Crypto Academy Week 5 Homework Post for [@besticofinder] Cloud Mining

Hi everyone, This is my homework post for Professor @besticofinder and it is about Cloud Mining. I want to thank Professor for such an amazing lecture.

As the use of Cryptocurrency is increasing day by day, mining of Cryptocurrency is also growing at very fast speed. Due to the popularity of bitcoin, people are being attracted to cryptocurrency. Crypto mining is a process which is used to validate the transactions being made on the network. There are two types of crypto mining. One is hardware mining where hardware devices are used for mining purpose. But being costly, everyone cannot afford to mine using this method. Other way of mining is Cloud mining. It is discussed below.

Cloud Mining.

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Cloud mining is a term used for mining by using cloud technology . Users are facilitated to mine cryptocurrency through leased cloud processing space. Users are charged with a very small amount of fee. People are attracted by eliminating hardware cost, electricity cost and hardware maintenance cost.

Cloud mining companies offer different kind of packages and users can select the package that suits them. It is a kind of contract between user and cloud mining organizations. User are given hash power that is used to mine crypto assets. In this way, people who cannot afford to built hardware mining devices, are enabled to mine crypto assets easily.

Cloud Mining Platforms.

There are many cloud mining platforms that are providing services to people for many years. Users are also insured of highest security level for their investment. Followings are some reputed cloud mining platforms.

1. IQ mining.

IQ mining is a very reputed and trusted platform, offering its cloud mining services since it came into being in 2016. It has a customer support service providing 24/7 services to users. It is currently offering 35% discount on its contracts. It offers mining of Bitcoin and Ethereum and +100 altcoins currently.

Mining of all popular crypto assets like Bitcoin, Ethereum and 100+ altcoins is being offered by this platform.

2. Genesis.

Genesis mining is one of the leading hashpower providers. They also claim that they have attracted about 2,000,000 people since its start at the end of 2013. Their goal is to provide an easy and smart cryptocurrency mining with highest rewards. They offer mining of multiple crypto assets like Bitcoin and other altcoins. User are offered various contracts according to their needs.

3. Shamining.

Shamining is another one of the best platforms for cloud mining. Minimum investment is 250$ on this platform. It claims to have over 17000 crypto investors. It came into being in 2018 and since then it is providing good services to its users. It is a uk based mining site. It has very good reviews on internet. Users have given good reviews about this platform. So, it is a reliable platform foe cloud mining.

Advantages of Cloud mining.

There are many advantages of cloud mining and some of these are given below.

1. There is no requirement of any expertize. Even a new user can start mining with the help of cloud mining platforms.

2. User has not to purchase and install any hardware device to mine cryptocurrency. Hash power is purchased and mining starts. So it is very easy to start mining with cloud mining services.

3. User is not responsible for any maintenance charges as the service providers are fully responsible for smooth running of mining devices and their maintenance too.

4. These mining devices consume too much electricity. But user has not to pay for any electricity or other charges. So it is a very cost effective service.

5. As mining devices generate too much heat while mining cryptocurrency, it requires to maintain temperature of the room at a reasonable level. So, for this purpose, fans and air conditioners are used. User has not to pay for these charges too. So it is very cost effective.

Disadvantages of Cloud Mining.

There are some disadvantages attached to cloud mining. Some are given below.

1. There are many scams on the internet regarding cloud mining services. New comers often fall prey to these scams. So, user should choose service providers very carefully.

2. User has no access to the mining rigs and devices. User has no idea where these devices are being operated. In this way, service providers can easily cheat users.

3. User receives only a portion of the asset being mined. So it is a disadvantage and a user is given very low income.

Conclusion.

Although there are many scams, still cloud mining is an important service. There are people who wants to mine but cannot afford to do this, in this scenario, cloud mining services is needed. There are many service providers who are very trustworthy and their services can be availed for this purpose.

@steemcurator01

@steemcurator02

@steemitblog

@besticofinder

Thanks.