The topic of cloud mining is a controversial topic and a lot of people are ignorant of what is, in this article I would like to remove the dust on this thorny topic in a simple and easy way.

What is Cloud Mining ?

Cloud mining is one of the great modern means of mining and monetizing cryptocurrencies. The traditional mining operation has become in need of a lot of money due to the high cost of mining equipment. Also, mining with graphics cards has become very expensive due to the high prices. Therefore, a reliable alternative solution appeared for mining Bitcoin and other digital currencies, specifically cloud mining.

This process allows you to buy computing power or hash power, and use it to mine the coin, to generate profits according to the computing power you subscribe to.

This process is performed by an intermediary “cloud mining company”. These companies build huge computing devices equipped for mining cryptocurrencies, after which anyone in the world is allowed to contribute a specified amount of money to these machines and thus can rent the mining power.

These companies get a certain percentage of your earnings for the subscription, that is, you receive fees for maintaining devices and equipment. You can also get the value of your subscription or the rent of the retail power, thus the company reaps the value of purchasing the device from the members and becomes their property. You can also get a percentage of member earnings from the mining process

What are the best cloud mining platforms ?

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List of the best active cloud mining sites that you can trust in order to earn income from cryptocurrencies, which we researched well before including them in this topic

1. Genesis Mining
2. StormGain
3. Binance Smart Pool

1. Genesis Mining

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The Genesis Mining cloud mining platform, with most of its farms located in Iceland, is one of the market leaders. The company was founded in 2013. During its operation, Genesis Mining has gained popularity in the crypto community as one of the most secure options.

■ Features

• The ability to mine a variety of cryptocurrencies including Bitcoin, Ethereum, Zcash, Monero, Litecoin and Dash.
• Genesis Mining is one of the few platforms whose team has never stopped working with digital cryptocurrencies destined for anonymity.
• The company offers users a variety of options for mining cryptocurrency contracts using cloud mining. +Also, one of the advantages of Genesis Mining is that it offers stable payments and good support

■ Negatives

• There is a big difference in the level of benefit from the offers.
• The platform team periodically changes the terms of the contracts.

2. StormGain

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The StormGain platform is one of the few digital assets on the market that allows you to work anonymously with cryptocurrencies, cryptocurrencies, and optionally, by yourself. The platform also provides an opportunity to engage in cryptocurrency cloud mining through a recent development in choosing the device you want to mine on or via your device.

■ Features

• If you want to mine across your hardware or other devices offered by users, StormGain does not use user equipment battery resources.
• StormGain equipment and tools allow you to achieve the highest indicators of mining speed with minimal consumption of user resources.
• The platform has a schedule to distribute prizes and rewards every 30 or 40 minutes. The automated process allows mined cryptocurrencies to be split evenly.
• A small limit for withdrawing funds is 10 USD, equivalent to the equivalent in BTC.
• Fast withdrawal of funds. +Maximum with high network load 72 hours. Stable payments.
• StormGain does not violate specified deadlines.
• The platform integrates tools to detect and prevent fraudulent activity.
• The platform has many services other than mining, such as off-platform trading, buying and selling of currencies, a cryptocurrency wallet and an exchange for trading.
• Efficient support service.
• The StormGain platform has a medical reputation in the market.
• During its operation, the platform massed a large support from the minerals.
• Another important feature of the platform is quick registration.
• It can only take a few seconds from creating an account to starting cryptocurrency mining with cloud mining.

■ Negatives

• Profits can only be extracted and bitcoin mined

3. Binance Smart Pool

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Binance Smart Pool is a service that enables the user to get higher profit by automatically switching the hash rate for mining different currencies using the same algorithm. Binance Smart Pool supports SHA256 algorithm and users' hash rate can be switched between BTC, BCH and BSV automatically.

■ Features

• Guaranteed minimum income. Due to the real-time hedging of Binance Smart Pool, the platform ensures that the users' final mining income will be higher than the general income of the FPPS payment method. Once there is a circumstance that the final actual income is less than the FPPS income, Binance Pool will guarantee to compensate the users' loss.
• Simple operation. Users can use one-click toggle switch from general mining to smart pool mining and there is no need to change mining layer URL or user id which is convenient and fast.

■ Negatives

• The platform team periodically changes the terms of the contracts.

Advantages and disadvantages of cloud mining?

■ Advantages

The advantages of cloud mining are so many, but we'll mention those that you don't need to purchase hardware or equipment:

• You can largely determine your winnings from the mining process.

• You don't need the math to figure out your earnings and take a discount.

• You can work with more than one company and with different mining contracts.

• And you can choose the type of currency you want to extract, such as Bitcoin or others.

• You can choose the mining pool which you think will bring you higher profits.

• You don't have to set up your own mining software and tools, there are some of them.

• It is a good way to invest your money with the advent of digital currencies.

■ Disadvantages

• Existence of a risk ratio like any other investment field. You don't own mining equipment, you are just a leaseholder.

• Low profits due to the fact that many people are mining, which makes profits become low.

• A large number of tricks are available that may expose you to fraud problems in the cryptocurrency world.

• Your profits are related to the value of your investment, so you have to pay a lot of money in order to get big profits.

• You have no control over the mining process. You will never get independent of your mining equipment.

• The risk factor will always be pursued in this area.

Introduction to Cryptocurrency Mining - Part 2 | Steemit Crypto Academy | Lesson 5

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