Crypto Academy Week 5 Homework Post For Professor @besticofinder - Introduction to Cryptocurrency Mining Part 2

Hello everyone........

This time I will try to complete the homework given by the Professor @besticofinder, The question is :

* What is cloud mining ?

* What are the best cloud mining platforms ?

* Discuss the advantages and disadvantages of cloud mining ?

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What is cloud mining ?

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We can say cloud mining as a mining service provider that is offered to cryptocurrency miners. Usually service providers provide mining service offers to cryptocurrency miners who are interested in joining to do mining together with a contract. Usually the contract is related to the length of time the contract is valid and about what percentage of profits are earned by cryptocurrency miners. Bitcoin miners usually have to prepare and consider everything that is needed such as special mining computer equipment, electrical power, and hardware maintenance, but in cloud mining it allows miners to reduce this risk, because miners can buy mining power output that is placed in the data center long distance. So if we want to mine cryptocurrency we must be able to think about and consider the advantages and disadvantages that we get, and we have to think about what solutions we will take in the future to face these challenges.

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What are the best cloud mining platforms ?

IQ Mining

IQ mining is one of the most trusted cloud mining platforms, at IQ Mining not only mining for bitcoin but also supporting other crypto assets such as Dash, Monero, and Litecoin. Mining on this platform, we don't need to be a mining expert, because the verification process is very simple. The amount of profit we get depends on the hashrate we rent and the profits are protected by a special smart contract so that we can predict the price and the amount of the cost.

Genesis Mining

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Genesis Mining is one of the largest cloud mining platforms because of the large number of enthusiasts, Genesis mining has the advantage of being an instant mining process because after making a payment for a few hours cloud mining will be activated immediately. The service is also quite good because the genesis is active for 24 hours.

Discuss the advantages and disadvantages of cloud mining ?

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Advantages :

1. Reducing the cost of electricity, as we discussed in the last week mining requires a large amount of electricity, this is one solution to answer these challenges.
2. Providing comfort, mining in a room makes the room atmosphere noisy, so cloud mining can be overcome because mining is done remotely using one computer.
3. There is no need to think about hardware maintenance costs, because everything has been provided by the service provider.

Disadvantages :

1. Fraud, there are lots of cloud mining services that commit fraud to get profit from miners
2. The profit that you get is less, because the profits are shared with cloud mining service providers according to the contract made.

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Maybe this is all I can explain on this week's homework. Hopefully my writing is easy to understand for readers. Thanks.....

Cc : -

@besticofinder
@steemitblog
@steemcurator01
@steemcurator02