Siacoin Mining Pools Review

If you are new to mining, perhaps the easiest way to pick a pool is by looking at its hash rate. The hash rate will show you the power and speed, at which you’ll be solving blocks. Here is a list showing the market share, server location, reward system and fee of the best five Siacoin pools. The comparison is based on their hash rate.

You should aim to choose a Siacoin mining pool, that would be the most cost effective for you. It must have the most appropriate fees, corresponding to your reward expectations. There are several more factor you need to consider when making your decision, including reward systems, which I have covered in detail as well. Last, but not least, consider choosing a backup Siacoin pool, in case of downtimes and malfunctions.

Mining Pools Without Registration

When registering an account, you share some amount of personal information. Be that your email or wallet address, people are concerned about their privacy. That is why we’ve gone ahead and compiled a list of Siacoin mining pools which do not require registration. You can find them in the table below.

SC is mined with ASICs. This type of hardware has its software preinstalled. To access it, you need to log into the ASIC’s online software page. That is your connection spot. What does that mean? When I talk about pools with no registration, that means you’ll avoid logging in on the website and enter the information directly into your device. Just add the pool’s URL into the machine’s software, from your private PC. The process is very easy – just follow these configuration string:

You can use the calculator below, to see how much profit you can make by joining a Siacoin mining pool. Its simple design makes it easy to use. You just need to enter the currency, hash rate, power consumption, electricity cost and fee. Then all you have to do is click on “calculate”.

This calculator is also used to calculate your cloud mining profit. In this case, all there is to be done is to enter the hash rate and the pool fee. The calculations are done based on the current difficulty and the current market price, depend highly on the constant changes in the variables. Try not to forget that.

On the output you can see the profits you can make in a day, a week, a month and a year. You can also see your approximate electricity cost for the same time periods.

Besides joining a Siacoin mining pool, you can also choose to set up one yourself. This can be even more profitable for you, as in addition to the rewards, you will also collect fees from the participating miners. Creating your own Siacoin pool will also contribute to the decentralization of the mining power. However, it is definitely not an easy task and will require some specialized knowledge, money and some time.

The top Siacoin mining pools are distributed across the United States, Europe and Asia. Miners usually operate in places where internet connectivity is faster and near the pool server location, because of lower latency. Thus, the distribution is perhaps due to the low costs of electricity near the servers, and the fast and cheap internet connection. Make sure you do your research and stay tuned with the updated information.

Centralization of SC Mining Pools

If you judge by the distribution of the mining power within the Siacoin pools, you can assume that the power is rather centralized. The top three pools currently hold the majority of hash rate, with the top one holding over 45%. This can be a serious issue and can lead to a risky 51% attack. Here, someone who holds more than 50% of the mining power overthrows the network. This is not likely to happen, because the SC pools are comprised of many individual nodes that receive their personal direct payments, and many would choose to leave, so they don’t compromise their rewards. Regardless, I recommend choosing a smaller pool and simultaneously help decentralizing the entire process.

Pool Distribution (calculated by blocks)

Pool	Hashrate Share
F2pool.com	47%
Siamining.com	36%
Antpool	8%
Luxor.tech	3%
Sia.nanopool.org	1%
Other pools	5%

History and future of Siacoin currency

Siacoin is a different form of currency compared to Bitcoin and Ethereum. It is the payment currency for the SC network, a decentralized storage platform, and its real use is for cloud-based storing. It was first launched in 2015 when the first Siacoins were offered as a block reward to the miners and soon became popular. The first mining pool, SiaMining, was created in 2016 and to this day is still one of the biggest and most efficient pools. The network and the platform are looking to introduce many developments in the near future.