5 . Introduction to Cryptocurrency Mining - Part 2 | Steemit Crypto Academy homework task by@akashhassan

Hello to all this  beautiful people  today I am doing my homework for this week about what is cloud mining last  week  we talked about what is mining in general so today we will know what is cloud  and a few other things as well like advantages disadvantages and stuff so stay with me and I will try to to explain it as much as I know

 cloud mining is really easy In this process if you don't want to use your hardware or if you don't have hardware for mining then what you do you go for cloud mining which is is renting hash power from companies there are many MI website they provide cloud Mining in which you will have to  take a contract and you will have to pay a money to get their services its  is like outsourcingThe contact usually is for one year two years three years it can be anything depends on you in cloud mining you don't have to to buy anything like a supercomputer or GPU you don't need any of that all of those thing the company will handle they will set up up a computer  for mining they will take care of electricity maintenance and everything and you will get the benefit of that computer because you rent that computer for a certain time let me tell you exactly what happens in cloud services if you have ever used Google Drive you are storing all your data in Google Drive online you don't need any memory card or hard disk or that the same is with cloud mining you are mining but you don't need any machine your computer to that

 

his is one of the earliest companies which stepped into cloud mining and today they are one of the best I would say in cloud mining people trust them and they have got some really good baking because the strong point about this company is that they make their own mining farms well if you don't know that many companies they don't tell you but they don't have their on mining farms but this company have their own mining Farms  which makes them a little bit of unique and because this like 78 years old company in this  ecosystem there are very less chances of doing something wrong because they are expert now in 7 years you can learn a lot so according to me this company is on number one in now time I don't know about the future maybe they can go down but this time they are on number one

this company is also special and they also provide cloud mining there are some special points about this company and that is that you can buy by a machine a computer on your own and then you can give it to them they will host it for you and you can mine isn't it cool I mean I find that really cool and they have set up a new farm in Armenia which people talking about  of course in this world if you show something to the world they will trust you in these days many people are talking about this Cloud Service a lot so let me tell you I don't have any personal experience with this company but I have heard that they are providing really good services so I would keep this one on number two

There are many advantages you don't have to worry about the  electricity cost which is the main factor in mining because your machines will have to run for 24 hours and it can cost you some really heavy money so the first advantage that I would say is electricity and the second is you don't have to hear that noise 24 hours that  that is the second advantage and the third advantage I would say is that you don't have to spend time on learning   how to set up mining computer and stuff it says you a lot of time in case if you got any problem with your computer you can't solve it now if you are using  cloud mining they will do it for you you want your no that is another advantage

 ok nobody will tell you this but let me tell you if you actually count how much money value make you make very less because of the maintenance  fee  if you ever counted you will see that you are making less than you think so the first disadvantage is that  less money  the second advantage is that any time the company can say that they are shutting down and you can't do anything about that third thing is that the machine and all the  rigs are at   somewhere you don't know so you don't know Automatically you lose control over that you can't touch it you can't see it you don't know anything about that the last disadvantage is that it's a long term thing like you will have to wait a lot for your profit  to make

let me clear that out don't go for cloud mining it sounds easy and you will feel like I don't have to do anything you are wrong it's not profitable you won't get money as much as you think second thing is that it's a long term thing  in case if you want to withdraw your money you can't do that the website or the platform that can anytime say  that that don't want to continue this and that can shut down and go    they can say that they have got fire in their place and everything is gone just look at the the bigger picture here why are they doing that why are they not using those Farms and machines for themselves why are they giving you the opportunity to do it take and use it for themselves and make a lot of money it's not that easy I will highly suggest if you are getting into cloud mining please do your homework if you are going for any website do your homework check the reviews from  authentic sources

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