Sia is a decentralized cloud storage platform that uses its own currency for payments. Users can rent cloud storage space on it, and they can also rent out their own unused space too, effectively getting paid for hosting others’ files.
Siacoin cloud mining is the mining of Sia’s cryptocurrency using another cloud service, so it’s something different from the Sia cloud service. Other cloud storage providers take a centralized approach, using large data centers to provide their services which they charge a lot for, and even then, the stored data is frequently not encrypted.
Siacoin cloud mining takes place on a storage platform that offers secure and decentralized cloud storage facilities for data storage. It’s much cheaper to use Sia than typical cloud storage service providers, and it’s for this reason that users have been able to reduce their data storage costs. It’s cheap because Sia’s approach is to split user data into pieces and distribute it across the entirety of its network.
Siacoin is the name of the cryptocurrency used by Sia, and it’s the currency that the company accepts for payments. Siacoin cloud mining is the process of mining this currency using the shared processing power of machines in a remote data center. Siacoin cloud mining frees the user from having to buy their own miner, and the rigs are managed and maintained in a facility that the mining company owns. To get involved the user just needs to register for a mining contract, select the hashing power that they want to pay for, install the mining software and they can then begin Siacoin cloud mining.