Crypto Academy Homework Week5 Submitted To Prof. @besticofinder.

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

Source

CLOUD MINING
Cloud mining comprises of two different words which are cloud and mining.
Cloud is an interface of different services which is done through the Internet with an extensive interconnected computers.
Mining is simply the activity of getting valuable assets from a pool, which could be a mine pool.

Cloud mining is therefore an integral process where cryptocurrencies are produced and transfered without utilizing the hardware.

THE BEST MINING PLATFORMS
Basically, there are two leading cloud mining platforms and they are Genesis cloud mining and Hashflare cloud mining.
Genesis mining provide attractive open-ended or life time contract to its users and their contracts propagates to a very fast selling point, making it very fast to be purchased.

Hashflare offers bitcoin cloud mining which is very profitable. They have their web portal easily navigational compared to that of Genesis mining. Though the contract of Hashflare is no more a lifetime contract but a one year contract.

ADVANTAGES OF CLOUD MINING.

• Cloud mining is profitable, if the right choices are made.

• Cloud mining reduces the cost of utility bills such as electricity bills.

• Mining rigs always seem to keep the environs noisy, but with cloud mining, the serenity of the environs is assured.

• Maintenance issue is susceptible to minimal costs for both software and hardware.

• The costs of installing softwares are much lower compared to using non-cloud rigs.

• Since the application runs in the cloud, a user does not need expensive or high-powered computers to run the application.

• The costs of buying and the cost of installing mining hardwares are economically reduced.

DISADVANTAGES OF CLOUD MINING.

• Since they are done from a remote location where we can't see them, it is very risky to invest money and start mining.

• Since it depends on the price of crypto, it is hard to predict.

Thanks Prof. @besticofinder for looking through my task.