Topic: Is CPU Cloud Mining worth it? (Read 781 times)
Even if you have the hardware already, it is a risk based on power costs. My 27 dual processor quad core servers are sitting powered off right now. The only reason to cloud mine is if you want to take a gamble on a brand new CPU only coin before it hits an exchange.
Amazon AWS used to offer $100 free credit to students and business owners, that was worth about 300 hours or so of cc2.8xlarge (32-core!) spot instances. I mined a *LOT* of Primecoins for free that way.
Other than that - big risk in paying that kindof money for cloud CPU time
Other than that - big risk in paying that kindof money for cloud CPU time
So what's the trick of knowing the right coin and time?
Where do I have to look to find out? Thanks for any tip about it.
Where do I have to look to find out? Thanks for any tip about it.
Cloud mining is a waste of time and you won't mine with profit.
If you mine under the presumption that a certain coin will increase in value over a period of time (and thus you mine with a lose) and once it does only then you'll be profitable, than you should simply buy it.
So what's the trick of knowing the right coin and time?
Where do I have to look to find out? Thanks for any tip about it.
Where do I have to look to find out? Thanks for any tip about it.
I tried the following cloud services
AWS
Azure
HP Cloud
Joyent
Elastic Hosts
Rackspace
Dimension Data
Conclusion: A big waste of time
AWS
Azure
HP Cloud
Joyent
Elastic Hosts
Rackspace
Dimension Data
Conclusion: A big waste of time
That was my inclination as well; seems that cloud mining's profitability is based on timing (i.e. mining the right coin at the right time) which is more of a gamble than an investment strategy like GPU mining is.
If you don't mind me asking, what cloud service did you use? What was your costs?
If you don't mind me asking, what cloud service did you use? What was your costs?
Hi micjamking,
It can definitely be very profitable if you happen to mine the right coin at the right time, specifically when a coin's difficulty is low. That of course is always a bit of a gamble given the fact that you can't know for sure whether the coin you mine is going to turn out to become popular. The most profitable CPU coin I cloud-mined so far (for about two weeks after it was launched on 3x 8CPU instances) was Particle. However, I don't know which coin is currently (most) profitable.
It can definitely be very profitable if you happen to mine the right coin at the right time, specifically when a coin's difficulty is low. That of course is always a bit of a gamble given the fact that you can't know for sure whether the coin you mine is going to turn out to become popular. The most profitable CPU coin I cloud-mined so far (for about two weeks after it was launched on 3x 8CPU instances) was Particle. However, I don't know which coin is currently (most) profitable.
That is, can CPU Cloud Mining be profitable and how much power do I need to make it profitable? Looking at hosting costs and average returns, what currencies are currently profitable when cloud mining?
I'm interested in mining, but I'm a Mac user & have no interest in burning down my GPU/CPU on a computer that I also need to work on everyday. I also like the idea of being able to setup multiple miners in the cloud & just letting them run with little to no maintenance.
Appreciate any advice.
I'm interested in mining, but I'm a Mac user & have no interest in burning down my GPU/CPU on a computer that I also need to work on everyday. I also like the idea of being able to setup multiple miners in the cloud & just letting them run with little to no maintenance.
Appreciate any advice.
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