Crypto Academy Week 5 Homework Post for @besticofinder | Introduction to Cryptocurrency Mining PART TWO

Could mining

This comprises of large amount of either personal or public computers being linked together. Cloud computing require providing service to various group of users, platforms and enterprises via the internet through a third party. This service are usually provided in form of "harsh power" which authorized miners or users to use the platform for mining activities. This method of mining has increase the number of people that is participating in cryptocurrencies mining because of the advantages it provides over the normal mining where individuals are responsible for high CPU computers and other expensive equipment. Some of these advantages are itemized and explained below:

1. Low cost computers can be used for mining It is very possible for miners to carryout mining without having to buy high capacity computers because a third party computers or facility is been used. Thereby the cost of starting a mining outfit is reduced.

2. Improvement in the performance of miner's computers: because third party facilities often use to have a storage facility, the user or costumer's computers run smoothly because of less load in terms of software applications, and free memory space.

3. Reduced infrastructure cost for miners: Cost that usually goes into purchasing large servers are only channel to getting computing power or harsh power from the service provider. Therefore, the cost of purchasing IT infrastructure is completely minimised.

4. Lower maintenance cost: both hardware and software maintenance costs are handled significantly reduced because of cloud computing.

Disadvantage of cloud mining

1. It tends to make mining cryptocurrencies Centralized because the third party providing the computing power or harsh power often tend to exercise some level of control over the user's activities. It is a major disadvantage because the ideology behind cryptocurrencies is decentralization of operation and asset management.

Platforms for cloud mining

There are about four popular platforms for crypto currency cloud mining they include genesis mining, Eobot, Hashflare and Bitcoin cloud mining. Among the four although preference is dependent on the individual users peculiarities, I will want to prefer Genesis Mining because its offers a safe and easy method to buy hashpower without passing through the hurdles of handling complex software setup and hardware.
Thank you for reading my post on the crypto academy community.

@steemcurator02
@steemcurator01
@besticofinder