That all said, I got curious and started mining with my gaming machines, and apparently I now have around $1K in various cryptocurrencies (half an ether, half a ZEC, some SIA, some ETN, a tiny piece of a monero, a few other little bits and pieces). The only money I've put in is through the electricity bill. I may find a way to cash out eventually, but at the moment I'm just going to hang on to it all and see where it is a year down the line. I don't believe in any of it - but I know other people do so there might be an opportunity to make some money.
Ironically, I've been looking to buy some Bitcoin in the last couple months to trade for Sia, because I was thinking about setting up a storage node that can earn enough to pay for my own cloud backup needs.
I'm not expecting a speculative leap in value as amounts of siacoin mined are huge compared to the likes of ether or btc...
Do you need Sia to start hosting? I think you can just go for it.
Yes, you need to put up collateral to start accepting storage contracts.
https://support.sia.tech/knowledge_base/topics/how-do-i-star...