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title: "Ethereum GPU mining on AWS EC2 in 2017" layout: page source: date: 2017-01-01 00:00:00 +0200 categories:

  • mining
  • test bg: ferdinand-stohr bg-author: Ferdinand Stohr

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.

#Testing on EC2

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.

#Specs & Details

  • High Frequency Intel Xeon E5-2670 (Sandy Bridge) Processors (32 vCPU)
  • 4x NVIDIA GRID K520 (1,536 CUDA cores and 4GB of video memory)
  • 60GB of Memory, 2x120GB of SSD Storage
  • The Server costs $2.6 per hour ($62.4/day; $1860/month)
  • 1 Ethereum sells for $10.76 (2017-02-03)

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.

#Results

EC2 Hash Rate

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.

EC2 Hash Rate

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).

#Conclusion

Unless the USD - ETH exchange rate increases by at least 1000%, mining on AWS EC2 remains unprofitable.


Update: 2017-02-14

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.

EC2 Hash Rate

Paid On From Block To Block Duration [h] Amount
2017-02-13T18:08:44 3176203 3176833 2.6 0.09699 ETH
2017-02-13T15:33:08 3175670 3176197 2.2 0.09554 ETH
2017-02-13T13:18:20 3175075 3175662 2.2 0.09745 ETH
2017-02-13T11:06:35 3174454 3175067 2.4 0.09614 ETH
2017-02-13T08:42:46 3173879 3174450 2.3 0.1004 ETH
2017-02-13T06:27:19 3173352 3173865 2 0.09774 ETH
2017-02-13T04:28:20 3172641 3173349 3.1 0.09724 ETH
2017-02-13T01:24:22 3171962 3172630 2.7 0.0955 ETH
2017-02-12T22:43:51 3171360 3171955 2.4 0.0962 ETH
2017-02-12T20:18:45 3170701 3171333 2.4 0.09535 ETH
2017-02-12T17:54:44 3170230 3170697 1.9 0.09745 ETH
2017-02-12T15:59:33 3169628 3170216 2.5 0.09691 ETH
2017-02-12T13:29:43 3169141 3169617 1.9 0.10045 ETH
2017-02-12T11:34:53 3168562 3169138 2.3 0.10078 ETH
2017-02-12T09:14:53 3168014 3168556 2.2 0.0972 ETH
2017-02-12T07:03:15 3167437 3167999 2.2 0.09754 ETH
2017-02-12T04:48:24 3166852 3167434 2.4 0.09501 ETH
2017-02-12T02:21:34 3166292 3166838 2.1 0.09638 ETH
2017-02-12T00:14:57 3165750 3166277 2.1 0.09927 ETH
2017-02-11T22:10:29 3165252 3165747 1.9 0.09592 ETH