Damn discovered this two days ago, hoped that I went under radar for a bit :-).
how much did you make in last two days, if i may ask?
LiteCoin Mining on EC2 is currently profitable
41–50 of 70 posts
Re: LiteCoin Mining on EC2 is currently profitable
#42I'm getting hung up when trying to install the CUDA installer. I get the error "The driver installation is unable to locate the kernel source.".
When requesting your spot instance AMI, make sure the virtualization type is "hvm" instead of "paravirtual".
Re: LiteCoin Mining on EC2 is currently profitable
#43The problem though is that while buying/selling bitcoins is just hard, exchanging litecoins is practically impossible. Currently litecoins are only used as a ponzi scheme, rather than a payment method and if anybody does what OP suggests, please be smart and cash out as fast as you can. You can cash out to bitcoins if that floats your boat, at least they are actually used for things other than being a scam.
Re: LiteCoin Mining on EC2 is currently profitable
#44I bit skeptical of wemineltc.com (no https)
Re: LiteCoin Mining on EC2 is currently profitable
#45I'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…
Just so everyone is aware, I filled out the form for the $100 and got the message: "Thank you. An Amazon Web Services representative will contact you." Ugh.
Re: LiteCoin Mining on EC2 is currently profitable
#46Earlier quoted context omitted.
That's only for the Free Tier which is an m1.small or micro I believe.
I tried mining prime coin on spot micro instance (100 of them) and it was useless. Micro is too weak to mine.
I am trying the free tier right now. I installed https://github.com/cbuchner1/cpuminer. I have got it running, but I don't think its doing much of anything.
Here's a tail of the log:
[2013-11-29 08:15:37] Stratum detected new block [2013-11-29 08:15:37] thread 0: 83388 hashes, 0.73 khash/s [2013-11-29 08:16:32] thread 0: 44064 hashes, 0.79 khash/s [2013-11-29 08:17:55] thread 0: 47700 hashes, 0.58 khash/s [2013-11-29 08:18:14] thread 0: 34596 hashes, 1.79 khash/s [2013-11-29 08:19:38] Stratum detected new block [2013-11-29 08:19:38] thread 0: 65016 hashes, 0.78 khash/s [2013-11-29 08:20:38] Stratum detected new block [2013-11-29 08:20:38] thread 0: 26352 hashes, 0.44 khash/s [2013-11-29 08:20:50] thread 0: 26364 hashes, 2.24 khash/s [2013-11-29 08:23:40] thread 0: 134484 hashes, 0.79 khash/s [2013-11-29 08:23:51] thread 0: 47280 hashes, 4.48 khash/s
Re: LiteCoin Mining on EC2 is currently profitable
#47[deleted]
Re: LiteCoin Mining on EC2 is currently profitable
#48Ok, 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…
What are you even talking about? Buying bitcoins and mining are not the same thing.
Just keep the bitcoins you bought and thank HN in 10 years for making you rich.
Btw Bitcoin is also very interesting from a technical point of view.
Re: LiteCoin Mining on EC2 is currently profitable
#49The problem though is that while buying/selling bitcoins is just hard, exchanging litecoins is practically impossible. Currently litecoins are only used as a ponzi scheme, rather than a payment method and if anybody does what OP suggests, please be smart and cash out as fast as you can. You can cash out to bitcoins if that floats your boat, at least they are actually used for things other than being a scam.
> exchanging litecoins is practically impossible
> Currently litecoins are only used as a ponzi scheme
What? I'm not really a fan of Litecoin but you can't just make false claims.
Re: LiteCoin Mining on EC2 is currently profitable
#50Why would you publish something like this? Why not just ride on your own discovery, get as many instances as possible and get rich?
You're not going to get rich from this. AWS limits you to ten spot instances of this type, and profits per ten instances per day are probably going to be $20-30. I've been mining with this setup for ~4 hours and have amassed ~0.2 coins ($8!).
$20 per day = $600 per month
Isn't it worth looking at creative ways to go around this 10 instances limit?