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Title: Is CPU Cloud Mining worth it? Post by: micjamking on February 10, 2014, 09:57:19 PM That is, can CPU Cloud Mining be profitable and how much power do I need to make it profitable? Looking at hosting costs and average returns, what currencies are currently profitable when cloud mining?
I'm interested in mining, but I'm a Mac user & have no interest in burning down my GPU/CPU on a computer that I also need to work on everyday. I also like the idea of being able to setup multiple miners in the cloud & just letting them run with little to no maintenance. Appreciate any advice. Title: Re: Is CPU Cloud Mining worth it? Post by: instacalm on February 10, 2014, 10:11:10 PM Hi micjamking,
It can definitely be very profitable if you happen to mine the right coin at the right time, specifically when a coin's difficulty is low. That of course is always a bit of a gamble given the fact that you can't know for sure whether the coin you mine is going to turn out to become popular. The most profitable CPU coin I cloud-mined so far (for about two weeks after it was launched on 3x 8CPU instances) was Particle. However, I don't know which coin is currently (most) profitable. Title: Re: Is CPU Cloud Mining worth it? Post by: micjamking on February 10, 2014, 10:19:35 PM That was my inclination as well; seems that cloud mining's profitability is based on timing (i.e. mining the right coin at the right time) which is more of a gamble than an investment strategy like GPU mining is.
If you don't mind me asking, what cloud service did you use? What was your costs? Title: Re: Is CPU Cloud Mining worth it? Post by: xbudahx on February 10, 2014, 11:32:46 PM I tried the following cloud services
AWS Azure HP Cloud Joyent Elastic Hosts Rackspace Dimension Data Conclusion: A big waste of time Title: Re: Is CPU Cloud Mining worth it? Post by: fatnlovelyfred on February 11, 2014, 03:35:27 AM So what's the trick of knowing the right coin and time?
Where do I have to look to find out? Thanks for any tip about it. Title: Re: Is CPU Cloud Mining worth it? Post by: Starscream on February 11, 2014, 03:46:49 AM So what's the trick of knowing the right coin and time? Where do I have to look to find out? Thanks for any tip about it. Cloud mining is a waste of time and you won't mine with profit. If you mine under the presumption that a certain coin will increase in value over a period of time (and thus you mine with a lose) and once it does only then you'll be profitable, than you should simply buy it. Title: Re: Is CPU Cloud Mining worth it? Post by: Mortimer452 on February 11, 2014, 04:30:29 AM Amazon AWS used to offer $100 free credit to students and business owners, that was worth about 300 hours or so of cc2.8xlarge (32-core!) spot instances. I mined a *LOT* of Primecoins for free that way.
Other than that - big risk in paying that kindof money for cloud CPU time Title: Re: Is CPU Cloud Mining worth it? Post by: rwessels on February 11, 2014, 04:43:29 AM Even if you have the hardware already, it is a risk based on power costs. My 27 dual processor quad core servers are sitting powered off right now. The only reason to cloud mine is if you want to take a gamble on a brand new CPU only coin before it hits an exchange.
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