Setting up a bitcoin miner

[daniyal]

Hello there everyone,

Need a little suggestion from you guys,
I am thinking of buying a vps (Virtual Private Server) and running a bitcoin miner in it,

How's this idea looks to you?

Need advice please

Thanks,

[altcoinhosting]

Hello there everyone,

Need a little suggestion from you guys,
I am thinking of buying a vps (Virtual Private Server) and running a bitcoin miner in it,

How's this idea looks to you?

Need advice please

Thanks,

Not a good idear... Basically, to have a chance of turning a profit, you'll need to invest in ASIC's and have very cheap power (and even then, it's very hard to make a profit).
You could use your VPS to manage your ASIC's, but that's basically it. But instead of using a VPS, you could use an old pc, laptop, raspberry pi,... to achieve the same task... In the end, it'll be cheaper than using a VPS, and it will save you a lot of routing/firewall/DNS/... related problems since you can run this raspberry (pc/laptop) in the same network as your ASIC.

[almightyruler]

Using a CPU for mining hasn't been profitable for years. Even using specialised coin-specific equipment may still result in a loss.

Also, unless your VPS provider specifically allows it, they will probably complain about you using 100% CPU.

[daniyal]

Not a good idear... Basically, to have a chance of turning a profit, you'll need to invest in ASIC's and have very cheap power (and even then, it's very hard to make a profit).
You could use your VPS to manage your ASIC's, but that's basically it. But instead of using a VPS, you could use an old pc, laptop, raspberry pi,... to achieve the same task... In the end, it'll be cheaper than using a VPS, and it will save you a lot of routing/firewall/DNS/... related problems since you can run this raspberry (pc/laptop) in the same network as your ASIC.

Thanks for you advice bro, So raspberry pi idea is good? Should i go for it?

[altcoinhosting]

Not a good idear... Basically, to have a chance of turning a profit, you'll need to invest in ASIC's and have very cheap power (and even then, it's very hard to make a profit).
You could use your VPS to manage your ASIC's, but that's basically it. But instead of using a VPS, you could use an old pc, laptop, raspberry pi,... to achieve the same task... In the end, it'll be cheaper than using a VPS, and it will save you a lot of routing/firewall/DNS/... related problems since you can run this raspberry (pc/laptop) in the same network as your ASIC.

Thanks for you advice bro, So raspberry pi idea is good? Should i go for it?

A raspberry pi is great as a tool to monitor your ASIC's, or to plug your ASIC into... A raspberry pi in itself cannot be used for bitcoin mining...
If you have a decent GPU laying around, you could potentially mine some altcoins. If you really want to mine bitcoin, you'll need a good electricity rate, a decent location (airco, shelving,...) and a latest-gen ASIC (avalon 6, antminer S7, antminer S9) ....
Even then, a lot of people that meet these specs actually make little or no profit due to other factors.

[altcoinhosting]

Many people do it in past and because it, many VPS will ban you if you mine bitcoin with their VPS.
Sometimes they don't ban you because they automatically restart your server if CPU usage is at 100%.

Mine altcoin is still profitable if you can find VPS which allow you to mine cryptocurrency, but don't forget that altcoin price usually is volatile.
Even best ASIC isn't good idea unless you have cheap electricity and mine at place with low temperature to prevent cooling cost.

Mining with a VPS is indeed a thing of the past, it's just not working anymore, and it has little to do with the VPS hosts shutting your machine down (altough they will suspend your service or stop your VPS if you try to mine in 90% of the cases):
https://en.bitcoin.it/wiki/Non-specialized_hardware_comparison
Look at the cpu table... An intel Xeon Phi 5100 has a hashrate of 140 Mh/s (this is the fastest i could find in this table, so the maintainer didn't even bother to add newer CPU's to the list).... Plug this into coinwarz:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=0.14&p=2600.00&pc=0.00&pf=1.00&d=241227200229.99100000&r=12.50000000&er=615.00000000&hc=0.00

If you would find a VPS that would allow you to use a dedicated CPU 100% of the time, you would make 3 cents per cpu per year at current diff, block reward and bitcoin price.
Even if a newer CPU would deliver 10 times the hashrate of the fasted one listed on bitcoin.it (which i seriously doubt), you would still only make 30 cents/cpu/year

Since the diff is moving up lately, it's probably going to be a lot less by the end of the year....

So, IF you find a host that doesn't suspend your service or shut you down using recent gear and you manage to set everything up, you'll make 3 cents a year (single cpu VPS), 6 cents a year (2 CPU's) or even 12 cents a year (4 CPU's)... It's not even enough to withdraw from a pool i'm afraid.

[~Bitcoin~]

No you can't mine bitcoin over VPS servers but they can be used for POS coins where you can earn daily for staking coins in your wallet. With vps install the POS wallet and stake your coins there so that your wallet will be online for 24 hour. Many VPS hosting providers even not allow CPU mining to mine CPU minable coin, so only option is POS coins.

[mikewirth]

If you really want to mine, then do precisely the following.  

1) Buy one of these on EBay:


2) Plug it into a USB on your computer.

3) Join a mining pool.

Happy mining!!!

Every other mining solution will lose more money.  Most will lose a shitload more money.  Don't attempt those.  Just do what I said and enjoy your experience.  If you take my advice, in the end you will be much further ahead financially.  

[altcoinhosting]

If you really want to mine, then do precisely the following.  

1) Buy one of these on EBay:


2) Plug it into a USB on your computer.

3) Join a mining pool.

Happy mining!!!

Every other mining solution will lose more money.  Most will lose a shitload more money.  Don't attempt those.  Just do what I said and enjoy your experience.  If you take my advice, in the end you will be much further ahead financially.  

https://en.bitcoin.it/wiki/Mining_hardware_comparison
From the older ones
Antminer U1: 1,6 Gh/s
Antminer U2: 2 Gh/s
...

To the best/newest usb stick miner:
GekkoScience Compac: 23 Gh/s

If you calculate how long it will take to pay of a compaq at current diff, reward and btc price:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=23&p=2600.00&pc=0&pf=0.00&d=241227200229.99100000&r=12.50000000&er=615.00000000&hc=54

it will take 3662 days to make enough btc to pay back your stick, at current conditions (diff, price, block reward), disregarding any power consumption or pool fees, nor the raspberry pi you'll need to drive the stick, nor the shipping costs,...

In reality, the stick will never ROI... You'll never mine enough bitcoins to pay back the investment you made when you bought the stick + usb hub + raspberry pi + transport costs + power costs (especially when you take into account the diff rise, and the fact the block will have halved twice 10 years from now)...

USB stick mining is a great learning tool to educate yourself in the bitcoin basics, it is in no way a way to make a profit unless you use the stick to do some altcoin mining for altcoins that are new and have a low diff before they get hit by asic guys... If you mine those altcoins and keep them in the odd chance their price go up, you might hit a (very little) jackpot once in a while.

[TastyChillySauce00]

as people said that most of VPS provider prohibit any mining activities in their server so it's the main reason to NOT mining with VPS
and also most of VPS don't have graphic card and if you're mining with only CPU even it's intel XEON with the latest series don't expect good hashrate
so i say it's not a good idea