LiteCoin Mining on EC2 is currently profitable • Hacker News Board

Re: LiteCoin Mining on EC2 is currently profitable

#61

Post by e1l1 » Fri, Nov 29, 2013, 5:50 PM UTC

Buge wrote: post #54

e1l1 wrote: post #46

Earlier quoted context omitted.

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 [2013-11-2…

That's for litecoin and bitcoin. I would assume primecoin would be better for cpu mining because it hasn't been optimized for gpus yet.

May be so. I have very little understanding of any of this. What I am doing right now certainly isn't worth even this tiny bit of effort that I have put into so far. My Account Balance is 0.00016236 LTC after 9 hours.

Re: LiteCoin Mining on EC2 is currently profitable

#62

Post by ishiboy » Sat, Nov 30, 2013, 1:49 AM UTC

Whats the deal here?

Is this still profitable? I'll pay 20 bucks to someone who can set this up for me and record it.

Re: LiteCoin Mining on EC2 is currently profitable

#63

Post by knowitall » Sat, Nov 30, 2013, 9:28 AM UTC

astrodust wrote: post #59

knowitall wrote: post #48

Earlier quoted context omitted.

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.

How are those shares from all those companies in the Y2K bubble working out for you?

Did you invest 100000k $ in Bitcoin? I suggest investing 1k as an anti-black swan option. Or something like that. (If the economy crashes, BTC might be worth a lot. Or not. But the option doesn't cost much).

Re: LiteCoin Mining on EC2 is currently profitable

#64

Post by judk » Sat, Nov 30, 2013, 3:53 PM UTC

bobf wrote: post #4

pmiller2 wrote: post #2

Of course, it won't be profitable for long, now that the secret's out. :-)

Indeed. I would estimate that at current LiteCoin values and difficulty level, mining on EC2 will stay profitable until the spot price for these instances passes $0.20-0.21. One thing that will slightly slow down the abuse of this is that by default AWS limits you to 10 spot instances per region for the g2.2xlarge type.

Is the limit anything more than an email exchange to confirm that you aren't using a stolen credit card?

Re: LiteCoin Mining on EC2 is currently profitable

#65

Post by Zoomla » Sat, Nov 30, 2013, 4:59 PM UTC

sciguy77 wrote: post #45

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…

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.

Nobody had to contact me to get a free $100 for EC2, but I used the education grant instead when I did a Coursera class (http://aws.amazon.com/grants/). I have $70.99 leftover from when I got this free $100, so I will use that and try not to go too much over.

Re: LiteCoin Mining on EC2 is currently profitable

#66

Post by iflickle » Sun, Dec 01, 2013, 12:06 PM UTC

Does any body know how to mine litecoin on amazon step by step from scratch?

Re: LiteCoin Mining on EC2 is currently profitable

#67

Post by jtms » Sun, Dec 01, 2013, 3:33 PM UTC

nyc10001 wrote: post #13

bobf wrote: post #10

Earlier quoted context omitted.

It isn't available in all regions. What region are you looking at?

Hmm, I just checked in US West, East, Ireland, and Singapore. Still not seeing it..

same... not seeing the GPU ones

Re: LiteCoin Mining on EC2 is currently profitable

#68

Post by jtms » Sun, Dec 01, 2013, 3:48 PM UTC

dkasper wrote: post #24

Looks like the spot prices have already jumped to $0.175 - $0.2 per hour

and now up to 0.3+

Re: LiteCoin Mining on EC2 is currently profitable

#69

Post by astrodust » Mon, Dec 02, 2013, 3:15 PM UTC

knowitall wrote: post #63

astrodust wrote: post #59

Earlier quoted context omitted.

How are those shares from all those companies in the Y2K bubble working out for you?

Did you invest 100000k $ in Bitcoin? I suggest investing 1k as an anti-black swan option. Or something like that. (If the economy crashes, BTC might be worth a lot. Or not. But the option doesn't cost much).

If you're describing Bitcoin as an option play, that's not very encouraging.

I think it's useful as a method of exchanging money where the official options are terrible, or for certain forms of online payments.

It's value as a currency store is completely unknown.

Re: LiteCoin Mining on EC2 is currently profitable

#70

Post by blackgloves » Mon, Dec 09, 2013, 8:40 PM 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…

Do you have the step by step instructions on how to do this?