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BitCoin Mining With A VPS
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It already got "hacked" (owner probably ran off w/ the bitcoins)
Looks like we agree on something
Like @texteditor said, Silk Road II was either hacked or a scam from the beginning. Apparently it just happened yesterday.
http://www.deepdotweb.com/2014/02/13/silk-road-2-hacked-bitcoins-stolen-unknown-amount/
Lars seems like a real economics expert.
Can he tell us the advantage of "fake coins" over paper fiat currency
I was under the impression that mining had moved from CPU (early days) to specialty GPU (later) to custom FPGA (now) and that it was not really worth the time even if you had a dedicated i7 to tie up for months.
Have fun mining your $0.01 a month.
Mine a cent after a month + Paypal chargeback = profit!
people mine on them not for what they are worth now but what they will be worth in a few years, it is still not a good economy though.
I have probably had to remove around 70 - 100 customers due to mining over the last 3 months, they all kick up a huge fuss about it, are generally rude and insulting and a lot file disputes.
Its a real problem, I do not have any problem with someone wanting to invest now for future value, I myself was very close to buying 400 BTC back when they were worth $4.00 each and even then the power alone would not have covered the value ... I really wish I had now.
The issue is that it is done with no respect for the quality of service for anyone else, this is either due to lack of knowledge or a "Who cares as long as I get what I want" attitude.
You are stupid if you think people are mining bitcoin on a CPU.
This thread only shows the lack of knowledge in mining and in the crypto world.
I suggest you do more research before doing a useless experiment. There are like way over 100 coins nowadays, some are optimized for ASICs (like bitcoin), some for GPUs (like litecoin), and others are optimized for CPUs (like Primecoin).
You're proving that CPU mining is useless by mining an ASIC coin on a CPU. That's like comparing an apple to an orange. The comparison is useless and won't get you anywhere.
Redo that little testing by mining Primecoins or Protoshares, and then the thread and the results will make more sense.
Mining is only worth it on VPS's when its either a GPU-Resistant Coin like Primecoin and Protoshares or when a coin is just released. Other then that mining is not really worth the trouble.
You are correct, but many people I know of are trying to mine bitcoins on VPSs, thus this point proving its inefficiency. Yes I know bitcoin isn't built for CPU. However, that wasn't the point of the test. It was the fact that people try to mine bitcoins with CPU.
Mun
Counterpoint: @AnthonySmith's post directly above yours
A friend got his vos hacked... And they just installed a miner...
just for fun since i have two idling dedi's (E3-1230 & E3-1270v3) doing Primecoin Mining.. and... i can tell ya.. it's not really worth it even with these. unless im doing something wrong.
@AnthonySmith I agree with anthony.Coin miners causing great troubles recently.Sometime multiple miners in same node causing the node to be down.I have suspended about 10 miners till now.
Switch to Protoshares mining. Use this guide https://cryptocointalk.com/topic/2043-ultimate-guide-to-cloud-mining-protoshares/
Allocate 512MB / core thus your syntax would be
./ptsminer PTS ADD No. of Threads 27(for 512MB) mode
Install supervisor for 24/7 mining
Mode can be avx, sse4, sph(default). tested for me sse4 is the fastest of the 3 modes.
Use beeeeer.org pool as it only has 2.5% fee
Had to suspend a lot of them and also make it clear in ToS/AUP and provisioning mails that mining is abusive therefore not allowed.
As for what Bitcoin is and will be, as well as other ones like it, that is a different story, still, the only way for the Internet to be independent is to have own means of payment for services and even goods. Maybe a better way will be discovered, right now these are best found.
Yeah we just kicked 3 clients that used mining on our VPS's
Here is a website to calculate profitability of mining various coins. Put your hash rate and power cost and click on the button.
http://www.coinwarz.com/cryptocurrency
And the OP is right, you get < 0.01 USD per day mining bitcoin on a VPS, which is silly to do so.
It just cause problems for the providers
To all hosting providers, you guys are missing a trick or two here. It's high time you got organized and started offering mining rigs for rent. Why has this not been done yet?? Is it so hard to slap on a GPU or four and stick it in a datacenter??
Wouldn't be cost effective, you would need ASIC devices which cost in the thousands and use more power then an average server. Power is the number one point of sale at a datacenter. More power more cost, less power less cost.
Alt coins are mined with GPUs not ASICs although that will change in the future. Right now GPU mining is very profitable.
There is a lot of demand if that's what you are worried about. Just look at how GPUs are being rationed by hardware retailers in the west.
300w / 120v = 3amps. 3amps is roughly 100+$ a month here in the US (colo wise). That is for one card. One card gives you about 300Mhash/s. I know of no currency as of current that finds that pricing structure a feasible option.
Mun
For providers I think it would be more profitable if they offer CPU only mining Rigs. Namely Primecoin (CPU) and Protoshares (CPU & RAM) if you can pull it off and create interest. Right now DigitalOcean is the only one that is actively being used for CPU only mining coins. And maybe CloudSigma as they actively promote Primecoin mining as it is part of their installable OS image.
This much of power cost less than $10 in my country
But the main problem we have is internet speed and its price
You don't need internet speed for mining.
>
I know
I mean it will be very good if both are cheap
But will it stay cheap? Every new server processing crypto coins makes it harder for everyone else. You would have to buy faster and faster machines.
AFAIK even with cryptocurrencies designed for CPU mining, GPU mining is still faster.
power was more cheaper in the past years than now