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I have a server with following specs which is using avg. 20% CPU daily :

Quad Core 3.20Ghz (E3-1230)
32GB RAM
1Gbps unmetered b/w

My questions are :

1). With today's rates does it makes sense to CPU mine Bitcoins, what results should I expect? I used http://www.coinish.com/calc/ but it does not have anything near to my hardware specs. All other answers to similar questions take the old Bitcoin rates into consideration of profitability - with 1BTC=$1200+ the scenario must have changed a lot ?

2). Secondly, can I use multiple servers and computers to work as a farm towards the common goal of mining bitcoins working as a team and will this help achieve the goal of profitability.

The servers are used for hosting websites and I pay a fixed rental. So there is no additional investment or charges involved.

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Is Bitcoin mining profitable on a 8 core, 32 GB server with unused capacity?

No.

I used http://www.coinish.com/calc/ but it does not have anything near to my hardware specs.

Expect 2-4MH per core. 38MH/s for all eight is all but useless. Maybe 80c a month, if that.

with 1BTC=$1200+ the scenario must have changed a lot ?

No.

Secondly, can I use multiple servers and computers to work as a farm towards the common goal of mining bitcoins working as a team and will this help achieve the goal of profitability.

No.

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    The last answer should be yes, no - yes, you can use multiple computers as a farm, but no, that wont help. If a computer is loosing money, more computers just loose more money. – TomTom Dec 1 '13 at 7:56
  • It's really a no. The question asks if it's more profitable to have more than one mining, but it's just the same as having a sole miner. As you said, they lose at the same rate. – Anonymous Dec 1 '13 at 10:22
  • Actually no. It is two questions. "Can I use multiple servers and computer to work as a farm towards the common goal" - yes. "And will this help achieve the goal of profitability" - no. – TomTom Dec 1 '13 at 10:23
  • The implication of the first "working as a team" is a precursor to the second, which is improving efficiency. You can see why I classed the two as one and the same, but I can also see why you treat them as different. – Anonymous Dec 1 '13 at 10:34

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