Introduction to Cryptocurrency Mining - Part 2 | Steemit Crypto Academy | Lesson 5 | Homework Done by @davchi

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INTRODUCTION

WHAT IS MINING
This is a process through which new coins or tokens are added to the block chain. Further we can also view this as a process through which new hashes are verified using different authenticated hardwares in solving computational or mathematical problems by deploying high intelligent computers as auxiliary and then the hashes are added to the public ledger or blockchain ecosystem as blocks.

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NEVERTHELESS THIS WILL LEAD US TO WHAT CLOUD MINING IS;
This could be seen as a process where by a miner or group of miners shares their mining proxy called hash power to may be a well equipped cryptocurrency mining industry or farm and receives rewards in return for their leased hash power to the company. On the contrary, it is like buying a share from a cryptocurrency mining industry may be because of the cost associated with cryptocurrency mining in regards to infrastructural installment or the level of required knowledge and computational mining skill and prowess evoke in mining cryptos, finally as one gives his hash power or mining power to the crypto mining industry, he is then rewarded at the end of the mining process for his contributed quota in any block added to the blockchain ecosystem.
So in this scenario or regard the miner isn't really the true miner, but a second party hash power shared miner who mines on behalf of a first party that pulled just his capital may be because of the cost or knowledge associated with mining protocols and can not initiate any personal mining adventure at the moment.

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WHAT ARE THE BEST CLOUD MINING PLATFORMS ?

It will be very expedient to elucidate some if the best mining platforms around the globe viz:

1.SHAMINING: This is another user friendly cloud mining farm, that was established in the UK around 2018. Hence they have four distinct contracts that they render which are viz:
Individual contracts,CPU, GPU and ASIC.
On the other hand let me just elucidate some of it's daily contract profit levels.

CPU has a Profitability index of 143% daily.

GPU has a Profitability index of 149% daily

ASIC also has a Profitability index of 156% daily.

The most beautiful aspectof SHAMINING is that it offers 37% on subscribers initial investment.

2.GENESIS MINING: This mining farm or company was established in 2013, with over 2m subscribers around the globe and currently it has stabled in spearheading the largest hash power in Bitcoin crypto and also Altcoin token and finally we can add that they are a bit expensive.

3.IQ MINING: this is a mining farm that is based in Europe, established around 2016, and currently it has about 50,000 subscribers, it is very user friendly with three stages of subscription viz: Gold, silver and bronze packages.

4.HASHFLARE: This cloud mining farm was established in 2015, where users can mine up to 5 different cryptocurrencies using platforms like ZCASH, BTC, LTC, ETH and DASH. Besides you don't need a big capital to start mining with this farm.

5.CRYPTO UNIVERSE: This very cloud mining farm was established around 2018 which it's majority of services was for the RUSSIAN federation, with the view of assisting users in cloud and BTC mining and also assist users in procuring mining equipments.

6.HASHSHINY: This very cloud mining farm was established in 2017, this company generates up to 1.5% of the world's Bitcoin hash rate.
Nevertheless for the sake of personal proficiency, let me file the means, procedures and steps in signing in,

• First:you log in to HASHSHINY.io and login your first name, last name and email address.

• Secondly: you pick a plan according to your financial capacity, probably the plans are six in number.

• Thirdly you pay for the plan you picked and then you are set for mining.

7.HASHING24: This cloud mining farm was established in 2016 that is based in the UK Ukraine and Thailand, which provides unlimited contract to it's users and also pays it's customers without delay.

8.ECOS: this mining farm was established in Armenia in 2017 and their head office situated in Russia, their farm is also into cloud mining which have about 40,000 subscribers. They have a minimum stipulated price of mining contract at $125 which is valid for a 6month period and beside it is highly beneficial in that new users get a month free promo contract and besides you can withdraw and also deposit using your earned crypto currencies and also your credit card.

9.BEMINE: This very cloud mining farm was stablished in 2018 with majority of it services in RUSSIAN and few other countries.

10.EOBOT: This very cloud mining farm was established around 2013 in the US with more than 2.2m users and thousands of active users, this very platform also provides real time trading to it users.

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DISCUSS THE ADVANTAGES AND DISADVANTAGES OF CLOUD MINING ?

THE ADVANTAGES OF CLOUD MINING:

1.COMPLICATED COMPUTATIONAL PROBLEM SOLVED:
Mining requires high computational ability and complicated cryptographical problems which may not be solved by some miners, but with the help of cloud mining, it has helped miners with little or no knowledge or perhaps with less capital to initiating mines.

2.THERE IS COST REDUCTION:
Cloud mining reduces direct cost effect that could have been incurred or born by a miner if he could have opted for the acquisition of mining infrastructures, hence the only cost associated with cloud mining is just your hash power purchases.

3.STRESSLESS PROFITABLE VENTURE:
Since the cloud mining process is a company or farm operated and managed by professionals with high technical ability and sophisticated devices which helps in easy mining of cryptos, on this wise it helps investors who gave out their hash power to earn high profit without any stress.

DISADVANTAGES OF CLOUD MINING:

1.IT DISCOURAGES PERSONAL DEVELOPMENT:
Since legion of miners are individuals with little or no knowledge of how the minig system operates and on the other hand, the handing over of hash powers to miners therefore discourages personal development.

2.IT GIVES A LIMITED RATE OF PERSONAL PROFITABILITY:
Since every cloud mining firm has a stipulated rate of returns based on their hash powers and since no miner has a knowledge of exactly what their hash power could generate at the stipulated time period, there is the possibility of unmaximized profit or returns.

To this end I wish to draw the curtain of my research. I really wish to appreciate Professor @besticofinder for letting me to go through a research as this and also I wish to appreciate @steemitblog for assisting us with an incredibly educative community as this, thanks.

Cc: @steemcurator02
Cc: @besticofinder