What is Siacoin? The full guide to storage and mining

Updated October 23, 2026

Siacoin is the easiest crypto project to explain to someone who has never bought a coin: it is cheap cloud storage that happens to run on a blockchain. Many cryptocurrencies try to benefit both their users and supporters by providing an innovative service while also presenting an investment opportunity in the native coin. Siacoin is doing just that, with its surprisingly inexpensive storage options and remarkable coin value potential.

Who doesn’t want more external storage space? As more and more of us move our work and social lives into the cloud, the hunt for a few more gigs of storage is on… And there is no shortage of providers.

When I was looking for more ways to increase my storage space, I was indecisive about choosing between Google Drive and Amazon Cloud. I happened to notice something called “Siacoin”, which seemed to have more storage space at a way better value than even Microsoft Onedrive or Google Drive.

So why hadn’t I heard of it? As it turns out, I was a little late to the party. A friend of mine was not only using Siacoin for his storage, but he was investing in it as well. We’ll talk more about predictions for Siacoin profits in a later section, but for right now, let’s just say it’s impressive. Many consumers have become frustrated with conventional cloud storage options.

You might be one of them - Are you concerned about the dubious security of your storage system that might put your files at risk? Don’t you find monthly storage costs a bit expensive? Well, if you have these issues, the answer might be Siacoin.

What is Siacoin?

Siacoin is the token of Sia, a decentralized, distributed cloud storage system built on the blockchain (SC). The crucial element for us is how it differs from other cloud storage services like Microsoft OneDrive, Amazon Cloud, and Google Drive.

Let’s show you what sets Siacoin apart from other storage options.

Sia is a software that allows everyone who uses the platform to rent unused storage to those who want it. It is a P2P (peer-to-peer) decentralized blockchain network; hence there is no place for a third party.

Let’s get into how it works: Stored files in Sia are divided into thirty segments, so each one of these pieces is encrypted and saved on one hard disk. That way, users can be sure about the safety of their data.

Another significant advantage to this decentralized system is its low price rate compared to other cloud services. Google, Microsoft, and Amazon are currently the go-to cloud services for users, but that could soon change. Concerns about security risks and frustration over high storage prices could soon spell the end for these storage giants.

What is the purpose of Siacoin?

The Sia project’s primary objective is to become the “backbone storage layer of the internet,” and it sets about that by using a unique renter and host payment system. In this host-renter arrangement, only Siacoin (SC) itself is accepted as payment.

As a result, the price of Siacoin increases simply because of customers using the product, resulting in a significant profit for the holders.

How does it work?

What is Siacoin?

As I explained before, data within Sia is divided into thirty encrypted segments, each of which is available for active network nodes.

None of the nodes have access to the data, and even if they had access (with private keys held by the owner), they could only read one of the thirty parts. This is great for user information security, as the design makes it so hacked information is virtually useless to the hacker. The network works as a decentralized blockchain so that the responses will be faster.

The decentralized design prevents large-scale hacking leaks like we often see from centralized storage services. There are further advantages for Siacoin storage hosts. Hosts also have the power to increase their available capacity and facilities, which come with their services. They can even ban unwanted renters.

How much is the circulating supply of Siacoin?

At the time this guide was compiled, the circulating supply of Siacoin stood at 51,444,112,992 SC. Because there is no maximum supply limitation, we can mine an infinite amount of Siacoin. Miners create new blocks and get rewarded with Siacoin for each block through the Proof of Work (POW) protocol.

How does it work?

What are the main features of Siacoin?

Concluding all the points mentioned above, there are three main benefits of using Siacoin: Privacy, Affordability, and Security. But this is what any storage company claims, so let’s discuss what makes Sia unique.

Privacy

Every piece of information processed in the Sia network is encrypted. No one can access this data; you are the only person controlling it. It makes Siacoin different from other storage companies, because they have complete access to the files stored in their clouds.

Affordability

The system’s flexible and affordable pricing is its second distinguishing feature. The system does not set a preset price; hosts and renters negotiate the precise amount in file contracts.

Currently, a terabyte of storage which would cost you $23 per month with Amazon only costs $2 with Siacoin. With a price point like that, and with costs for conventional storage services only increasing, it’s really no wonder that users are migrating to Siacoin.

