Can I host a Crypto-Coin on the VPS?
- Thread starter ALJ2015
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Our Technical Admin should be able to respond to your inquiry, but in the meanwhile think you need to check our Guidelines for Quality posts before you post further. Particularly these guidelines:
smalpierre
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I would say probably not, but even if it's allowed it would be silly. Cryptocoin like bitcoin is all about scarcity - just like a currency based on gold. Instead of the rarity of gold, it's the rarity or commodity of computing resources that it's based on. There are machines that are designed specifically to be good at bitcoin mining - they are pretty ballsy from what I understand, but what they're good at is sucking electricity and getting hot - and the net result is that for a monster computer, you burn up your hardware faster than you can make money.
A good business model will involve win-win situations. The VPS they give you will be pretty weak relatively. It MIGHT make you fractions of a penny per day at the expense of burning up their resources. That's not a win-win situation.
This place is an incredible resource for someone starting out in web development or server administration. I'm pretty sure the payout is a lot better than the chicken scratch that cryptomining could possibly earn you - not that I'd know or anything
A good business model will involve win-win situations. The VPS they give you will be pretty weak relatively. It MIGHT make you fractions of a penny per day at the expense of burning up their resources. That's not a win-win situation.
This place is an incredible resource for someone starting out in web development or server administration. I'm pretty sure the payout is a lot better than the chicken scratch that cryptomining could possibly earn you - not that I'd know or anything
ALJ2015
New member
Thank you for your answer.
I'm not starting out. I run reseller accounts already on dreamhost, hostgator and hostrocket- perfectly.
I'm not speaking on running a coin miner on the server.
I have a miner in my home that uses a solar panel based on raspberry pi. That is quite different.
I appreciate your opinion too, but the moral issue of crypto is everyone has their own opinion. It is win/win when done ethically and respectfully. You may think it is chicken scratch but I'm not looking for profit. It's simply a community enhancement. I have small userbases that I see to economize. Think "Disney Dollars."
If I did a coin it would be more a closed centralized point system currency like being used here on the forum or a small circulation coin for a community only (such as a coin for rewards). It's nowhere wide like bitcoin even if it's a similar framework used for development.
I host nodes for coins on my own server at home too and a pc running linux on windows and it doesn't stress my computer at home and my electric bill is not high. But I don't know where people's resources are besides mine. Some servers in some countries have expensive resources, so that is why I ask.
It helps to spread nodes around and sites around and share traffic, it can decentralize things a bit and it keeps the network stronger to have nodes in countries and on different servers, even if it's one node or a simple wallet software.
I'm speaking about running the nodes to support a coin network, the website and the general idea of hosting crypto-currency related content NOT hosting mining or exchanging.
Thanks for your response
I'm not starting out. I run reseller accounts already on dreamhost, hostgator and hostrocket- perfectly.
I'm not speaking on running a coin miner on the server.
I have a miner in my home that uses a solar panel based on raspberry pi. That is quite different.
I appreciate your opinion too, but the moral issue of crypto is everyone has their own opinion. It is win/win when done ethically and respectfully. You may think it is chicken scratch but I'm not looking for profit. It's simply a community enhancement. I have small userbases that I see to economize. Think "Disney Dollars."
If I did a coin it would be more a closed centralized point system currency like being used here on the forum or a small circulation coin for a community only (such as a coin for rewards). It's nowhere wide like bitcoin even if it's a similar framework used for development.
I host nodes for coins on my own server at home too and a pc running linux on windows and it doesn't stress my computer at home and my electric bill is not high. But I don't know where people's resources are besides mine. Some servers in some countries have expensive resources, so that is why I ask.
It helps to spread nodes around and sites around and share traffic, it can decentralize things a bit and it keeps the network stronger to have nodes in countries and on different servers, even if it's one node or a simple wallet software.
I'm speaking about running the nodes to support a coin network, the website and the general idea of hosting crypto-currency related content NOT hosting mining or exchanging.
Thanks for your response
smalpierre
New member
Back when bitcoin was trading for like 80 bucks / share or so, it seemed like mining might be worth looking into. I had some machines sitting around doing nothing, so I looked into it - it wasn't worth it at all. My power supplies would cost more to run than they'd produce.
I don't think anybody would have a problem running a website, or a distributed processing app like a node unless it was a resource drain. The VM will have a certain amount of resources allocated to it that it can't exceed, but often times the network isn't throttled so a VM could potentially be a drain.
As long as you aren't doing anything illegal or that would have an adverse effect on the system I don't think they'd have an issue with it, but I'm not the authority on that.
Morally speaking I think bitcoin is a great idea - the central banks have a stranglehold on the economy. It's too bad more people don't move over to a decentralized monetary system. Then again, if it were a threat the banks would quickly draft laws for their politician-employees to pass.
Good for you on the solar-pi, how much does it produce?
