Crypto Academy Week 5 Homework Post for [PROF @besticofinder] // CLOUD MINING

HELLO PROF @besticofinder

I am very excited and learning this course very well reading all your lesson notes.
As I always do, I will briefly explain cloud mining for beginners like myself to read and understand well.

Through this research task I identified myself to be in love with cloud mining despite it risk and disadvantages.
In crypto mining we have individuals who won’t spend time to learn the technical aspect of mining or build powerful quality rigs ,they go for cloud mining where they don’t need to spend much , they will buy hashing powers from companies with some terms and condition , company might rent to them computers and internet .
So you see with this type of mining you don’t need any upfront investment.

Generally this type of mining is defined us the process of mining crypto using a remote data center with share processer power.

SOURCE

One thing I identified was that all newbies who wants to enter into the cloud mining should be careful because of several scams in the industry , some companies will offer you terms and conditions that look too good but end up running away with you capital you will use to purchase their hash power to mine .

BEST CLOUD MINING PLATFORMS

1. CGMINER: This is the most preferred cloud mining platform due to it open source to run on all kind of computers and compatible with all mining programs, it was developed to mine Bitcoin and lite coin in the year 2011 by an Australian Programmer called Cons Kolivas.
   CGMINER allow users to mine their rigs remotely and they can control fan speed due to the command-line interface it uses.
   With this pros it is difficult running GCMINER on window 10 computers.

2. BFGMINER: This miner was discovered in 2012 by Luke Dashjr , it looks like a bit advanced and well customized miner that allow users to mine multiple cryptocurrencies simultaneously , it is compatible with ASIC and FPGA but not compatible with GPU .
   It is very easy to use by advanced miners because of the command-line interface and customizable hot keys it uses, beginners will find this complicated because it doesn’t use GUI.

1. MULTIPLEMINER: This is a kind of a developed version of BFGMINER, it was discovered by Nate Walls the developer of BFGMINER in 2013, this software runs on the BFGMINER engine but it uses GUI, it is the easy type to use.
   With this software one can automate mining, and it can easily be installed on windows 10 computers but Linux computer need to install some additional software to be able to run this programme.
   Using MULTIPLEMINER you can have access to mining rigs and chose the mining strategy you want.

1. AWESOME MINER: From the name we can guess this is the most powerful mining platform discovered by some Swedish company called IntellBreeze in 2014, purposely to mine on windows and Linux computers.
   With this software users can maximise their profit because it can handle multiple mining rigs and compatible with ASICS and FPGAs, it also support more than 25 engines.

ADVANTAGES

The main advantage of cloud mining is that everyone at all can start it with no excessive investment to buy mining hardware and it operational cost.

DISADVANTAGES

Through my research I realise the demerits of this platform is the huge scams people brought into the system to fraud people money , all beginners are advice to stake to the platform mentioned above and not to go with other platforms that give you conditions that look too good .
All operation are vulnerable and transparent

I wil like to thank the steemit team , @steemcurator01,@steemcurator02,@steemblogit also the Prof @besticofinder