Security

I have to reiterate the benefit that this decentralized network offers. Each segment is processed and encrypted; therefore, it is less vulnerable than a centralized blockchain. Siacoin also offers an enormous amount of cloud storage. By its design of breaking user data up into unreadable smaller segments, it safeguards user data in its entirety.

Which companies offer Siacoin storage?

Many active companies use this particular technology of Siacoin to develop their customer-related services. Some examples of companies who offer Sia-based storage are Filebase, Goobox, Pixeldrain, and Skynet. We’ll introduce each one.

Filebase

Compatible with Amazon S3’s data storage platform, Filebase is a cloud storage solution.

This application uses Sia as a tool to preserve essential data from Amazon using API; being independent of Amazon’s authority over the data is crucial. One of the largest Sia-based storage providers, Filebase offers its services in both Premium and Free packages with the same level of security.

Goobox

Goobox is another popular cloud storage service. Goobox is a free file-sharing service that offers excellent security and lets users transfer files up to 4 gigabytes.

Pixeldrain

The text and file sharing service Pixeldrain enables users to share files quickly and easily.

Skynet

Lastly there is Skynet: a new service developed by Sia to complement blockchain functionality. This project’s primary objective was to create a content delivery network (CDN) for general application developers and all users worldwide. After this project’s introduction in February 2020, everyone can utilize it for free.

Who are the founders of Siacoin?

David Vorick, majoring in computer science at Rensselaer Polytechnic Institute, first thought up the idea for Sia in mid-2013. College friend Luke Champine became interested in the concept when Vorick presented the idea at a HackMIT hackathon in September 2013. Afterwards, the two exchanged emails and teamed up to launch the project.

The undertaking was given the title Sia in honor of the Egyptian deity of perception and officially launched in 2015. The project took off when Jim Pallotta, a multibillionaire investor and the creator of Raptor Group, was introduced to Vorick and Champine through the entrepreneurial center of their college. Intrigued with the potential, Pallotta invested in the project.

To formally handle the development of Sia, Champine and Vorick founded the company Nebulous Inc., which has since changed its name to Skynet. This all transpired just before the two graduated from college.

What is Siafund?

You are well-versed in Siacoins, the utility token that powers Sia’s smart contracts. The other token on the Sia network is Siafunds. What about them?

Siafunds are a type of token used for revenue sharing on the Sia network, with holders receiving a 3.9 percent fee from each storage transaction. Currently, the Sia core team owns about 85% of the Siafunds.

On the network, 3.9 percent of each funding source’s total share is set aside for Siafund owners when contracts are finished. Sources of funding for contracts include:

• fees for storage tenants

• Costs of renting bandwidth

• Guests’ property

The sum reserved is then divided equally among all Siafund holders after a contract.

How many Siafunds are there?

There will only ever be 10,000 Siafunds issued, all created when the Sia software was introduced in 2015. The revenue per Siafund rises proportionally as the number, size, and value of the contracts on the Sia network rise because the number of Siafunds issued is fixed.

Nebulous, Inc. initially owned all 10,000, but they sold several Siafunds to finance development over time. Nebulous holds about 8,600 as of April 2019, and the remaining ones have been distributed to outside parties.

What is Siafund?

How can I mine Siacoin?

When mining Siacoin, as with other cryptocurrencies, it’s important to choose the right hardware and compatible software. The most helpful hardware and software needed for mining Siacoin profitably are listed below.

Siacoin mining hardware

While some cryptocurrencies can only be mined using graphics cards (GPUs), Siacoin, like Bitcoin, uses specialized hardware components known as ASIC. So, using an ASIC device is a good idea if you want Siacoin mining to be profitable.

The Obelisk SC1 ASIC hardware, which has the processing power of 100 GPUs, was created specifically for mining Siacoin in 2017. Obelisk SC1 uses the Blake2b algorithm, has a maximum power consumption of 500W, and can mine Siacoin at a rate of 300 GH/s.

Obelisk’s ability to function at room temperature and lack of need for external cooling are both significant advantages. If you’d instead prefer to mine Siacoin using a GPU, you can use an Nvidia GPU, such as the GTX1080.

