Siacoins, the native cryptocurrency of the decentralized blockchain storage network Sia, can be rented out by users in exchange for extra storage space. The Sia network is not secure and reliable without mining. When you run specialized software to mine Siacoins, your computer will use its processing power to perform calculations necessary to keep the Sia Network operational.
These calculations ensure the safety and reliability for the entire network by being required to validate and build new blocks on blockchain. The proof-ofwork (PoW), consensus algorithm that is used by the Sia Network requires miners to compete to solve mathematical puzzles.
To encourage the participation of miners, reward the miner who solves the problem first with a specific amount of Siacoins. Sia is a decentralized system that aims to distribute mining power to many users rather than consolidating it into the hands of select few. By doing this, the network will be protected from censorship or attacks as no one can control it.
Siacoin mining is a great way to increase the security and safety of the Sia Network as a Whole, in addition its financial benefits.
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