LiteCoin Mining on EC2 is currently profitable

Post by tejasm » Fri, Nov 29, 2013, 6:21 AM UTC

fsckin wrote: post #19

tejasm wrote: post #14

Naive question from a non-techie - if i were to run 10 g2.2xlarge spot instances, how much net profit per day would i make?

Back of napkin math: spend $29 to mine $50 worth of LTC.

Post by dkasper » Fri, Nov 29, 2013, 6:23 AM UTC

Post by Smirnoff » Fri, Nov 29, 2013, 6:24 AM UTC

fat0wl wrote: post #20

Smirnoff wrote: post #11

Ok, the plethora of bitcoin/litecoin articles on HN news are making me sick now. I feel like there are 3+ articles about it at any given time. Seriously, with all the hype, I got suckered into buying bitcoin/litecoin just to realize that I can't compete against Chinese miners. I guess I could buy coins and sit on them but there is no fun in doing so. Arbitrage is practically impossible because of the lag time to pull…

resist, my son. i've made a pledge to myself that everytime i'm tempted to click on some BTC-related stuff i will instead study a new code library. i haven't totally wriggled free yet (obviously) but i'm close. as with all things, chasin paper is no way to live life and get-rich-quick ideas are something to discipline yourself against. in life, studying code is what has netted me the most cash that i feel proud of ea…

Post by jakozaur » Fri, Nov 29, 2013, 6:27 AM UTC

Post by e1l1 » Fri, Nov 29, 2013, 6:42 AM UTC

bobf wrote: post #3

I'm the author of the post. I didn't include a lot of background detail because I wanted to publish the technically interesting bits quickly. As I see it, mining LiteCoins on EC2 is currently profitable because of four main factors: 1) Bitcoin's recent dramatic increase in value. (LiteCoin's value is heavily correlated to Bitcoin's.) 2) The relatively low difficulty level for LiteCoin mining right now. 3) Spot instan…