Hello friends, This time I'll do the homework given by @besticofinder in the 5th week of this crypto academy lesson. The homework for this week is still explaining the questions surrounding cryptocurrency mining. The questions are as follows:

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

1. What is Cloud Mining?

SOURCE

Cloud mining is one of the ways that can be used to mine cryptocurrency and cloud mining is also quite well-known mining because of the convenience for its users without requiring experience or having equipment such as mining machines, graphics cards that can cost a lot of money, and most importantly you. exempted from paying the utility bills these machines generate, so long-term profitability is excellent.

If we look back, cloud mining is a giant company built by a community that provides services with sophisticated machines to people who want contracts to mine cryptocurrency.

2. What are the best cloud mining platforms?

MinerGate

SOURCE

MinerGate is a Bitcoin mining site that was very popular on PC at first. However, along with the development of technology, MinerGate now comes in the form of an application so that users can mine Bitcoin from Android.

There are two options for mining at MinerGate, namely mobile mining and buying cloud mining. If you choose mobile mining, the mining process will be carried out using a system on a smartphone chip. Meanwhile, if you choose the second option, you can offload the processing to the MinerGate server by paying a predetermined price.

In addition, you can also increase and decrease the chain count (the number of processor cores for Bitcoin mining). What's great about MinerGate is that it has a feature that allows Bitcoin mining to stop temporarily when the smartphone is being charged or low battery. If you want to achieve more Bitcoin, your smartphone must have higher specifications.

AA Miner

SOURCE

If we pay attention, then we will realize most Bitcoin mining applications from Android have lots of advertisements in them. If you are someone who is very annoyed by these advertisements, you can try AA Miner. You won't find any advertisements in this application.

AA Miner can be downloaded for free. This application also allows users to mine Bitcoin. There are 50 types of cryptocurrencies and algorithms contained in AA Miner. Interestingly, you can specify the number of chains.

Neo Neon Miner

SOURCE

The Neo Neon Miner application allows its users to mine Bitcoin, Litecoin, Feathercoin, Vertcoin, and many other types.

The way Neo Neon Miner works is that you will be brought into a mining pool or crypto pool.

What distinguishes Neo Neon Miner from others is that it has an excellent detailed mining record. This application can also detect most on-chip systems in seconds.

3. Discuss the advantages and disadvantages of cloud mining?

• Advantages

The main advantage of mining in cloud mining is that the cost you need to spend is very minimal compared to the solo mining method which requires hardware with special specifications, and you also don't need to watch your hardware 24 hours a day. The reason is, everything has been managed by the provider itself. So, you are free to leave the house whenever you want.

In cloud mining does not require a machine that consumes high power. You can start directly by registering on the website, without waiting long. Where you live will be safer from the noise of mining hardware, and you certainly don't need to have technical knowledge about cryptocurrency mining.

SOURCE

• Disadvantages

The main thing that is an advantage in mining in cloud mining is Experiencing Identity Hacking, fraud, and so on. Mining contracts with cloud mining providers can be terminated at any time due to inappropriate Bitcoin prices. So, it all depends on the volatility of the crypto market. Because, if the price of Bitcoin falls that deep, the company will no longer be able to finance the company's operations as a whole. And finally, the return on the profit will be less than mining itself

Conclusion

In the process of crypto mining through cloud mining, we must first calculate whether we will get a profit or even a deficit because in doing this mining we have a very big risk, it can be at any time the cloud mining developers take our money away.

CC: @besticofinder
CC: @steemitblog
CC: @steemcurator01
CC: @steemcurator02