Instructions For Using Siacoin to Rent Out Your Free Hard Drive Space In yesterdays post I went through the basics of getting your Siacoin wallet setup, if you’ve not done that already you need to start Once you have your wallet setup and synchronized, you need to fund the wallet with Siacoin before you can provide Hard Drive hosting on the network. You need to have at least 50,000 Siacoin in your wallet to provide hosting, however I would add a little extra to cover transaction fee’s, announcement fees & collateral. I funded my wallet with 55,000 which is about 0.05 Bitcoin / $29 USD at today’s exchange rates. Once your wallet is funded with the required Siacoin you can then setup the rental on your spare Hard Drive space. To rent out your space hard drive space (hosting) Click on the Hosting tab on the left side of the Siacoin wallet. In the main window at the bottom you need to select a Storage location and confirm how much space you wish to rent out.

Click the text “Add Storage Folder” A new window will open and ask you to choose a storage location. I made a new folder on drive D: called Siacoin Rental Space and selected this as the storage location. You will then need to confirm how much space you want to provide for this rental contract, I set it 50GB and note that the minimum you can provide is 35GB. Click the save button.

Then I got an Error! Error Adding Folder symlink D: Siacoin Rental Space C: Users Lee AppData Roaming Sia-UI sia host storagemanager 03790881: A required privilege is not held by the client.

But not to worry, I’ve seen this before! Close the Siacoin Wallet (ensure its not running in the system tray) Reopen the Siacoin Wallet with Administrator Rights, once opened unlock your wallet and you’ll be able to create the hosting folder as described above normally. You should now have a folder setup and ready for hosting. We can now set the configuration options.

How Many ZenCash ZEN Can I Mine With My Computer on this page. Max Duration (Weeks) – How long the hosting is provided to the renter. Collateral per TB per Month (SC) – If you lose the renters data you’ll pay this amount as compensation. Price per TB per Month (SC) – How much you want to charge per TB per month for your hard drive space. We have provided only 50GB in our example so we can earn 50 Siacoin per month. Bandwidth Price (SC/TB) – How much you want to charge for the internet usage used when a person downloads files from you. Accepting Contracts – Select Yes if you want to accept new contracts and provide hosting.

Now using online calculator I got following return per month (results are after 1%. SC - 80.95; Imagine if Siacoin would go up. Is it profitable to mine siacoin?

If you make any changes to the default settings ensure you click Save button. If you wish to go back to the default settings click the Reset button.

Here’s the settings I selected. With your settings selected & saved. You can now Announce your hosting contract to the Siacoin network and let them know your ready to receive data. Click the Announce button on the top right of the window to Announce this contract. Leave your wallet Running & Unlocked. Over time you’ll see that you have some active contracts and by the end of the month you should have received your first Siacoins for the Hard Drive space you’ve rented out. Siacoin Donations: 0043c76beb5cc7d2d9f04c9657ce38ee62974c3c4e42040328d0c555.

SIACOIN is a decentralized cloud storage platform that is built using the blockchain technology. It hopes to change the game for the big cloud storage companies like Amazon, Google and Microsoft. It’s basic working principle is that whenever a user plugs in and wants to store certain files on the cloud, the file is divided into many tiny bits, then these tiny pieces are multiplied, encrypted and sent across its network to be stored over dozens of nodes. SIACOIN aims that with its entry into the Cloud Storage industry, we will see prices for cloud storage slashed to a fraction for the user. An example being that storage on the big cloud storage providers costs $10 to store 1TB while on the SIACOIN network that will only cost $2! Team SIACOIN is a product of Nebulous Inc from Boston, led by David Vrick and Luke Champine Practical Uses SIACOIN’s only use is in the practical realm of things, being the liberalization of cloud storage. With SIACOIN, a user stands to gain many benefits to their cloud storage experience among which are:  Affordability: Prices of using cloud storage will crash with SIACOIN.

This is only possible because instead of chunking up a file at a single storage facility, SIACOIN will chop it to pieces, multiply it and send the very tiny encrypted pieces of it to its miners and individual storage providers.  Privacy: With SIACOIN the user’s file are only accessible to them alone and not anyone else! Unlike the traditional cloud storage companies where your file is open and at their mercy. After being encrypted and sent on the cloud, the user is the only person that has the key to recall their file, reassemble it and decrypt it for use.  Uninterrupted Access: The fact that the file is multiplied and sent over dozens of nodes means that the user has several backups instead of just one. Downtime is extremely unlikely unless the whole network is shut down which is virtually impossible due its decentralized nature. Therefore the user has uninterrupted continuous access to their file whenever the need arises.

Mining There are presently just over 26 Billion SIACOINs mined with a total of 48 billion expected to be the maximum cap for the cryptocurrency. SIACOIN is mined using industry standard ASIC miners that are used in mining other cryptocurrencies as Bitcoin and Ethereum. The mining is veered towards SIACOIN though the use of software that is available on their site for download. Notes for Investors SIACOIN is one of the cryptocurrencies with very real world applications and aims to serve a very real need for cheaper and more private cloud storage. Both its attractive prices and high encryption will likely win it a large following.

However, it remains to be seen if there will be further blockchain start-ups pursuing the same industry. How Long Takes To Mine 1 Ethereum ETH. SIACOIN looks set to become one of the key players before any competitors begin to emerge.

Website: Twitter: no official handle Reddit: https://www.reddit.com/r/siacoin/.