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Author Topic: Generating bitcoins via Amazon cluster GPU?  (Read 6076 times)
ripper234
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Ron Gross


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March 30, 2011, 10:09:35 AM
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Is anyone generating bitcoins via Amazon cluster GPU?

It's a flavor of EC2 that is powered by GPUs. Seems like the ideal way to generate a massive amount of bitcoin.
At present, it looks like the cheapest way to get bitcoins, no? It should be cheaper than buying them at the current rates.

I think that if we make it easy enough to use, prepare a short "how to", then enough people will get in on this wagon and warp bitcoin computation power out of reach of any malicious folk.

Thoughts?

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ripper234
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Ron Gross


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March 30, 2011, 10:37:39 AM
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A short calculation done on #bitcoin-discussion shows that this is currently not cost effective.

Is there a similar service that is currently cost effective?

http://www.quora.com/Are-there-cost-effective-alternatives-to-Amazon-GPU-flavor-of-EC2

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March 30, 2011, 02:39:10 PM
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Is anyone generating bitcoins via Amazon cluster GPU?

It's a flavor of EC2 that is powered by GPUs. Seems like the ideal way to generate a massive amount of bitcoin.
At present, it looks like the cheapest way to get bitcoins, no? It should be cheaper than buying them at the current rates.

I think that if we make it easy enough to use, prepare a short "how to", then enough people will get in on this wagon and warp bitcoin computation power out of reach of any malicious folk.

Thoughts?

If it were ever cheaper to generate coins on rental hardware than buying them on the exchange, then people would either be doing it until the rise in difficulty negated the advantages, the price of bitcoins would fall until doing so was no longer profitable, or a combination of both.  Such a condition would be Bitcoin's version of 'backwardization' and can happen for short periods.  It has been shown that the difficulty and the market price are closely linked, and I believe that difficulty follows the total market value of solving a block.  (price * block reward)  And that difficulty will drop roughly in half when the reward cuts in half.  This would be Bitcoin's weak point.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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March 30, 2011, 06:30:08 PM
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Someone tried it already and found it nowhere near cost effective, since Amazon is using NVIDIA GPUs. I don't have the forum thread handy, though.

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