Homework Task 5|| Research On Cloud Mining||14-03-2021

HELLO AND WELCOME TO MY FIRST HOMEWORK TASK IN STEEMITCRYPTO ACADEMY

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So in this task i will be discussing cloud mining.
The three questions of this task given by @besticofinder are
1.What is cloud mining?
2.What are the best cloud mining platforms?
3.Discuss the advantages and disadvantages of cloud mining.?

So my homework will be built around these three questions i hope you all will give it a read.

So lets start with the first question

What Is Cloud Mining?

ANSWER:
According to my research what i have observed about cloud mining is that cloud mining is a process of mining a crypto currency which you do by renting the computer and hardware of mining of other companies to mine a crypto currency.
Or in simple words mining done by renting the computer and hardware of other companies and those companies charge you for the mining.
It allows one to mine any crypto currency without installing any hardware which is provided by the platform through which you do mining.

Question # 2

What Are The Best Cloud Mining Platforms?

There are alot of platforms that offers cloud mining but the person who wants to do cloud should know about the platforms as any platforms can do scams easily.I did research on some of the platforms and finally decided my top 3 platforms of cloud mining.

1.IQ Mining(2016)

★Have 50000 users
★They've categorized their packages into three levels.
1.Gold
2.Silver
3.Bronze
★free registration
★Cloud mining of bitcoin,eth,and altcoins.

2.Genesis Mining (2013)

★Over 2 million users.
★biggest hash power provider
★mining of bitcoin and altcoins
★affordable price packages available

3.Hashflare (2014)

★over 1 million users
★offerd mining of five different crypto currencies BTC,ETH,ZCASH,DASH,LTC
★No bigger investments to get started with this platform.

So these 3 are the platforms i think are the best and trusted platforms right now in the world.

Now lets come to the third and final question

Discuss the advantages and disadvantages of cloud mining

ADVANTAGES

1.you can mine for any crypto without having to download hardware of mining and you can find alot of platforms which asks affordable price for it.
2.Mining equipments generates heat and sound but if you have a contract with cloud mining platform you will just have to peacefully wait for the payout.
3.It saves on cost.If you do mining yourself by downloading the mining hardware,so the hardware consumes alot of power which can result in a higher electricity bill but if you're in contract with cloud mining platform you will have to pay less and your mining will also be done.

DISADVANTAGES

1.Some platforms do scams with their users for example me as a user has paid for mining for a different crypto currency but the platform starts mining on a different crypto currency.

2.In personal mining you have an option of change mining of one crypto currency to another but in cloud mining there is no option of changing crypto currency once you start mining.

So this is how i will end my first homework task given by @besticofinder

SPECIAL MENTIONS TO

@steemcurator01
@steemcurator02
@besticofinder

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