Categories: EducationFAQ

What is the Obelisk SC1 ASIC Miner?

Many currencies can only be properly mined by using an ASIC. This is especially true when it comes to Bitcoin, Litecoin, Dash, or now even SiaCoin. Obelisk SC1 is the first ASIC miner designed to mine Siacoin, or so rumors claim. Apparently, the coin developers have worked together with an undisclosed US ASIC manufacturer to build this unit. Numerous details are still shrouded in mystery.

The Siacoin Obelisk SC1 ASIC Miner

Whenever a new ASIC miner is released for a cryptocurrency, things get interesting quickly for its targeted coin. This was especially true in the Bitcoin world, as ASICs changed the mining game altogether. Over the years, we have seen similar devices appear for Litecoin, Dash, and now SC as well. But does Siacoin need such an ASIC in the first place and what its impact it will have on the ecosystem as a whole?

Considering the SIA ecosystem is all about decentralized cloud storage solutions, an ASIC miner for such a currency seems rather strange. Most people looking to mine SC either need to rent out their hard drive space or use their computer’s graphics card. With the upcoming Obelisk SC1 ASIC miner, that situation will come to change very quickly, assuming the product is legitimate.

Not knowing the manufacturer of these 28nm ASIC chips is a bit of a problem. Even though SIA Tech claims the company in question has around twenty years of experience, there should be no real harm in revealing who it is. We will not know for sure until more specifics are unveiled by the team over time. Keeping such vital information under wraps is quite disconcerting, as it makes everything appear less legitimate.

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From the limited information we do have, we can deduce the device will cost $2,499. It is available for pre-order, which is more often than not a sign of an offer people should skip out on. Most Bitcoin mining manufacturers have offered pre-orders before, and only a handful of them ever shipped products to customers. It is unclear if the same could happen with the Obelisk SC1 pre-orders, but it is important to keep the history of such products in mind.

Additionally, this SIA ASIC is allegedly capable of mining at a speed of 100 GH/second. That is a substantial speed, which would reward users with up to 60,000 SC per month. At current prices, that equals 0.2 BTC or just shy of $500 at current Bitcoin prices. Moreover, keeping in mind how this device has an alleged power consumption of below 500 watts, it would instantly become one of the most profitable miners in all of cryptocurrency. When something sounds too good to be true, it often is.

With pre-orders available for perhaps the most lucrative ASIC miner in history built by an undisclosed manufacturer’s chips, it is obvious why some people doubt the legitimacy of this project. Moreover, the initial delivery date is set for June 2018, which means people are paying about a year in advance for a product they may not see before 2019 or later. It is a very big investment to make, and going the pre-order route still seems sketchy at best. It does not appear this miner will support different algorithms, and customers can only pay with Bitcoin right now.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx

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