Hello Steemian,

This Homework post is of course 5th provided by @besticofinder.

In this post, I will be sharing my thoughts on Cloud Mining.
I hope you will get some valuable information from this post.

Lets Began...

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🔴What is Cloud Mining ?

✔️ Cloud mining is the process of mining cryptocurrencies like bitcoin, Ethereum, and many other coins, In this process, a user can be a miner and this is easy there is no need to download any heavy software, This is totally cloud-based so there is no need of maintenance or keep big computer rooms.

✔️ Cloud mining is directly done by the computer hardware, It uses the hash power to solve the blocks, All the workload is on the CPU and GPU, Cloud miner gets an rewards in return if the miner helps to resolve the block .

✔️ Cloud mining take help by renting the mining equipments from the third party service provider who is responsible for maintaining the equipment. Hosted mining model and leashed hash power are the two well know model in the
cloud mining.

🔴 What are the best cloud mining platforms?

✔️ Nowadays the technology is changing very rapidly, cloud mining platforms are which helps miner to earn money by using this computer hash power, It is a platform where miners can get mine and the platform will help miner to get a good amount of blocks to mine, Few are listed below 👇.

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IQ Mining

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✔️ IQ Mining was started providing its services in 2016, The company provides remote equipment to miners, the equipment is majorly rented, On such platforms, miners can choose plans as per their requirements.

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Genesis Mining

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✔️ Genesis Mining is one of the largest cloud mining platforms, It started its cloud mining service in 2013 its reputation is much better than other platforms, The user interface is easy to use, The platform consists of 2 million users around the globe.

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🔴 Discuss the advantages and disadvantages of cloud mining?

✔️ In cloud computing, there are several advantages which I will be listed below

1. Data that is stored on the cloud can be accessed from anywhere in the globe and miners can take back-up for safety purposes.

2. Cloud platforms are in sync with all the miners, data can be accessed with many users by using one machine or equipment.

3. Cloud computing reduces the cost of the company by using platforms which we have discussed earlier in this post.

4. There is no limit for any storage and restriction in the cloud environment, This is portable and can be used at any time anywhere.

5. Data security is one of the biggest advantages for cloud computing the data is secured and stored in a safe place

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Let's look at some disadvantages of cloud computing, The points are listed below

1. The whole process is dependent on internet connectivity, If the internet is working then only it can be accessed, without the internet there on value for cloud computing.

2. Miner has less control over the data as all the heavy equipment are been managed by the service provider, It is maintained by them and they are the owners of the equipment.

3. Although the miner gets the best security layer but before getting into any platform miner needs to check all the security parameters or the miner can lose everything.

Cheers
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