The Cloud and Cryptocurrency

The Cloud and Cryptocurrency
Author

Marc Weaver

Last updated July 4, 2018


  • 72 Views

As an AWS certified cloud solutions architect, one of the things I am regularly asked is “Can I mine Bitcoin on AWS hardware?”

My response is always “Absolutely, but you’ll end up losing money!”

For those who do not know, Bitcoin mining is the process where Bitcoin transactions are verified and added to the public ledger (through blockchain, which we’ll talk about later). Miners compile recent Bitcoin transactions into blocks and then by solving a computational puzzle using special software. Whoever solves it first gets to put the next block on the chain and earn the ensuing rewards.

Due to the nature of Bitcoin, the rate of creation is adjusted and decreased periodically, the result being that it is now impractical to mine for coins using regular computers and Graphics Processing Units. This means that even if Amazon were to use all of its AWS EC2 hardware to mine for Bitcoin, it would end up spending more money on energy than it would make back in Bitcoin.

A far more profitable approach for Amazon is to let others mine for Bitcoin using AWS services and earn money from the hardware usage fees. Customers do the work, and the host gets a take. It’s not only profitable, but a better use of time and resources.

Obviously, there are many more forms of cryptocurrency out there than just Bitcoin and some of them might also be suitable for mining on AWS infrastructure, but the field is constantly evolving and changing every day.

However, there are other ways to use AWS for cryptocurrency purposes. All cryptocurrencies use a blockchain, which is a decentralized database technology that maintains an ever-growing set of transactions. It’s effectively a digital ledger that publicly records transactions chronologically, securely using encryption and all transactions can be independently verified. Some see the blockchain as a new monetary system that will change the way we use currency, others see it as immutable data source that will change the way we record transactions. Whichever way you look at blockchain, it seems likely that it is here to stay and as predicted in an article I wrote earlier this year, Amazon has recently moved into the blockchain space with the launch of the AWS Blockchain Templates service. This service allows you to rapidly create and deploy an Ethereum (either public or private) or Hyperledger Fabric (private) network on AWS.

It is exactly this kind of innovation that makes AWS such an important resource for anyone involved in IT. Very few of us would have the know-how and ability to launch our own blockchain, but with the help of AWS, anyone can deploy one with just a few mouse clicks.

It isn’t just blockchain that is new on the list of AWS products and services; there have been over 100 new announcements, updates and releases in the last month alone.

This is why getting involved with AWS and earning certification is a great way to kick start, enhance or solidify your career in IT. In the last two weeks I have taken on new clients to assist them with their migrations to AWS in the fields of social media, car leasing, brain wave analysis and, you guessed it, cryptocurrency!

The AWS Solutions Architect Associate certification is a fantastic entry point into the world of AWS and will open many doors to future opportunities and ventures. Simplilearn offers an AWS Solution Architect Certification training course that can prepare you for a career in the cloud. This AWS certification training course is designed to help you understand the architectural principles and services of one of the largest and most popular cloud providers, the Amazon Web Services (AWS). With this AWS training, you will learn how cloud computing redefines the rules of IT architecture and how to design, and scale AWS Cloud implementations with best practices recommended by Amazon. The AWS Cloud platform powers hundreds of thousands of businesses in 190 countries. AWS certified solution architects can earn approximately $125,000 annually.

Earn your certification either by self-paced learning or online classroom Flexi-Pass. If you’re taking the course through your company, there’s a corporate training solution available as well! You will have access to 32 hours of instructor-led training, 15 hours of self-paced learning, 16 live demos of AWS services, three hands-on practice projects with CloudLab, and three simulation exams. When done, you’ll earn your certification and be ready to tackle the challenges and reap the benefits of a career that lives in the cloud!

Find our AWS Solution Architect Online Classroom training classes in top cities:

Name Date Place
AWS Solution Architect 30 Jul -14 Aug 2018, Weekdays batch Your City View Details
AWS Solution Architect 20 Aug -4 Sep 2018, Weekdays batch Your City View Details
AWS Solution Architect 10 Aug -7 Sep 2018, Weekdays batch Toronto View Details

About the Author

Marc Weaver is a certified AWS solutions architect, who runs databasable, a cloud computing consultancy that specializes in AWS. He has spent over 15 years as a database administrator for investment banks such as Nomura, Commerbank and Macquarie. Marc is also a cloud computing advisor for Simplilearn. He has authored courses on AWS solutions architecture and database migration.


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