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Do you have A guide how to setup A vps for primecoin mining?
just google it . there's a lot of tutorial out there
Easiest one for debian, beeeeer pool tutorial:
https://litecointalk.org/index.php?topic=9525.0
http://www.davidedicillo.com/developing/how-to-mine-primecoin-xpm-on-the-cloud/
probably the most popular one...
Again, the difficulty algorythym will make every publicly known option barely or not even profitable. Only the ASIC miners, custom mining software and revolutionary hardware setups will profit. All of those will most likely not pay back their investment unless of course you sell your assets to an unknowing gold digger who has no idea the difficulty will sky rocket as soon as all the products get shipped, giving him maybe one day of profit before the hardware only starts to make you LOSE money.
Primecoin is optimised for CPU mining.
What is your hashrate?
Thing is, it would be more profitable to just buy the Bitcoins rather than trying to mine them (as there would be no loss through mining expenses, as there is likely to be in this scenario). The only explanation that vaguely makes sense in that context would be what @emg said about using it as a loan - but then, why not just buy $10 worth of BTC every month? If you are so tight on money that you cannot afford to spend $10 within the coming month, you probably shouldn't be speculating in the first place.
You actually end up making money, not losing.... Instead of spending $10 to buy a btc, you spend $50 to make at least $70 by mining with a dedi... that's what everybody is doing. Now imagine someone with 100 dedicated servers and every server making $20 profit... That's $2000 per month right there..
There are no Asics or GPU software for coins like primecoin & Protoshares, Primecoin is optimized for CPU while protoshares is optimized for CPU & RAM, and both of these coins can generate some revenue. Primecoin price has increased by around 23% yesterday (or two days ago), the coin is worth around $4.53 now, while last time i checked protoshares, one coin was worth $20. Ppl mine those coins then trade them with BTC.
I make around 1 protoshares every 5 days by using 1 x dual 5520 dedi and a laptop CPU, that's around $120 per month... I'm just too lazy to control a network of dedicated servers like others are doing.
Most of (if not all) the cheap dedi Dual Xeon 5639 & 5520 are sold out, go check WHT, People are ordering 50 dedis per order. Hosts keeps wondering WTF, everything is sold out. It took wholesaleinternet 1 week to install my dedi coz they are busy building dedis for others. The reason is simple, CPU mining & profit.
Anybody know what is mining? I am not sure on it? How they generate coins? Any article links appreciated....
You have a lot of reading to do. You can start by googling bitcoin, then google bitcoin mining, then google litecoin mining, then google cpu coin mining, then pretty much every article will lead you to another hundred articles
But that's basically betting your own $5000 each month on the shaky virtual currency exchange rates. With the numbers you cited ($50 consts to get $70 mined) you don't really have a lot of safety margin until the whole operation ceases being profitable.
Not quite, you need to have someone actually buy those coins to get any actual money
DO has given out $50 free credits per signup recently.
You can mine when it's profitable and delete all your droplets when it's not.
As long as it's profitable, the server will paid by itself.
However, DO limits the number of droplets you can have. By default it's 5 droplets. You can request to raise the limit. Some have 10 droplets.
I suspect some hosts might have bought it so that it's profitable to mine. As long as it's profitable to mine, their servers will be OOS.
If price goes down, hosts will suffer too as miners will start returning their servers...
Agreed and that is what I do, not so much BTC though I like to watch the markets and speculate on the up and comers then trade in to LTC when things peak.
It has cost me nothing in mining costs at all I just do a few trades every day if the market is looking good.
Very doubtful. If it works at all, it's not going to last.
Yea Exactly, I personally only have 1 dedi, but some ppl dedicate their life for this, it's like their daily job, and thing is the prices won't drop to 0 suddenly, the price might crash or go down but won't die suddenly. So I'm guessing once the whole operation is not profitable, those servers will be cancelled.
You can trade those coins to btc in less than a minute by the prices I mentioned before. And you can trade bitcoin for USD easily... There are many exchanges, and believe it or not, ppl do actually buy that.... and if u wanna laugh, try to look on ebay for ppl selling "Dogecoin" for imaginary price and some idiots always bid on them.
I'm sure it wont last, it only started being as profitable couple of months ago, that's when most of the cheap dedis started disappearing. The difficulty is increasing and the prices aren't increasing as much.
so,is it profitable or not and how