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(@besticofinder)Task #5: Introduction to Cryptocurrency Mining - Part 2 / By: @tanhunter254.
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Hello steemit friends, welcome .
What is cloud mining
Cloud mining is to share resources or rent through the use of remote data with shared processing power, in short you would be lending part of the computing power of your equipment to others, the interested user must register on a platform that offers this service, buy a contract or shares within the platform, all this for profit in many cases withdrawn once reaching the minimum withdrawal amount.
There are different ways of mining in the cloud, Virtual private server: This requires the rental of a server and software to access remotely to a rented computer.
Computer rental__: In this users buy to use the hashing power, users select how much computing power to hire or rent, it is one of the most common forms, but there are many offering fraudulent services.
Hosted mining: It is a less common form but of great help for those who can not afford all the expense generated by the mining process, is a company that takes charge of the costs and maintenance of hardware that has its client.
Cloud mining services.
I have some ignorance about the companies and software used for this type of mining since despite my research I have never used them, my closest experience with this type of mining was my start in the crypto world with PTC platforms and faucets, which offered a similar service but these only allowed to generate crumbs or very small portions of a token. The software I will mention are based on an analysis of an article by beincrypto, where he shows a top of providers of this service, such as StormGain, ScryptCube, Genesis Cloud Mining, Nicehash Cloud Mining, HashFlare, Hashnest, Eobot, Hashing24, CCG Mining.
I will perform an analysis of some of them, specifically the top 3:
StormGain: It is a company with a minimum withdrawal of 10 usdt, it is a reliable one, profits are paid within 72 hours, it has anti-fraud engine, this one can only mine btc.
ScryptCube: It is easy to use, has plans from 1 to 2 years for an economical price.
The 1-year plan starts at $1.90 for 100 GH/s, while the 2-year plan will cost you $3.50 for 100 GH/s. Source: beincrypto.
You can generate revenue with a profitable 24/7 plan with no hidden commissions.
Genesis Cloud Mining: It is one of the first that has existed, founded in 2013 based in Iceland from its farm, it allows mining: Bitcoin, Ethereum, Zcash, Monero, Litecoin and Dash. It has good plans and contracts for its customers.
Advantages and disadvantages
This is an analysis of the advantages of cloud mining for @besticofinder task #5, among them we find: cheaper, less resource expenditure and lower energy consumption for affiliates, does not require so much hardware, the company takes care of the problems that may occur.
Disadvantages: There are many companies that scam so we must be sure to work with real and reliable companies, lower profit, payments are in a certain time or agreed by the service provider, depending on the server there may be high rates and slower payments.
This assignment was made for teacher @besticofinder based on assignment #5 Introduction to Cryptocurrency Mining - Part 2 | Steemit Crypto Academy | Lesson 5, if you want to make your entry click the link above.
Thanks for reading, see you later.
Self-written / own writing : @tanhunter254
Hello @tanhunter254 ,
Thank you for submitting homework task 5 ! You have answered all the three questions with facts.
Profits are very low comparatively. That's because the costs for above mentioned advantages ( initial cost , operational cost and maintenance costs ) are covered with our profits. nice work [5]
Thank you
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Gracias por observar mi tarea. Saludos profesor.
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