I am just wondering if I can run the wallet with my private key on an cheap Ubuntu VPS to start earning baking rewards.
No you have to explicitly register as a baker and run the baking and endorsing processes on your node.
1Awesome, I am running bakechain on my local computer, and when I deposited the 10,000 tezies the status changed to "baking". On the tezos explorer it says I am delegated to my own address. Does that mean I'm registered and I have to wait 20 days or so to start baking? Feb 19, 2019 at 6:10
I'm not familiar with bakechain so you should probably wait for someone more familiar to comment but it sounds like that is the case from what you say– xtzbakerFeb 19, 2019 at 7:06