Is bitcoin mining viable?

Discussion in 'Cryptocurrencies' started by TimtheEnchanter, Nov 20, 2020.

  1. rb7

    rb7

    Really!!!
    Bitcoin mining would be profitable with AWS Cloud????

    Bitcoin mining used to be only profitable where you could have very low infrastructure cost (electricity, storage, computer power, HVAC, etc.).

    But hey, CA13.99$ for a course, it's almost free if you have time to do it.
     
  2. MarkBrown

    MarkBrown

    no it's not unless you can steal power and computers and have some slaves to work for free.
     
    birdman likes this.
  3. Create a popular software application and secretly mine on users' machines for free.
     
  4. Peter8519

    Peter8519

  5. AWS, Azure and Google Cloud all watch for Bitcoin mining activity. They really don't want you using their infrastructure to do that.
     
  6. easymon1

    easymon1

  7. Sig

    Sig

    I don't think they care if you do it, they just charge you for the computing power you use and could give FA what you're using it for. The problem is that what they charge for the computing power to mine bitcoin is significantly more than the value of the bitcoin you mine. Plus their hardware isn't optimized for it, so it's pretty inefficient to start with.

    Alternately you can put together your own setup but the problem is it gets harder (requires more resources) to mine the more is mined, and there's no way to know how many people out there are building new setups so you don't really know how long your setup will remain viable. So you're taking a gamble that your equipment won't be made obsolete before you're able to mine enough to pay for it. And of course you need to be somewhere that electricity is cheap.
     
  8. SunTrader

    SunTrader

  9. Sig

    Sig

    #10     Nov 21, 2020