title: "Ethereum GPU mining on AWS EC2 in 2017" layout: post source: date: 2017-02-03 08:00:00 +0200 category:
Cryptocurrency mining is as popular as ever, as it in theory allows you to turn idle computing resources into a passive income. The problem is, that these days you require extremely powerful, specifically optimized hardware as well as access to very cheap or even free electricity.
To determine just how difficult mining has become, I've decided to run a GPU miner on an Amazon AWS EC2 g2.8xlarge. This particular cloud instance is significantly faster than the hardware most people have at home, yet it is not specifically optimized for Cryptocurrency mining - the ideal candidate.
Tip: With AWS EC2 spot pricing, you can get the server for around $0.4777 / hour, depending on time of day, region and availability zone. That's $343,94 / month.
The hash rate of the EC2 server fluctuates between 23.3 MH/s and 47.7 MH/s. I suspect the performance varies based on what other users do on this shared, EC2 server. In any case, the results give us a good idea of what to expect when you run a miner on hardware that's not specifically designed for mining.
Based on average hash rate of 28 MH/s, each EC server would generate around 0.0045 Ether ($0.05) in income per hour. That means, over the course of a month you'd make $34.84 (3.25 Ether).
Unless the USD - ETH exchange rate increases by at least 1000%, mining on AWS EC2 remains unprofitable.
After around a week of EC2 mining, I have now shut down all AWS server. The Spot pricing I've been pursuing helped keep cost down but remains too expensive to be profitable.
|Paid On||From Block||To Block||Duration [h]||Amount|
As of today, Ethereum is valued at 1 ETH = 173.8 USD. However, due to enormous demand, EC2 spot pricing is nowhere near what I paid in early 2017. Mining on AWS EC2 is and will remain unprofitable - forever.
Monthly cost: $1860 Mining revenue: $220 (assuming 44 MH/s) Profit: $ -1640
Ethereum dual-mining profitability comparison (late June 2017). Keep in mind that as more miners join the network, and the Ethereum price fluctuates, so will your payout / return of investment.
|Measured||by Card||by Month||by Month DUAL||total DUAL||% of Baseline|
|ETH (ZEC) Dual||104||20.8||558 €|
|ZEC (ETH) Dual||20.2||4.04||5 €||564 €||68.41%|
|ETH (SIA) Dual||103||20.6||553 €|
|SIA (ETH) Dual||4100||820||271 €||824 €||100.00%|
|ETH (DEC) Dual||109||21.8||585 €|
|DEC (ETH) Dual||3274||654.8||164 €||749 €||90.93%|
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