Crypto Academy Week 5 Homework Post For @besticofinder - Introduction To Cryptocurrency Mining (Part 2)

Today I'm going to answer some questions on this week's homework given by Professor @besticofinder.

1. What is cloud mining ?
2. What are the best cloud mining platform ?
3. Discuss the advantages and disadvantages of cloud mining.

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1. What is cloud mining ?

Cloud mining is a collaboration between cryptocurrency miners and mining service providers that is done remotely without using many computer devices. Cryptocurrency miners only need to make contracts with mining service providers. So this can be said to be an investment, bitcoin miners must be able to take into account some of the benefits provided by mining service providers, so that when contracts are made miners can get big profits in the future. Cloud mining can be said to be a solution for bitcoin miners, because in cloud mining there are many large companies that have sophisticated computer devices so that miners don't need to think about computer maintenance, electricity and others that are directly related to the bitcoin mining process, we just control on one computer only.

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2. What are the best cloud mining platform ?

• Hashnet

Hashnet is a cloud mining platform that is well known in the world until now, hashnet was founded in 2014 by Bitmain. Hashnet is indeed reliable because it has a large mining farm owned by other companies to produce bitcoins. So that miners can feel safe and comfortable investing in hashnet.

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• Bitcoin Pool

Bitcoin pool is a cloud mining platform provided directly by bitcoin.com, the advantage of mining here is that it is easy to set up when we start mining and we can monitor our profits through the mobile application, so we can see the usage and value of our account at any time.

3. Discuss the advantages and disadvantages of cloud mining.

• Advantages :

The advantages of using cloud mining are that miners do not need to provide more room for mining so that the initial capital to prepare for mining is not too large, miners also do not need to think about hardware maintenance for mining because it has been provided by service providers, miners only need to monitor one computer only.

• Disadvantages :

The disadvantages of using cloud mining are the benefits that are not too large because some of the benefits will be given to mining service providers, this event can be said to be appropriate, because we hire the services of large companies that have sophisticated sophisticated hardware devices, miners also have to think about which platform they will use to mine, because in cloud mining there are lots of scams.

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So thank you, hope it is useful.......

Cc :
@besticofinder
@steemitblog
@steemcurator01
@steemcurator02