Siacoin (SC) Recovers in Bear Market as Bitmain’s New ASIC Miner Hits the Shelves
Siacoin has managed to recover some of its losses in this bear market after news of Bitmain's new ASIC miner broke out.
Siacoin shows some signs of hope amongst the wreckage of the current market, as the decentralized cloud storage token makes positive gains.
Siacoin secured its place amongst the top 25 cryptocurrencies this week, after hitting a new all-time high of $0.093 earlier in the month.
Despite the market bleeding $272 billion in market cap with worrying news from Korea, Siacoin has surprisingly managed to recover relatively quickly.
So what’s caused this price action?
We are proud and happy to announce that we are launching the Antminer A3, a new Antminer model to mine cryptocurrencies using the hashing algorithm Blake(2b).— BITMAIN (@BITMAINtech) 17 января 2018 г.
The actual price and option to buy will be available here https://t.co/mrymOaMy4i after 2:30PM (17 Jan, GMT+8). pic.twitter.com/Ye0cxNn95M
This gain comes off the back of investors flocking to take advantage of Bitmain’s new Antminer A3 model. The new ASIC miner uses the hashing Blake(2b) algorithm needed to mine coins like Siacoin, and is the first commercial mining rig for SC of its kind to be available to consumers.
According to a bitcointalk thread, the first batch of Antminer A3’s sold out within 7.5 minutes; faster than perhaps the Bitmain team had anticipated, as their twitter portrayed signs of struggling to keep up with the demand.
Due to technical issues, we have temporarily closed the Antminer A3 batch. We will be re-opening the same batch ASAP. Please stay tuned.— BITMAIN (@BITMAINtech) 17 января 2018 г.
The Antminer A3 is still in stock. You may intermittently receive the sold out notification, a result of a new way that our team is implementing to avoid hoarding by some retailers. We will announce after the batch is really sold out. Apologies if this causes any inconvenience.— BITMAIN (@BITMAINtech) 17 января 2018 г.
This new mining rig has raced ahead of the competition and even managed to beat its closest rival, Obelisk’s new SC1 mining rig, to market.
Despite the first batch of Obelisk’s SC1 miners selling out at a price of $2,500 per unit, the SC1 won’t be expected to reach buyers until June, later this year.
This spells bad news for those who already purchased Obelisk miners, having been beaten to the punch and charged over $125 more than the cost of the new Antminer A3.
What will this mean for Siacoin?
More miners on the Siacoin network will mean a more widely decentralized blockchain with greater added security.
At the moment, Siacoin is looking to become a strong contender for Microsoft, Amazon and Google in the cloud storage market, by offering to remove central authority away from any single datacenter company.
With many Siacoin fans hoping the coin will hit $1, can Siacoin continue its current trend and climb further up the table? Only time will tell.