Siacoin mining software

As you likely already know, you must consider the hardware you intend to use when selecting the software for Siacoin mining. Fortunately, there are lots of Siacoin mining programs available on the market.

How can I mine Siacoin?

Unquestionably one of the best is Marlin Miner (from SiaMining), which works with AMD or Nvidia GPUs. Here is the complete list of GPU equipment software, arranged by programming language:

• For Nvidia Miners with CUDA language

• Sia-CUDA-Miner

• Sia-CUDA-Miner fork

• Ccminer

• Marlin

• For AMD Miners with OpenCL language

• Sia-GPU-Miner

• gominer

Mining Siacoin alone vs. in a mining pool

The question of whether to mine cryptocurrency alone or with a mining pool arises when mining cryptocurrencies. Siacoin can be mined independently, but it is more convenient to join a mining pool to share sources with different users, thus improving the profitability of the mining activity.

Be aware that if you join a mining pool, your rewards will depend on how much you invested in resources. There are numerous mining pools available to mine Siacoin, and the top ones are listed below:

• F2Pool

• Luxor

• SiaMining

• Antpool

Is there any limit to the amount of Siacoin we can mine?

No, there is not. Siacoin network is based on the Proof of work algorithm, so there is no limitation on the maximum amount of this cryptocurrency.

Where should we store Siacoin?

A Siacoin token is not an ERC-20 standard token, so the number of wallets that support SC is limited. Here, we’ve chosen the top wallets for conveniently and safely storing your SC.

The crypto market is financially dangerous if you don’t have enough information and experience. If you ask anyone working in the crypto market, they will tell you to be careful to safeguard your assets.

The importance of a safe and secure wallet cannot be overstated. Below is a list of trustworthy wallets where Siacoins can be stored.

Sia.UI

An official Siacoin wallet is Sia.UI. The Sia blockchain’s creators, Nebulous, created a desktop wallet. The official website allows you to download the wallet directly. This wallet is compatible with Linux, macOS, and Windows.

Sia.UI lets you rent out or sell network storage space and store your coins. You can send coins to any other Sia user through this wallet, giving you access to your balance and transaction history. Because it is a full-node wallet, you must download the entire blockchain for it to work.

Where should we store Siacoin?

Ledger Nano S wallet

One of the top hardware wallets available is the Ledger Nano S. It supports numerous other cryptocurrencies besides Siacoin. It is a cold wallet, meaning it is not connected to the internet - and therefore, hackers cannot access your private keys.

You must connect the wallet to your computer to perform a swap. Ledger Nano S has a bit of a learning curve, but it’s an excellent wallet.

Sia Android wallet

Even though the wallet is called the Sia Android wallet, it was not created by the Siacoin development team. Because it is the only mobile app for storing Sia, the wallet is well-liked by Sia users. Sia Wallet for Android is a full-node app, which means for the wallet to function, you must download the entire blockchain.

The wallet has limited storage space. Because of this, renting storage space is not an option like it is for the majority of other wallets. The wallet is decentralized, and all user information and private keys are secure.

Sia Cold Storage, a wallet generator

Sia Cold Storage is not a wallet as such. It generates wallets and is used to produce the addresses and seeds for a Sia wallet. This feature can be used without downloading the blockchain. Sia Cold Storage runs entirely offline.

It employs a technique called “air gapping,” meaning the device is physically separate from the networked computer that accesses the internet. It’s another layer of security that some users prefer for their cryptocurrency storage. Users can send and receive coins, participate in mining, and safely share their wallet addresses.

It can be integrated with the Sia.UI wallet to recover the seed code. The Sia Cold Storage team advises downloading and using it on a clean work computer. The computer must be virus- and malware-free to achieve the highest level of security for your money.

Sia Central Lite wallet

You can store your coins securely with Sia Central Lite, a web interface that can synchronize with full-node wallets. Using this tool, you can create Ledger Nano S wallets, Watch-only wallets, and 29-word seed wallets.

Where can I buy Siacoin [SC]?

Siacoin is available on several cryptocurrency exchanges, including Binance, OKEx, Huobi Global, and Upbit. On spot markets, it can be exchanged for fiat money like the US dollar and the South Korean won, cryptocurrencies like Bitcoin (BTC) and Ether (ETH), as well as the stablecoin Tether (USDT). Exchange listings and brand names change often, so confirm the pair is still live before you fund an account. If you would rather trade SC through a regulated intermediary than on an exchange, start from our list of brokers.

