[closed] Mining bitcoin with cloud computing

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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:

  • dual-core CPU - 3000 khash/s
  • single GPU - 300 Mhash/s
  • ASIC device - 60 Ghash/s

This wiki page gives more details about the hash speeds of different hardware

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answered 22 Apr '13, 21:34 tarzan 788110 tarzan's gravatar image
edited 23 Apr '13, 11:16

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"

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answered 23 Apr '13, 23:33 miniwark 9927 miniwark's gravatar image
edited 24 Apr '13, 16:55

With difficulty increase which is following new ASIC miners, it's far from profitable.

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answered 24 Apr '13, 11:30 salihno71 111 salihno71's gravatar image

infelizmente nao é rentável pelo alto custo de manuseio de uma cloud.

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answered 24 Apr '13, 15:01 Marcelopad... 313 Marcelopadilha's gravatar image

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Asked: 22 Apr '13, 19:22

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Last updated: 30 Apr '13, 01:50



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