Can we use google cloud service as a virtual server to mine bitcoins and is there any profitability of using their service?

-2

Our computers has very less power when we compare it to the difficulty level of mining and it's very hard to get one bit coin. But to overcome the second issue there are "pools". But still the first issue remains the same. The ordinary desktop computers doesn't perform in a good manner relative to "performance/costs spent for the hardware". But, Google has a variety of cloud computing services such as "compute" "bigdata" etc. Can we use those services to mine bit coins in a profitable manner? if not provide reasons. and what kind of gross profitability will be there if I use their services?. Or if there are any other paid virtual machines we can hire to get a decent profits?

Are there any people(not billionaires, who invest in billions on hardware but people who can invest fairly decent amount of money for servers etc) earn a gross profit and what their methods are to earn such profit

Further, I don't want to order specified hardware because when they arrive home, they will only be used as a room heater (eg: Butterflylabs). Furthermore, the recovery period of capital spend to buy those hardware is very long time, but within very short time, the bought hardware would be obsolete.

I'm trying to invest and make a fixed income without doing a job.

LikeCrazy

Posted 2015-09-07T03:56:46.480

Reputation: 11

Your last sentence summarizes your post quite nicely: "I'm trying to invest and make a fixed income without doing a job." Maybe you should add: "and I'm expecting you to exactly tell me how." – Jannes – 2015-09-07T19:22:08.120

1@Jannes So, you say, that helping someone is bad ? – LikeCrazy – 2015-09-08T16:53:25.783

Trying to invest and make a fixed income without doing a job? realestate.stackoverflow.com – Ron – 2015-12-21T20:52:35.890

Answers

No, this will not work. Cloud computing services give you the ability to rent any number of virtual servers, but each one has comparable capabilities to your desktop computer - you'd still be mining on a CPU. The costs still outweigh the returns by a factor of thousands, if not millions. You can rent more servers to get more mining power, but the costs increase linearly in the same way - this will only increase your losses.

The only possible way to profitably mine Bitcoin is with ASIC hardware, either buying it (and accepting that it will soon be obsolete) or contracting someone to run it on your behalf (which has many pitfalls of its own).

I'm trying to invest and make a fixed income without doing a job.

Anything related to cryptocurrency is really not a good way to make a fixed income - the inherent risks are simply too high.

Nate Eldredge

Posted 2015-09-07T03:56:46.480

Reputation: 21 420

the inherent risks are simply too high.So true. But I'd kick myself when 1 bitcoin will be worth 1 million € – Raymond Chenon – 2017-06-07T06:42:23.690

@RaymondChenon: That's a terrible way to make investment decisions - you could apply the same flawed reasoning to justify any awful investment. – Nate Eldredge – 2017-06-07T14:23:31.360

Can we use those services to mine bit coins in a profitable manner? if not provide reasons.

Because everyone would do so too, right?
I'll quote your the same paragraph you wrote:

Our computers has very less power when we compare it to the difficulty level of mining and it's very hard to get one bit coin. But to overcome the second issue there are "pools". But still the first issue remains the same. The ordinary desktop computers doesn't perform in a good manner relative to "performance/costs spent for the hardware"

I can provide references, but given the quote below, likewise, I'll forego the effort:

I'm trying to invest and make a fixed income without doing a job.

Wizard Of Ozzie

Posted 2015-09-07T03:56:46.480

Reputation: 4 535

I know mate, and I'm telling you this isn't a money printing solution. If I come across as flippant I apologise – Wizard Of Ozzie – 2015-09-08T23:55:35.613

-1

Now it is not profitable at all to mine Bitcoin on a VPS, but you can consider to mine some altcoins, such as Bytecoin, Monero or Gridcoin instead.

user1100006

Posted 2015-09-07T03:56:46.480

Reputation: 1