What is Siacoin’s price prediction?

Here, we’ve given a thorough technical analysis to forecast Siacoin’s growth and price. We projected the most likely outcomes and compiled them into this chart.

As of the last update to the chart above, it had been fifteen months since Siacoin touched its all-time high (ATH) with a price of $0.06400. There has been a double zigzag correction ever since. Right now, the price is in a heavy support zone, which indicates the high demand rate, and we can expect a price hike up to resistance line 1 and then a correction to the rich support zone.

We then expect the price to complete its second attempt to increase, break through the moving average of 200 days, go past the resistance zone (which shows the end of Siacoin’s correction movement), reach its all-time high, and possibly even reach higher prices beyond that.

Another scenario predicts the price to be stuck in a ranged trend between the resistance and heavy support zones. There is also the possibility of breaking the rich support zone downward. These scenarios have several mitigating factors, such as the circumstances of the cryptocurrency market, smart money, the decision-making of the Siacoin team, and their developments.

A worked example: what a terabyte on Sia actually costs

Put the numbers from this guide together. Say you need one terabyte of cloud storage for a year. At the $23 a month quoted above for Amazon, that is $276. At roughly $2 a month on Sia, the same terabyte comes to about $24 for the year. That gap is the whole reason people look at Sia in the first place.

Siacoin's Price Prediction

There are catches, and they are worth knowing before you move anything important. You pay in SC rather than dollars, so the coin's swings become part of your storage bill. Prices are negotiated between renters and hosts in file contracts instead of coming off a price list, so the figure moves. Your funds sit locked in an allowance for the length of the contract. And 3.9 percent of every contract goes to Siafund holders, which is already built into what a host charges.

For a first run, rent a small allowance rather than a full terabyte. Upload something you already have a backup of. Watch what a month costs you in SC and in dollars, then decide whether to move the rest. The same logic applies to mining. Start on a pool, measure real output for a few weeks, and only then work out whether an Obelisk SC1 or a GPU rig pays for itself at your electricity price.

The bottom line

Siacoin is two things at once, and it helps to keep them apart. As a storage product, Sia is cheap, encrypted and genuinely decentralised: your files are split into thirty pieces and no single host can read any of them. As an investment, SC is a Proof of Work coin with no supply cap, and the chart has spent a long stretch well below its all-time high of $0.06400. Liking the storage is not the same thing as expecting the price to turn.

Whichever side interests you, check the current figures yourself before you commit. Supply, storage rates, mining difficulty and exchange listings all move, and some of the numbers in any guide age quickly. If you are choosing a platform to trade SC on rather than a place to park files, our broker reviews compare fees, regulation and withdrawal terms in 2026.

FAQ

What is Siacoin used for?

It is the payment token of Sia, a decentralised cloud storage network. Renters pay hosts in SC for disk space, and hosts earn SC for providing it. Nothing else is accepted inside the network, so demand for storage feeds directly into demand for the coin.

How does Sia keep files private?

Every file is encrypted and split into thirty segments, each stored on a different host. No host holds the private keys, and even a compromised one would only ever see a single unreadable fragment. That design is what makes a large centralised leak far harder than on a conventional cloud service.

Can you still mine Siacoin?

Yes. The network runs on Proof of Work with no maximum supply, so new coins keep being created. Mining is done with ASIC hardware such as the Obelisk SC1 or with GPUs like the GTX1080. Check current difficulty and pool payouts before buying equipment, because profitability changes constantly.

Which wallet should I use for Siacoin?

Sia.UI is the official desktop wallet and works on Windows, macOS and Linux, but it is a full node and downloads the whole blockchain. Ledger Nano S is the safest option because it stays offline. Sia Central Lite and Sia Cold Storage cover lighter and air-gapped setups respectively.

What mistakes do people make with Siacoin?

Treating price predictions as fact rather than as one scenario among several. Forgetting that storage is billed in a volatile coin. Installing a full-node wallet without the disk space for the blockchain. And mining solo when a pool would smooth out the payouts for the same hardware.