. The only public response from Taek on how it effects prices in his response to another Reddit poster seems to be that "inflation" is lower than other coins, which doesn't inspire much confidence. I interpret it as either a "nobody knows" or "it will be fine in the long-run".

Anybody familiar with how prices were like when ASICS were first released on the market with Bitcoin and Litecoin?

Maybe a history lesson would help.

[ekrififi]

So what would happen to the initial price of Sia once ASICS are released into the wild both short-term and long-term?

Once things get centralized towards the big miners, I fear that prices are going to tank given the huge influx of coins being released. Yeah things will taper off once difficulty increases but that won't be for awhile. The only public response from Taek on how it effects prices in his response to another Reddit poster seems to be that "inflation" is lower than other coins, which doesn't inspire much confidence. I interpret it as either a "nobody knows" or "it will be fine in the long-run".

Anybody familiar with how prices were like when ASICS were first released on the market with Bitcoin and Litecoin?

Maybe a history lesson would help.

It's a good question... What affect WILL ASICS have to the price of Sia?

Of course it's hard to say definitively what will happen to the price of any alt coin; crypto currency is such a new asset class, it's all uncharted territory. Anyone who says otherwise is fooling himself...

That being said and at the risk of stating the obvious, there are only THREE (3) coins to currently have devoted ASIC miners: Bitcoin, Dash and Litecoin.

All three coins EXPLODED in price after ASICs were added to their blockchain... They continue to rise in price now, even as their 1st and 2nd generation ASICs are updated and replaced with more powerful machines.

As the Freakinomics guys would point out, "correlation does not mean causation", and umbrellas don't make it rain. Just because those three coins exploded in price after ASICs were introduced to their blockchain, doesn't (necessarily) mean that asics on a network MAKE the price of a coin go up... (tho they may help).

Companies like Baikal, Antminer, Zeus, Pinidea etc. STARTED producing asics for those algo BECAUSE they were winning coins in the first place. The ASICs didn't hurt their price, and it's possible they helped by strengthening the coins infrastructures, heigthening security etc.

While the big money players seem to be dominating BTC hash (see Bitfury's Blockbox), I don't think the same can be said for Dash and Litecoin; at least not yet.

As for what ASICs mean for Sia coin... well, I think this'll in the very least raise awareness for Sia among people like us... I for one was rather unfamiliar with Sia Coin prior to the announcement... My opinion of Sia, and outlook wfor its future has drastically changed this week. I gotta think I'm not alone..

Asics will also help build out their data storage infrastructure... tho I admit, I'm not really sure how all that works.

TLDR : I think these Asics are an indication Sia will soon be valued similar to larger market cap alt coins already thriving in the data storage crypto coin sector. look to those coins for a near term price indication.

[mktorn]

I'm sad I wont be able to dual mine Sia with Claymore after they ASICs are released but, if this ends up driving up their market share and increasing the price per coin then that is good in the long run.

At the very least, the announcement of the ASIC miner has generated a lot of attention towards Sia which could potentially bring a lot more miners and users into the system which will be good for it.

[ekrififi]

I'm sad I wont be able to dual mine Sia with Claymore after they ASICs are released but, if this ends up driving up their market share and increasing the price per coin then that is good in the long run.

At the very least, the announcement of the ASIC miner has generated a lot of attention towards Sia which could potentially bring a lot more miners and users into the system which will be good for it.

I hear ya. I'm trying to dual mine and stack as much Siacoin now in anticipation of the upcoming Asic. I figure since they're just announcing it now, so we may have some lead time to GPU mine some a relatively good amount. If the asics raise the difficulty of the blockchain, then the amount of Sia you can gpu mine BEFORE the asics come on line should still be somewhat significant... especially if the price shoots up down the road.

What kind of rig(s) / set up are you currently using? hash rate? Can you recommend any adjustments, pools, gpu models etc thatchave helped?

Thanks in advance for any and all input you can give.

[QuintLeo]

If this "first ASIC" is built on an older process node like 55nm, it's not going to be a huge cost or risk to whoever designed it.

Keep in mind that the Baikal is 28nm yet sells faster than Baikal can make them right now because it's the best performance option currently available.


 The Gridseed GC3355 back in Scrypt days was a 55nm device - yet Gridseed appears to have made a TON of money on them before folks started selling 28nm ASIC (KNC, Innosilicon A2, Alcheminer, among others).


 I don't see ASIC having ANY price effect on SIA - they will affect PROFITABILITY but that's not the same thing at all.



 There are quite a few coins that have dedicated ASIC - all SHA-256 coins (NOT just Bitcoin), ALL Scrypt coins (Litecoin, Doge, DGB among MANY others), ALL X11 coins (DASH and some more have MULTIPLE ASIC devices available for them - and the Baikal ASIC also does X13/X15/Qubit and 1 or 2 more algos (DGB I know has a qubit option).

 Litecoin price did NOT explode when ASIC showed up for it - it was dropping slowly from it's ATH by that point and CONTINUED to drop 'till it eventually got down to around $2 for a long time.  (it kicked up into the $3.50-$5 range after the halfing, and STAYED there for about a year, then SegWit adoption got approved and it started jumping).

 DASH - price didn't change any more than it's normal variability when ASIC showed up for it, but that's when I dropped GPU mining on X11 as it became totally unPROFITABLE very quickly.

 I'm not sure on the timing for Bitcoin vs ASIC, but I'm sure that the price did not change because ASIC showed up for it, ASIC showed up for it because it's price was rising enough to make it a good risk for ASIC makers TO make machines for it.

 It could be argued that DOGE died in part due to ASIC - the final nail in the coffin for DOGE was when they decided to make it merge-mineable, it's not been worth more than some small number of Satoshi since.

[Hakkane]

Webpage of Obelisk is finally live: https://obelisk.tech/

Tomorrow they will release the rest of the info.

Pre-orders start in 6 days

EDIT --> BTW, this is the explanation of why they are releasing an ASIC: https://blog.sia.tech/choosing-asics-for-sia-b318505b5b51 It is a question of protecting the network from attacks. GPU mining can be dangerous for small coins in that sense

[Aquazi]

They can fuck themself, their shitcoin storage nobody will ever use, and their fuckin miner.

Greedy useless devs.

[Hakkane]

They can fuck themself, their shitcoin storage nobody will ever use, and their fuckin miner.

Greedy useless devs.

A very well-funded and explained opinion, of course. The crypto-world needs more people like you  

[Metroid]

Litecoin price did NOT explode when ASIC showed up for it - it was dropping slowly from it's ATH by that point and CONTINUED to drop 'till it eventually got down to around $2 for a long time.  (it kicked up into the $3.50-$5 range after the halfing, and STAYED there for about a year, then SegWit adoption got approved and it started jumping).

You wrong about that, market is not how used to be, asics meant game over, nowadays asics mean will it end?. LTC horders crashed it because most of them felt it was game over, this time is different. However this asic sia is bad cause gpu mining is the most secure way to secure the network but i guess they will see that as the time goes but i guess they know it, also the sia devs want to cash on the asics, so meaning part of the asic mining will go to them. The problem will be when they cant control the sia asics anymore.