Hello steemians!!
How are doing?
I hope that all of us will always be protected by the almighty and always be given health.
This time I want to do homework given by professor @besticofinder which the homework is:

• What is Cloud Mining?
• What are the best cloud mining platforms?
• Discuss the advantages and disadvantages of cloud mining?

1. What is Cloud Mining?

Cloud Mining has sprung up a lot because mining Bitcoin requires a device that can work optimally. Especially if this is not the case, it will take a long time and cost more for electricity costs and internet costs.

Cloud Mining is a service provider to be able to mine Bitcoin. With this service, Bitcoin users can buy contracts to rent devices owned by parties that provide cloud mining services for a certain period of time.

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By purchasing this cloud mining contract, Bitcoin users don't have to bother managing devices or buying their own mining equipment. Generally, cloud mining contracts are in the form of shares or shares per GHS.

Basically, cloud mining service providers will certainly have physical evidence of the mining equipment used. So, with that, it can prove that the service provider is correct or not.

2. What are the best cloud mining platforms?

Bitzfree

When you register on the Bitzfree website they will give you 20 Ghs for free. Bitzfree gives you points to increase mining speed by 10 percent every time you log in.

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When you want to enter a website, you have to make sure that you are not a robot. This can make services and websites trust users and they add more security. The user has the option to use this speed or duplicate it every day.

The site also offers many ways to increase mining speed. For example, by following recommended social media and completing tasks given by Bitzfree. It is not recommended to make payments on this site, it's better to use the free service at Bitzfree. This site also has 100,000 users so it's good enough to be a free Bitcoin mining option without a deposit.

Genesis mining

This mining site is multi-pool-based like Bitcoin, Litecoin, and so on.

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This Genesis was founded in late 2013. This site has a lot of enthusiasts, making it one of the largest in the world.

The advantage of genesis mining is an instant mining process because, after 4-5 hours of payment, cloud mining will be active.

Active at any time for 24 hours, have good service to have various payment systems that can use VISA / MasterCard credit cards, Bank Transfer, Bitcoin, Darkcoin, Litecoin, and Dogecoin.

IQ Mining

IQ Mining is a site that provides trusted mining with cloud mining. This company has previously proven that it can provide good service to its clients.

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To do mining on this site you don't need to be an expert in crypto mining. You just need to do some simple verification procedures and start earning your first crypto coin. Apart from Bitcoin, the platform also supports Dash, Moner, Zcash, Litecoin, and Ethereum.

To make a profit you only need to depend on the amount of hashrate being rented. All customer income will also be protected by a special smart contract that allows you to predict prices for future cost capacities.

3. Discuss the advantages and disadvantages of cloud mining?

Advantages of Cloud Mining

• Do not spend a lot of capital.
• There is no need to spend on installing mining equipment.
• No need to pay electricity and internet fees.
• Does not require a special room.
• Has a guarantee of good maintenance.

Disadvantages of Cloud Mining

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• Often experience a scam.
• Many companies often stop payments without notification.
• Prone to the risk of fraud.
• Mining Providers can stop mining operations if profits are too low.
• Mining service companies often go bankrupt.
• You don't have complete control over the mining equipment.

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That is my explanation about cloud mining cryptocurrency. Hopefully, it will be useful for all of my friends and also for myself. Sorry if there are errors in writing, and you can let me know by writing a comment in the comments column.

See you in the next post!

CC:

@besticofinder
@steemitblog
@steemcurator01
@steemcurator02