Siacoin (SC) Sees Obelisk Miner Prices Explode after Hard Fork

[Pegasus]

The Siacoin (SC) hard fork produced several effects on the network, one of them being a spike in the price of Obelisk mining rigs. Also, after the October 31 update, the ASIC effect of Bitmain and Innosilicon disappeared immediately, crashing the hashrate of Siacoin to just around 1% of the previous mining power.

Since Obelisk ASIC machines are a bit slow in reaching their buyers, the Siacoin network may take a while to rebuild its hashing power. At this point, each new machine coming online will increase the hashrate, and, in theory, it is possible for the hashing power to be concentrated within a few larger pools or farms, at least initially.

Meanwhile, early buyers of the mining rig are having a field day reselling their machines as prices jumped immediately. A rig which initially retailed for around $650 has sold for more than $8,000 on increased demand for the only viable way to efficiently mine Siacoin.

Amazing how fast the tables can turn when it comes to #altcoin #mining hardware.#Obelisk$SC #SiaCoin#JustMinerThings pic.twitter.com/YSQ4xaleUm

— CryptoJuggalo [WHOOPX2] (@CryptoJuggalo) November 5, 2018

Reddit users are closely watching the Siacoin developments, suggesting that the network may continue battling competitive ASIC and seeing potential for more bricking hard forks. This development is only hypothetical, in case Bitmain and Innosolicon produce new ASIC for the network.

Just as Obelisk rigs are commanding much higher prices, Bitmain’s machines have been on offer for as low as $93. They are suitable for mining Blake algorithm coins, but most of those assets are obscure.

The market price of SC remained without much change, down 11% in the past week to around $0.062. SC has stagnated between $0.08 and $0.06 for months as the fork failed to spur additional volumes. Some see the Siacoin project as less competitive due to its decision to favor the Obelisk miners. However, the team believes the bricking hard fork makes the network more independent and free from the influence of other ASIC producers, who would only care about rewards.

Siacoin trading is still concentrated on Binance and Upbit, and for now, the internal decisions about the bricking hard fork have not changed the generally stagnant trend on the markets.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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