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Bitcoin nearing $800/BTC

bitcoincharts.com

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Re: Bitcoin nearing $800/BTC

#3

Post by jluxenberg »

If USD/BTC goes slightly above $1,000, it will be profitable to mine on EC2 GPU instances.

edit: Forgot to mention, only profitable with Spot instances which are significantly cheaper than the on-demand rate.

Re: Bitcoin nearing $800/BTC

#4

Post by loceng »

jluxenberg wrote: post #3

If USD/BTC goes slightly above $1,000, it will be profitable to mine on EC2 GPU instances. edit: Forgot to mention, only profitable with Spot instances which are significantly cheaper than the on-demand rate.

Could Amazon disallow that if they wanted?

Re: Bitcoin nearing $800/BTC

#6

Post by rb2k_ »

loceng wrote: post #4
jluxenberg wrote: post #3

If USD/BTC goes slightly above $1,000, it will be profitable to mine on EC2 GPU instances. edit: Forgot to mention, only profitable with Spot instances which are significantly cheaper than the on-demand rate.

Could Amazon disallow that if they wanted?

No they could not, it's just OpenCL. Also: Why would they? They still get paid and the GPU is dedicated on those instances.

Re: Bitcoin nearing $800/BTC

#8

Post by dragonwriter »

loceng wrote: post #4
jluxenberg wrote: post #3

If USD/BTC goes slightly above $1,000, it will be profitable to mine on EC2 GPU instances. edit: Forgot to mention, only profitable with Spot instances which are significantly cheaper than the on-demand rate.

Could Amazon disallow that if they wanted?

> Could Amazon disallow that if they wanted?

It would make sense for Amazon to raise the price rather than disallowing it (specifically, because enforcing a prohibition on activity would cost Amazon money, but setting the price to be at least marginally more expensive than Amazon's expected minimal-effort realizable gain from using the GPU instances themselves would make Amazon money.)

Re: Bitcoin nearing $800/BTC

#9

Post by mxxx »

oscilloscope wrote: post #7

That's just on Gox. On BTC China it's touched over $1000 USD in Yuan and on Bitstamp it's only $675. The global average is over $800 already. The USD only average is quite a bit below that. https://bitcoinaverage.com/#USD

funnily enough, the average increases if you ignore gox. presumably because of the volume of BTC China.
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