Hey, How are you all. Today, i'm going to make homework week 5 task post for @besticofinder. After attending lectures by @besticofinder, i had understand many things about Cryptocurrency mining, how it works and what things does miner do to build a good mining rig. In lesson 5, we had a core concept of how a good mining rig is formed. And the week 5 task is based on Cloud Mining. So, let's start with the homework tasks.

(1) What is Cloud Mining ?

Cloud Mining:

Cloud mining is basically based on Hash power. Miners are required to buy hash power to start mining. It has a centralized mining pool which uses a Remote Datacenter with shared processing power. Miners can easily do mining without any installion of hardware and without any facing of other mining problems which includes, need of coolant system, maintenance of hardware, costly of electricity etc.
With the help of Cloud mining technology, miners can easily do mining from anywhere of the world, they just need to connect with their liked mining pool and start mining of their liked cryptocurrency.

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(2) What are the best cloud mining platforms ?

There are many cloud mining platforms in the world, i discussed some famous and top ranked platforms,

i) Genesis Mining:

This mining platform is listed among the top ranked cloud mining platform because of it reliability and transparency. It provides all the information on their website regarding coins and miner can easily monitor mining firms. The advantages of using this platform are,

• Miner do not have to install any software.
• Miner can easily mine any coin which are listed on Genesis Mining website.

ii) Bitcoin Pool:

This platform is provided by Bitcoin.com and it is known as the best service provider. Through this firm, miner can easily mine some top cryptocurrencies which includes BTC, BCH, ETH etc. This firm have some special features,

• Miner can monitor his/her mining from their iOS and android smartphones.
• Bitcoin pool is provided by established firm.

iii) IQ Mining:

IQ mining is known as one of the leading cloud mining service provider. In this platform, miner can select up to 5 currencies. Miner can easily mine and can get a payment once a day. Some special features of this platform are,

• This system is automate, means it switches automatically to the most profitable crypto coins.
• It does not have commissions in payment transactions.
• Miner get their payout everyday.

(3) Discuss the advantages and disadvantages of cloud mining ?

Advantages of Cloud Mining:

Some advantages of cloud mining are,

i) No need of Expensive Hardware:

There is a no need of expensive hardware. Everything is done on the cloud. Miner just need to buy Hash power.

ii) Electricity Cost Problem:

In many countries, electricity is expensive. This causes less profit to miner but in Cloud mining there is no need of large amount of electricity in ming.

iii) Efficiency:

Cloud mining is efficient because it solves many complex problem and it has a mining pool of miners of different part of the world.

iv) Profitable:

Cloud mining is more profitable.

Disadvantages of Cloud Mining:

i) Risk of Fraud:

There is always a risk of fraud because many cloud mining websites are doing scam by using their information and hacking their crypto wallets.

ii) Less Profit due to High Hash power rates:

When hash power rates were increased, it directly effects the profit of miners.

iii) Disadvantage of Centralized System:

Centralized system also have some disadvantages. Miners should have to wait for the termination of overall mining because miner didn't withdrawal their rewards before the termination of mining.

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Special Thanks to,

@besticofinder,
@steemcurator01,
@steemcurator02