Learn about Siacoins
Siacoins: The Power Behind Sia Network
Siacoins (SC) are the utility tokens powering the Sia network and are essential for any activity on the network. Siacoins serve a singular purpose – facilitating network operations – yet are utilized in various ways, such as:
Uploading files to Sia, you use Siacoins to pay for storage.
Earning Siacoins for storing others' data.
Transferring by sending them to others or receiving them at your wallet address.
Siacoins can be securely stored using our official software on a hardware or paper wallet. Initially, obtaining Siacoins is simple: having someone send them to you, purchasing them on an exchange, or engaging in mining activities.
How to obtain Siacoins
Whether you want to upload files to the decentralized cloud or lend extra storage space to the network, you need Siacoins to use Sia. Siacoins can be sent to you once you make a Sia wallet address, or you can mine them. Otherwise, you'll need to buy them.
Buy from an exchange
Siacoins are listed on several prominent, and you can access the complete list of exchanges where Siacoins are available on our official website. Purchasing Siacoins from an exchange typically offers competitive prices but may involve a relatively steep learning curve for new users.
Some exchanges support direct fiat (local currency) to Siacoin purchases, but others require you to buy Bitcoins, Ethereum, or other cryptos to make your purchase. Please visit the exchange's official website to find out more.
For those new to cryptocurrency purchases, it's advisable to begin with a modest amount until you feel confident and familiar with the process.
Exchange wallets may not always be the ideal choice for storing cryptocurrencies and will not serve the intended purpose of using Sia effectively. Now that you have Siacoins, you're able to transfer them to either renterd, hostd or walletd Sia wallet address.
Receiving from others
By sharing your generated Sia wallet address, Siacoins can be sent to you in a few minutes. Ensure the full address is without any extra spaces, and provide this address to whomever you're receiving the funds from.
You can also receive Siacoins, share your QR code for others to scan, and send funds to your wallet.
Mining on the network
When you mine on a cryptocurrency network, you contribute computing power to help process and verify transactions. Miners are the backbone of the network, verifying the integrity of the blockchain. On Sia, miners are rewarded with Siacoins for their services.
Our official website shows a list of Siacoins mining pools. Please see their documentation to get started.
The Block Rewards
The block reward is the miner's incentive to contribute their computing power and electricity costs to the network. When a block is successfully verified or solved, an amount of Siacoins is paid out to those who mined the block.
Unlike Bitcoin and other cryptocurrency blockchains, the Sia block reward never stops and gives infinite rewards. This means miners will always be incentivized to be part of Sia. Once the block reward reaches 30,000 coins, it stays there forever.
When the Sia network launched, the block reward was 300,000 Siacoins. This decreases by one every block, with a floor at 30,000 – reached at block 270,000 (300,000 - block height).
Proof-of-work
The Sia blockchain operates on Proof-of-Work, ensuring the integrity of transactions and contracts. Whether used for power cryptocurrencies like Bitcoin or utility and smart storage contracts like Sia, trust is inherent in a blockchain's immutability. With no central authority to oversee transactions or contract validity, the assurance comes from the blockchain itself. Proof-of-Work serves as a robust safeguard, deterring any attempts to alter the history of the blockchain through significant effort and expense.
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