I was investigating about this topic, and if it's profitable..
links about it:
The conclusion is that Bitcoin Mining on Cloud isn't profitable, but that for 1 or 2 years ago, but with the new level of worth.. still not profitable? If not, how much have to worth a bitcoin to be profitable this method?
Considering that a higher value implies greater difficulty
The question has been closed for the following reason "tarzan won 500.00 µBTC for the best answer." by maxcoin 30 Apr '13, 01:50
Interesting question. To answer accurately, you would have to know the exact cost of the cloud computing end-user package as well as any data through-put charges that may apply.
If you know these costs then you may be able to calculate that the BTC/USD exchange rate should be at least x amount to be profitable - as you say in your question. However, if you consider that the BTC/USD value may fluctuate daily and over months or years. Then on one day you may be profitable and on the next day not. Similarly, Gold miners don't wait for the Gold price to be at a certain value before they start mining. They factor in a Gold price expectancy and continue mining anyway.
So it could make sense for a Bitcoin mining operation to calculate the expected future value of a Bitcoin and to proceed with mining eventhough it may not be profitable right now, but will provide value later on when the BTC/USD value rises.
Having said all of that, I doubt cloud computing is going to be the most economical way of mining. Servers, especially those in cloud farms, tend to have the most basic VGA graphics cards. Therefore your cloud mining will be restricted to CPU mining which even on a 8-core processor does not match the hash rate output of even a cheap ATI GPU.
Again, the matter of present vs future value of the Bitcoin comes up and you may want to spend a few hundred dollars on a GPU setup or even a few thousand for an ASIC system - in which case you are literally printing money!
approximate harsh rates:
This wiki page gives more details about the hash speeds of different hardware
Cloud computing is not profitable. If it was then the cloud providers would quickly change their price to adjust (or mine by themselves).
The only way i see to invest in "external" mining without hosting yourself mining hardware is to buy shares/bonds of BTC mining rigs at BTC-TC or Crypto::Stocks. If you are careful enough then you may receive dividends.
You probably not win as much as investing yourself in hardware, but this will allow you to sort of "mine" without managing yourself hardware & costs.
It' a risky way to do it because of scam and share prices variations, and as usual "just invest what you can aford to loose"
With difficulty increase which is following new ASIC miners, it's far from profitable.
answered 24 Apr '13, 11:30 salihno71 11●1
infelizmente nao é rentável pelo alto custo de manuseio de uma cloud.
answered 24 Apr '13, 15:01 Marcelopad... 31●3