Is It Profitable Mining Siacoin (SC) in 2018?

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Sia is a new approach to cloud storage platforms. Instead of all datacenters being owned and operated by a single company, Sia opens the floodgates and allows anyone to make money by renting out their hard drive. Data integrity is protected using redundancy and cryptography.

Sia uses a cryptocurrency, Siacoin, to enable decentralized payments via file contracts. All payments on the network happen in Siacoin, which is a critical component of our cryptographic SLAs. Siacoin allows us to do things that would not be possible with Bitcoin or traditional online payments. See: 8 Things Every Crypto Investor Should Know About SIACOIN

I hold a couple of thousands of Siacoins (3,374), which I've gained via my swing trade activities. The current price (Middle December) is about $0.01 per Siacoin. I keep buying and holding a bunch of crypto coins, and I should note that 2017 has been a crazy in terms of returns. Currently, my Crypto portfolio has gained a total value of 268.47%, which is the highest return I've ever seen (compared to stocks or peer to peer lending, for example, where I can get about 10% annually)

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Now it was at the start of December when I decided to build my first GPU mining rig, I decided to go with a 12 GPU rig and ordered goodies from Amazon, while still waiting for items to arrive I purchased a cheap Radeon graphics card (Top 14 Best Selling GPU Cards 2018) and put it in one of the spare office computers. I made some calculations and find that mining probably could be profitable in 2018, see:  To Mine or Buy Ethereum/Zcash/Monero in 2018

Now once I successfully installed this card on PC I decided to mine with Simple Mining OS.

I was pleasantly surprised to learn that I could dual-mine two coins without affecting total performance for ethereum mining. I chose to dual-mine and ethereum and siacoin.

Mining Ethereum and Siacoin with Simple Mining OS

Mining Ethereum and Siacoin with Simple Mining OS

I got following hashrates from this Radeon RX 560 graphics card:

  • ETH - 10.7 MH/s
  • SC - 85.64 MH/s

Now using online calculator I got following return per month (results are after 1% pool fee, and $5.8 electricity fee)

  • ETH - $33.58
  • SC - $0.84

Without doubts, mining ethereum seems logical, but hey in terms of mined coins the return is completely different:

  • ETH - 0.0493084
  • SC - 80.95

Imagine if Siacoin would go up in value from $0.01 to $0.5, for example (I'm not saying it will happen, but it could happen), 80 siacoins would be worth $40.

Well, sure it doesn't sound realistic (yet), but in 2017 we have already seen even greater breakouts, ripple for example (see: Why I Rushed to Buy Ripple (XRP) Cryptocurrency at $0.19) .

With Siacoin ranked 42 and Ripple #3, it's probably not right to draw parallels, but any gains, even a $0.01 would mean a 100% profit.