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I am just wondering if I can run the wallet with my private key on an cheap Ubuntu VPS to start earning baking rewards.

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No you have to explicitly register as a baker and run the baking and endorsing processes on your node.

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    Awesome, 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? – Mack Baise Feb 19 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 – xtzbaker Feb 19 at 7:06

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