Profitability of CPU Mining the Cryptocurrency Monero on AWS EC2s (2024)

FAQs

How profitable is Monero CPU mining? ›

While Monero mining can be financially rewarding, it's important to remember that cryptocurrency markets are highly volatile, and profitability can fluctuate. To assess the profitability of Monero mining, consider your hardware costs, electricity expenses, mining difficulty, and the current price of Monero.

The lucky people with free AWS accounts then switched to mining Ethereum Classic (ETC) or Ethereum POW (ETHW) but these were very unprofitable, yielding perhaps 10% or 20% max on a good day. And that's not 20% profit, that's getting $20 in crypto for $100 spent in AWS costs. Not a good deal.

Now, another question you might be interested in is how long it takes to mine one Monero coin? A Monero block is mined every 2 minutes. You already know that the current reward for mining a transaction block is 0.6 XMR. Doing the simple math, 1 XMR is mined every 3 minutes and 20 seconds.

AMD Ryzen 9 5950X

Furthermore, this CPU has been considered the best CPU for mining when it comes to mining the Monero crypto due to its several different specifications. First, this CPU has a powerful multiprocessing capacity of 16 cores and 32 threads, making it better than other CPUs.

However, GPU has much more ALUs than CPU and as a result, they can do large amounts of mathematical work in a greater quantity than CPU. CPU mining was initially allowed in Bitcoin client's earlier versions but pretty soon hashrate of the network grew too much for CPU mining to be profitable.

Proof of Work

This PoW algorithm is ASIC resistant, which means it's impossible to build specialized hardware to mine Monero. Miners must use consumer-grade hardware and compete fairly. Monero can be mined by both CPUs and GPUs, but the former is much more efficient.

In this blog post, we demonstrated how to define custom metrics in AWS IoT Device Defender to monitor CPU/GPU usage and average ML at the edge inference time to help detect cryptocurrency mining activities by creating a rule-based security profile.

Cloud mining can be profitable, depending on who provides your services. But, as with other types of mining, it is competitive, so there is no guarantee of payment or any continuity between payments.

In recent years, the market has been relatively stable, with prices fluctuating within a narrow range. This has made mining less profitable than it was in the past. However, with the increasing adoption of cryptocurrencies and the emergence of new coins, there is still money to be made in mining.

On average, miners are currently making around $0.45 to $1 in profitability per day per mining system, though these figures vary greatly and are dependent on the factors that I will outline below.

What is the most profitable way to mine Monero? ›

Mining Monero with GPU is more efficient and profitable than CPU mining, but it also requires more investment and power consumption. Here are the steps to follow: Download and install a Monero mining software that supports GPU mining, such as XMRig or SRBMiner-Multi.

Yes, you can mine one monero a day subject to the power of your hardware. A Monero block is mined every 2 minutes, and we know that the current reward for mining transaction block is 4.99 XMR. So, by doing the simple math, we know that 1 XMR is mined every 24 seconds.

Mining Monero (XMR) can be profitable with a GPU, but there are several factors to consider when determining the potential profitability of a mining operation. Some of the most important factors include: Hash rate: The hash rate of a GPU will determine how quickly it can solve mathematical problems and earn rewards.

RAM frequency and timing settings for Monero mining. Note that setting XMP might not be the most optimal setting for mining. We suggest setting RAM frequency to 3200 MHz, Infinity fabric to 1600 MHz, and RAM timings to auto. These should be default OC values for every RAM model when mining the RandomXMonero algorithm.

Out of the three methods of mining, GPU and ASIC are typically considered to be more profitable than CPU mining. This is because GPU and ASIC miners can process a larger number of calculations per second, making them more efficient than CPU miners.

Yes. Crypto mining can be profitable - but there are factors miners need to consider including electricity costs, mining difficulty, and market conditions. All these can significantly impact profitability. Electricity expenses play a crucial role as mining operations consume substantial power.

Historically, Bitcoin (BTC) has been one of the most lucrative cryptocurrencies to mine due to its high market value. However, other cryptocurrencies like Ethereum (ETH), Litecoin (LTC), and Monero (XMR) have also been profitable for miners, depending on market conditions and mining hardware efficiency.