Hello everyone, I welcome you all to another wonderful week in the Steemit crypto academy. Last week, we discussed Cryptocurrency mining, the difficulties of mining and the challenges faced by the traders. Today's lesson is a continuation of cryptocurrency mining by professor @besticofinder. Here is the task of the lesson.

What is cloud mining?

Source:

Cryptocurrency mining has posed to be very difficult for anyone to embark on. Cryptocurrency comes with a high running cost and it requires a lot of high tech resources like CPU and GPU.

Similarly, installing a mining rig is a crucial project that scares people away from mining. This comes with high installation cost, operation cost and maintenance cost. All these costs make the overall cost of mining very high and not affordable to anyone.

Cloud mining has solved this issue of high running cost in mining by allowing users to mine cryptocurrency using rented cloud computing power. With cloud mining, users don't get to go through the difficulties of owning and running a mining rig.

Cloud mining allows users to participate in the mining pool for a basic cost. All you have to do is to register with a cloud mining firm and purchase a hashpower or buy hardware from the company. The cloud mining firms take care of the running cost, the maintenance cost of the mining rig. Cloud mining has made mining accessible to everyone at a little cost.

Best Cloud mining Platforms

Genesis Mining

Source

Genesis mining is one of the leading and oldest mining company founded in 2013. Genesis mining provides mining services to users at easy. Hashpower is purchased at ease from their website without the need of buying and installing hardware or software. Similarly, Genesis company allow users to purchase the hash power or different cryptocurrencies thereby limiting their risk in the high volatility crypto market.

Hashflare

Source:

Hashflare is a subsidiary of Bitcoin mining equipment manufacturer Hashcoins. Hashflare offers users the opportunity to purchase hashpower for a variety of SHA-256 and scrypt coins such as Bitcoin, Ethereum, litecoin and cash. Similarly, Hashflare offers the user the chance to choose their own mining pool 1

Hashing24

Source:

This is another cloud mining company that has been around since 2016. The company is in partnership with bit fury to lease hashpower to its customers. One amazing thing about this company is that they allow newbies to simulate their profit potential before they can invest. This will enable them to understand the key concepts and working operation of cloud mining.

IQ mining

Source:
IQ mining offers affordable cryptocurrency mining services of Bitcoin and altcoins. The company offers a wide range of mining contracts to users. Similarly, mining contracts payouts are offered in the most popular cryptocurrencies and also a fixed payment in USDT.

Advantages of cloud mining

Cloud mining offers a wide range of advantage which include:

• No installation cost: cloud mining allow users to engage in mining services without incurring high cost in the installation of high tech equipment.
  -No maintenance cost: We all know the high maintenance cost associated with running a mining rig. But in cloud mining, the company takes care of the maintenance and servicing of the equipment.
• less investment: Cloud mining is affordable and available for everyone to engage in with minimum investment.
• No technical knowledge required: cloud mining is very simple and easy for newbies to engage in. It requires no technical experience in crypto mining.

Disadvantages of cloud mining

• Centralized nature: In cloud mining, users purchase hashpowers from mining company but doesn't have control of their investment. Similarly, users don't have control over the coins mined.
  -Low earning: Due to the high demand for cryptocurrency, so many people have engaged in mining services making the mining reward competitive. The reward from the mining pool is now shared among many users making the return of investment very low.
• A large number of scams: Cybercrime is at it's highest level right now. There are so many fraudulent cloud companies today on the internet. This is because of the lack of regulation of the mining companies.

In conclusion, cloud mining offers a wide range of opportunities for everyone to take advantage of and earn rewards in cryptocurrency. Despite the good services provided by the mining companies, the truth is that they can't be trusted. Extensive research is required on mining companies before making any investment.

I want to appreciate professor @besticofinder for this wonderful and informative lesson.

I'm a member of team @steemalive and this is me

❤️❤️❤️❤️
Becky

Subscribe:::Discord.
:::Whatsapp :::join trail