Siacoin (SC) Ready for Hard Fork as Exchanges Assist Transition

Siacoin is going through a planned update that will benefit a new type of mining rig.

Siacoin (SC) is preparing to go through a hard fork at block 179,000, with 63 blocks remaining as of 8:30 UTC. At around 10 minutes for each block, the fork is expected later today. Exchanges have already come on board with the Siacoin update:

https://twitter.com/OKEx_/status/1057538045593960448

Owners of the Obelisk rigs, which started shipping this summer, will have no special tasks during the hard fork:

https://twitter.com/LuxorTechTeam/status/1057197530474135552

Some Obelisk rigs have already been delivered, but some orders are delayed. For this reason, the sellers of the ASIC have introduced acompensation programfor early batch buyers that could not receive their rigs and immediately participate in mining.

The news of the planned hard fork did not have the expected positive effect on the price of SC. The asset has been slowly descending in the past week, sliding from $0.076 to $0.066. SC has been expecting a breakout for a relatively long time but remains in a sideways drift, still 94% from its peak values.

SCprices have been stagnant for the past three months, not going much above $0.08. The lower volumes and lack of a clear trend have affected other altcoins as well, and in the case of SC, it remains to be seen if the new form of mining manages to impact the price in a positive way.

The next few days will show how the new mining rigs manage to take over the Siacoin network. The change in the mining algorithm means Bitmain and Innosilicon rigs will be immediately obsolete. However, as of October 31, NiceHash still had offers for Siacoin cloud mining. It is unknown whether cloud mining operators have prepared with the Obelisk mining rig.

The arrival of ASIC to Siacoin caused a spike in the hashrate, with exponential growth happening from January onward. The hashrate has been stagnant or falling in the past weeks, and the new hard fork should see the rate significantly reduced.

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