Steemit Crypto Academy | Introduction to Cryptocurrency Mining Part 2 | Homework task 5 for @besticofinder

Hello Steemians!!

This time I will try to do the homework task 5 part 2 that answers the question made by professors at Crypto Academy @besticofinder, as for the questions from the homework given is research and create an article discussing following topics:

1. What is Cloud Mining ?
2. What are the best cloud mining platforms ?
3. Discuss the advantages and disadvantages of cloud mining ?

This is a continuation of the previous homework where it is still related to the introduction to cryptocurrency mining. The discussion about this made my knowledge broader and increased so that it is very useful for me to discuss it.

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1. What is Cloud Mining ?

Cloud Mining is a method for mining cryptocurrency by buying or renting a service provider. This service provider performs mining using many centralized computer machines in one place which can increase hashpower so that it attracts miners to work together. Controlling mining activities can be done remotely. The main problem for miners is to bear large computing power so that this system is called cloud mining emerged.

The speed of doing mining is very dependent on the hasrate you have. the greater the hasrate, the faster the mining process and the greater the results obtained. For the purpose of getting a lot of profit, a cloud mining service is needed as a solution because they are a large company with a large capital of good and sophisticated equipment.

2. What are The Best Cloud Mining Platforms ?

• Bitcoin Pool
  Bitcoin Pool is the platform that provides the most competitive mining services. Setup and operation is so easy that you can choose the system in whatever works best for you. Monitoring of mining activities is very easy to track so it is very beneficial for you as a user.

• HashNest
  HashNest is the earliest platform that provides the best and most trusted cloud mining services. This platform allows users to mine various kinds of coins. As long as the coins are still in the market, you can continue mining for a long period of time. This is a very good advantage for the user.

• HashFlare
  HashFlare is the best platform created by specialists from Hashcoins. This platform has enormous computing power for the mining process of multiple cryptocurrencies. This makes users tempted to use this platform because mining speed is very profitable.

3. Discuss The Advantages and Disadvantages of Cloud Mining ?

• Advantages

1. Cost-effective, because you don't need to buy a lot of computer machines and don't need to provide space for the mining process.
2. Feel safe, because the mining process is carried out remotely so that it is only routine checking and controlling.
3. No need special skills, because all mining activities such as installation and maintenance are carried out by people who have good knowledge and skills handled by cloud mining service providers.

• Disadvantages

1. Risk of fraud, because so many cloud mining service providers commit fraud to get a lot of money.
2. Little profit, because the profits we get are shared with cloud mining service providers based on an approved contract.
3. Contract terminated, because it suffered a loss due to unforeseen things in cryptocurrency world that affected the market price.

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Thank you for reading my blog, maybe there are still many mistakes of my homework, but here it is. Hope it will be useful for all of you.

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@besticofinder
@steemitblog
@steemcurator01
@steemcurator02

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