Mining Shiba Inu coins on AWS in 15 minutes
Can you mine Shiba Inu (SHIB) (or any other coin) on AWS? Is it cost effective? I was interested to see if it would work first, then which are the best instances to use and would it make financial sense?
The Shiba Inu crypto continues to rebound and rise — despite several months of dips and drops. And some experts remain unsure why that is. I wanted to see it was easy enough to mine SHIB on AWS and more out if interest/fun than anything else. Give it a go, but do see my conclusion before you run your servers for too long. 🤪
This script will allow you to mine any coin, but we focusing on SHIB for this one.
Step 1: Setup a digital wallet.
So, there are many choices available, but I chose https://atomicwallet.io. Simply install it and
Set up a strong and secure password. They recommend using a password manager. If you are inventing it by yourself, make sure it is not the same as any other passwords you have ever used. Repeat the password and click Set Password. Let the wallet load.
You are now viewing your 12-word backup phrase. This is a crucial point for securing your assets. Your backup phrase is highly important. You should save the phrase in the most secure way. They highly recommend to store it offline in two different places. Write down the phrase and click Open Wallet.
That’s it! Your wallet is now ready to use. This process is needed only once.
Step 2: Get your receive code
Now you can search for the SHIB coin and select it, you should see as below and you can click on the ‘Receive’ button.
You can now click on the copy button as below and your receive code will be copied into memory. Keep this code for later on.
Step 3: Setup on unminable
Now, make your way over to https://unmineable.com/coins/SHIB . Choose Kawpow and in the space below, enter your SHIP receive address copied from the previous step.
After pressing enter, you will be directed to the page below.
Bookmark this URL for later
Step 3: AWS Cloudformation script
Lets set all this up in a nice easy cloud formation script. Take note that you will need a VPC for the auto scaling group.
Parameters can be filled in as follows:
- Instance type — g4dn.xlarge seems to be best spot price
- Instance count — set the number of instances
- Spot price — the spot price you would like
- Coin — You can enter SHIB
- WalletAddress — The address from atomic wallet
- VPCID — The ID of the VPC to bring up the instances
- Subnet — The subnets to bring up the instances. You can choose many.
Take not the launch template installs the mining software (TREX) and sets it up to start mining and sending results to unminable.
Save below in a file called CloudFormationKawPow.yaml
You can deploy the cloudformation with the following CLI command, just replace each ____ with your own values.
aws cloudformation deploy --template-file CloudFormationKawPow.yaml --stack-name shibstack \
--parameter-overrides \
InstanceCount=2 \
WalletAddress=____ \
Coin=SHIB \
VpcId=____ \
SubnetIds=____,____,____,____ \
--tags community=dm \
--capabilities CAPABILITY_NAMED_IAM \
--profile ____ --region us-east-1Step 4: Monitor
You can now monitor your auto scaling group in EC2.
Take note that due to spot prices and availability, it may take a while for your instance to launch.
Conclusion
So, this was a great little exercise and you can certainly get mining very quickly. BUT IS IT WORTH IT?
I can give an indication of mining doge coins. Its always one thing getting a theoretical cost, but I ran it for a week on my personal account to see how it will actually go. In a week, I mined 35 doge coins, which would have cost me around $7 at the time. But the mining server cost $19 for the week.
In a nutshell…. This was fun, BUT DONT DO IT ;-)
