Topic = introduction to crypto currency minning
Autor = Besticonfinder
Hello steemians welcome once again to my blog this is my second participation courtesy the ongoing #SteemcryptoAcadeny Home-work task by different professors today I will be working on submitting my home-work post regarding professor @Besticonfinder.
Before I proceed let me use this medium to thank @steemitblog for this wonderful idea of putting this together trust me it has really helped me and my new convert to steemit, it has helped encroached me to trading on different platforms as the case may be, many times and Kudos to you guys, I will keep on following @steemitblog, Now let's proceed
Home-work Task
- what is cloud minnin??
Just as the nomenclature implies cloud minning now we should understand that the most popular crypto currency in the world #bitcoin works in a De-centralized system which means that is not been controlled by anyone.
Cloud mining is the way of cryptocurrency utilizing a remote datacenter/decentralized with shared processing power (SPP) . This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. Let's view some snaps below.
Let us try and understand that we have so many cloud minning sites but the question is does cloud minning pay off
The upside is that if the costs are reasonable, the cloud mining operation has good rewards and the price of Bitcoin rises, you will know more than likely end up making a healthy return on your investment. Bitcoin is less usable as money due to much higher fees and delayed transactions.
No good thing in life comes easily, ** how long does it takes to mine One bitcoin**
Regardless of the number of miners, it still takes 10 minutes to mine one Bitcoin.
At 600 seconds (10 minutes), all else being equal it will take 72,000 GW (or 72 Terawatts) of power to mine a Bitcoin using the average power usage provided by ASIC miners. This is basically it.
My experience minning Bitcoin
When I first ventured into bitcoin minning it wasn't easy at all I waited for a very longer time for my minning to come to materialize, the good aspect is that in cloud minning it has different packages all around.
we have the
bronze
silver
Gold and
platinum
for you to upgrade to another level regarding this mining perspective you need to minimize a package as you can see from the picture uploaded all packages have different amount to be paid and also the referral bonuses attached.
is cloud minning Legal??
Bitcoin ownership and mining are legal in more countries than not. Some examples of places where it is illegal are Algeria, Egypt, Morocco, Bolivia, Ecuador, Nepal, and Pakistan.4 Overall, Bitcoin use and mining are legal across much of the globe, it is very much legal in my country here #Nigeria.
What are the best cloud minning platforms
- Genesis Minning
The story of Genesis-Mining.com as as I was thought started at the end of 2013. Founders of Genesis Mining got to know each other by using the same platform for buying and selling Bitcoins. They were fascinated by the technology and wanted to build their own farm, only to realize all their friends wanted to participate as well.that is the kind of innovation that tends to move ideals forward moving forward.
They came up with the idea of mining as a service and built the first mining farm in Eastern Europe. Since our founding, we have grown tremendously and a lot has happened, but one thing remains constant.
We are all strong believers in the future of digital currencies and I love being part of this growing community, on cryptocurrency nation all around the globe.
Genesis Mining is one of the leading hashpower providers in the world, offering cryptocurrency mining capacities in every range – for newcomers, interested home miners, as well as large scale investors. Genesis Mining mission is to make acquiring cryptocurrencies easy and fast for everyone.
Genesis Mining provide a multi-algorithm, multi-coin cloud mining service using the latest technology – without any pool fees. The ultimate goal of Genesis Mining existence is to make cryptocurrency mining an easy, smart and rewarding experience for all. Genesis Mining services already attracted more than 2.000.000 people round the globe.
Advantages and disadvantages of cloud mining discuss
When we talk about Advantage we are obviously talking about #merits and #Demerits, in the issue regarding to cloud minning I will illustrate the merits and the dissadvatages here.
Advantages of cloud mining
With no chilling towers and cooling fans, the home becomes a haven of calmness and tranquility. Like the miners, while using an algorithmic hash, the CPU tends to be in constant use, the motherboard becomes hot, and to prevent any hardware meltdown, it needs to operate in a cold environment Note.
To prevent the constant running of cooling equipment, electricity costs have a high tendency to increase. Nearly no users can afford to bear the high cost, so organizations involved in crypto mining comes into play.
As soon as miners discover that that cloud mining is a profitable venture, then disposing of any hardware becomes next to impossible.
- Since firms involved in cloud mining can afford to purchase chilling towers and equipment, problems related to aeration are ruled out, in everything you do if you have the right find everything will move smoothly.
Dissadvatages of cloud mining
- Some cloud mining functions tend to commit fraud when the miners or users also share information regarding their keys and digital wallets everything has to be safe avoid sharing sensitive informations.
- In cloud mining, the operations of miners become vulnerable and transparent, Due to risk in fraud.
- There is no control and suppleness in cloud mining.
conclusion
Thank you very much for reading through I really appreciate kingcent cares. My regards to you @Besticonfinder my professor.
Cc:@steemcurator01
Cc:@steemcurator02
