As cryptocurrencies, especially altcoins, continue to rally, mining is also growing in popularity with new and more powerful hardware being announced often both by AMD and now by nVidia. However, the newest announcement by SiaCoin reveals that a new ASIC (application-specific integrated circuit) miner is coming to the cryptosphere.
The team behind the SiaCoin project have officially announced the coming of a new ASIC miner dedicated to the cryptocurrency. A Tweet was sent out today from the official Sia Tech account, announcing the arrival of the new ASIC miner. David Vorick, CEO and co-founder of SiaCoin(Taek) also shared the post on the official SiaCoin slack.
The ASIC is called Obelisk SC1 and not much is known about it. Although some clues have been left by developers like in this interview in which Luke Champine, co-founder of SiaCoin stated:
“We are also aware of at least one nascent ASIC miner, though I don’t believe it’s active on the network yet.”
A few other clues have been left in the past two days with David Vorick posted a strange logo in the Slack community, with the filename “obeliskComingSoon.png” on the 18th and then with Zach Herbert posting another image on Slack with the title “Coming soon. #obelisk”. Herbert also changed his Slack status to the Obelisk emoji with the message “Hello from Sia/Obelisk HQ in Boston!”.
The release of the Obelisk miner seems to be highly awaited by the community. The aforementioned tweet has already received more than one hundred likes and eighty retweets.A wiki page has been created to follow the development that will lead to the release of the Obelisk SC1 closely.
Since Sia Coin is based on the Blake2b algorithm, it also means that any Blake2b based coins will have an ASIC miner as well. So far, mining on the Sia network has been done through GPU mining. Although the arrival of new ASICs may be exciting for those looking to invest in new mining equipment, it may not be so for many members in and outside of the mining category.
GPU miners can still try mining other coins like Ethereum(ETH), Komodo (KMD), Zcash (ZEC) and others. However, ASICs are notorious for leading to the centralization of networks, kicking out the small miners and rewarding large centralized farms. Users on Reddit commented on the arrival of the new ASIC with “Ahh crap, there goes gpu mining” and “RIP GPU mining”
Given the nature of the SiaCoin network, it’s imperative that decentralization is maintained in order to stay loyal to the principles of a decentralized cloud storage platform that is both secure and cost-effective. While mining should remain decentralized, nodes still have an incentive to join the SiaCoin network in order to earn fees from hosting.