11–15 of 15 posts
The reason more people don't do it is because: A) it's difficult. Since the vast majority of miners didn't get in early, they weren't able to get in on the "gold rush" that enabled them to ramp up hardware in accordance with their output. When mining first started, you could find blocks with a decent CPU. Since then, dedicated rigs have become almost a necessity if you plan to make any kind of money at all. B) Electr…
Don't forget that according to the (non existant) spec there's a finite number of btc. So even if it was profitable (which i doubt), it's guaranteed to stop being viable when every block has been mined.
The reason more people don't do it is because: A) it's difficult. Since the vast majority of miners didn't get in early, they weren't able to get in on the "gold rush" that enabled them to ramp up hardware in accordance with their output. When mining first started, you could find blocks with a decent CPU. Since then, dedicated rigs have become almost a necessity if you plan to make any kind of money at all. B) Electr…
Could you use something like AWS or EC2 to reduce the overhead?
GPU vs. CPU; GPUs are much better at the number crunching needed in producing the hashes ("mining"). I doubt very seriously that you can get the kind horsepower out of a vm. I could be wrong; they may have machines dedicated to scientific numeric calcs but then you would likely need to produce a driver for harnessing it, if it even exists.
Computational pricing would likely dwarf any kind of return. Electricity costs alone can be enough to offset profits. I can only imagine what adding AWS fees on top of it would do too.
I think it's a bullshit business where opportunity is guaranteed to decline.
Let others mine and I'll develop products and sell them for bitcoins (and dollars).
The reason more people don't do it is because: A) it's difficult. Since the vast majority of miners didn't get in early, they weren't able to get in on the "gold rush" that enabled them to ramp up hardware in accordance with their output. When mining first started, you could find blocks with a decent CPU. Since then, dedicated rigs have become almost a necessity if you plan to make any kind of money at all. B) Electr…
Could you use something like AWS or EC2 to reduce the overhead?