I don't think anybody would have a problem running a website, or a distributed processing app like a node unless it was a resource drain. The VM will have a certain amount of resources allocated to it that it can't exceed, but often times the network isn't throttled so a VM could potentially be a drain.
As long as you aren't doing anything illegal or that would have an adverse effect on the system I don't think they'd have an issue with it, but I'm not the authority on that.
Morally speaking I think bitcoin is a great idea - the central banks have a stranglehold on the economy. It's too bad more people don't move over to a decentralized monetary system. Then again, if it were a threat the banks would quickly draft laws for their politician-employees to pass.
Good for you on the solar-pi, how much does it produce?
ALJ2015
New member
Right now I don't run the Pi 24/7 and I mine obscure coins, but anywhere from $50-$200 per month depending on a lot of factors. I can say it's paid for itself so considering energy is free and the hardware has paid for itself, it's all profit. But it does take up space (especially the panel and battery). I agree that mining is shitty for the environment and not profitable enough to bother. But the whole Pi thing is an experiment to see if it could be less of a drag.Honestly, it would be much better if Solar was part of my whole houses electrical plan. Having a Panel and Battery for 1 Pi takes up the space of a PC. More than a milkcrate rig. But again, it's a work in progress. :smile:
smalpierre
New member
That's not bad at all. Heck, that'd almost pay for my fishing habit I might get that old junker box of mine up to see what it can do. If it works out, it might be worth putting the big boy on it - that could potentially buy me a bigger boat :yahoo:
You'd be surprised how bad for the environment some of these environmentally friendly things are. Like electric cars - they seem like a great idea until you start having to dispose of the batteries from an old / wrecked vehicle not to mention the environmental impact of building the infrastructure to keep them charged. If you only consider the impact of manufacturing a brand new Prius, it's more environmentally economical to keep driving that 1995 honda that gets 35mpg.
I've been trying to source biodiesel for my truck, but it's impossible to find. I'd like to run B100, but there are only rumors of B20 being available. I just don't have the space to run a processing facility - but a 50 gallon water heater tank setup would easily produce more fuel than I use.
I might get that old junker box of mine up to see what it can do. If it works out, it might be worth putting the big boy on it - that could potentially buy me a bigger boat :yahoo:You'd be surprised how bad for the environment some of these environmentally friendly things are. Like electric cars - they seem like a great idea until you start having to dispose of the batteries from an old / wrecked vehicle not to mention the environmental impact of building the infrastructure to keep them charged. If you only consider the impact of manufacturing a brand new Prius, it's more environmentally economical to keep driving that 1995 honda that gets 35mpg.
I've been trying to source biodiesel for my truck, but it's impossible to find. I'd like to run B100, but there are only rumors of B20 being available. I just don't have the space to run a processing facility - but a 50 gallon water heater tank setup would easily produce more fuel than I use.
un4saken
Administrator
smalpierre said:I would say probably not, but even if it's allowed it would be silly. Cryptocoin like bitcoin is all about scarcity - just like a currency based on gold. Instead of the rarity of gold, it's the rarity or commodity of computing resources that it's based on. There are machines that are designed specifically to be good at bitcoin mining - they are pretty ballsy from what I understand, but what they're good at is sucking electricity and getting hot - and the net result is that for a monster computer, you burn up your hardware faster than you can make money.
A good business model will involve win-win situations. The VPS they give you will be pretty weak relatively. It MIGHT make you fractions of a penny per day at the expense of burning up their resources. That's not a win-win situation.
This place is an incredible resource for someone starting out in web development or server administration. I'm pretty sure the payout is a lot better than the chicken scratch that cryptomining could possibly earn you - not that I'd know or anything
not to be argumentative but Bitcoins and other Crypto-currencies are great for anonymity of where it comes from and where it's going, it's good cause of the privacy it gives, mining on the other hand can be profitable as also a great education for those who may find stock markets interesting but on the other hand confusing. crypto currency mining is profitable due to people transferring from one another or from the mining wallet to an exchange. mining isn't like a natural resource where it will once mined will be all dried up and gone. mining is how transactions are validated. you use a pool of miners to make sure the transaction is correct. bitcoin and litecoin are slow and not worth mining on cpu but others like XDN, FCN, BCN etc are well worth the play. I made about $40 in a little over a week with a bunch of old redundant servers and computers I had laying around the office and server room. in my opinion it's worth having a play and see what happens. but mining here i'm not sure. have to have a chat with the admins.
have a look at minergate. great community and everyone there is willing to help you out
Good point Rumjar. I don't want to throw cold water on your argument, however this topic has been discussed before and our owner (DJB) and our most senior admin (un4saken) decided quite a while ago after careful deliberation to host Web pages only.
http://www.gigarocket.net/forum/thread-3373-post-26552.html#pid26552
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http://www.gigarocket.net/forum/thread-3373-post-26552.html#pid26552
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