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Cryptocurrency Mining using Free Resources on Ubuntu VPS

Started by mickyrobert, Jun 06, 2023, 12:01 AM

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mickyrobertTopic starter

Can cryptocurrency mining be done on web hosting using free resources?
For instance, can a standard Ubuntu VPS without a video card be used to mine cryptocurrencies while also automatically regulating the usage of resources?
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wellm97

To mine effectively, miners often purchase video cards by the dozens or even hundreds. However, due to the volatile nature of exchange rates, it's difficult to predict whether mining will be beneficial or not. In a year, a miner can expect to earn approximately 0.0000001 BTC with a margin of error of about 0.000000000100.

 Despite the potential rewards, it's important for miners to carefully consider the costs and instability of exchange rates before investing in hardware. Nevertheless, with the right strategy and setup, it is possible to turn a profit through mining.
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langergrp

Genuine. Cryptocurrency forking is essential (you can choose Bitcoin or any other) and mine covertly on your own using at least two VPS. The complexity will be low, and any processor should suffice. This is precisely what Satoshi did for the initial two years.

Forking a cryptocurrency involves creating a new blockchain that shares the same transaction history as the primary blockchain. However, it differs in terms of economics, protocol, and technical aspects. Mining secretly might sound unethical, but it is achievable with basic resources and without spending a lot of money. Satoshi's decision to mine secretly in the blockchain's early days was strategic and helped build a solid foundation.
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BemParvefieva

One could attempt to mine Monero (XMR) using their web server, which is supposedly optimized for x86 processors rather than video cards. Additionally, I have come across a mining service that allows website owners to monetize their resources without resorting to invasive advertising.
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Raisydak

Yes, technically, you can mine cryptocurrency on a standard Ubuntu VPS, even if it doesn't have a dedicated video card (GPU). However, this approach comes with a number of significant limitations and risks that you should be aware of.

Performance Issues: Mining cryptocurrency is an extremely resource-intensive process. Even without a GPU, CPU-based mining can consume a considerable amount of your server's processing power. This could lead to server slowdowns, increased latency, and poor performance for any other websites or applications hosted on the same server. In a shared hosting environment, this could also negatively affect other users on the same server.

Resource Regulation: Most standard VPSs don't have the capability to automatically regulate resource usage for mining in a way that wouldn't impact other operations. The mining process could easily consume all available CPU cycles, leaving little to no resources for other tasks. While you can try to set CPU usage limits for the mining software, this might not be enough to prevent overall performance degradation.

Profitability: Given the low computational power of a standard VPS without a GPU, the profitability of mining is quite questionable. Cryptocurrencies like Bitcoin, Ethereum, or even lesser-known altcoins require a lot of hashing power to generate any meaningful returns. On a typical VPS, the earnings from mining might not even cover the cost of the VPS itself.

Terms of Service Violations: Many web hosting providers explicitly forbid cryptocurrency mining on their servers due to the excessive resource consumption and potential for degrading server performance. If you were to mine on a VPS, you'd risk violating the host's terms of service, which could result in your account being suspended or terminated.

Security Concerns: Cryptocurrency mining can also pose security risks. Mining software might expose your server to vulnerabilities or could be used as a vector for cyberattacks. Moreover, if your mining software isn't properly configured, it could open up additional ports or create other security weaknesses that could be exploited.

Environmental Impact: Finally, it's worth mentioning the environmental implications. Even if your mining setup is small, mining cryptocurrencies consumes a significant amount of energy, which has a cumulative environmental impact.

While it is technically possible to mine cryptocurrency on a standard Ubuntu VPS without a GPU, it's generally not a practical or advisable approach. The potential issues—ranging from performance degradation to possible violations of hosting terms—far outweigh any potential benefits. If you're serious about mining, you'd be better off investing in dedicated mining hardware or using cloud mining services specifically designed for this purpose.
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wisterbill

Most cryptocurrencies, like Bitcoin, require significant computational power typically provided by ASIC miners or high-end GPUs.
A VPS, especially one without a video card, lacks the necessary hashing power to mine effectively, and the CPU mining would yield negligible returns. Moreover, many hosting providers have strict terms of service against resource-intensive activities like mining, which could lead to account suspension.
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