STEEM CRYPTO ACADEMY WEEK 5: HOMEWORK POST FOR @besticofinder - CLOUD MINING, BEST CLOUD MINING PLATFORMS, ADVANTAGES AND DISADVANTAGES OF CLOUD MINING.

Thank you once again profesor @besticofinder for your week-5 lessons, I really appreciate it, here is my well researched homework task.

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1 - WHAT IS CLOUD MINING?
As the name implies, cloud mining in the simplest term means the process of cryptocurrency mining via the cloud, which is the internet.
Cloud mining is a way of mining a particular cryptocurrency such as Bitcoin by the use of a purchased cloud computing power without the direct installation and operation of the hardware or it's related software. This involves leasing or purchasing cryptocurrency mining equipment from a third-party cloud provider who also ensures the maintenance of the equipment.
Cloud mining leverages cloud computing for the purpose of producing blockchain-based cryptocurrencies. It carries out its computing services like processing, database services and so on through the internet and such companies charge their users on a usage basis just like our electricity and water services.

2 - THE BEST CLOUD MINING PLATFORMS
To start cloud mining, there are various top legit cluod mining platforms that ensures the best security for your assets and provide a comprehensive list of features, here are some of the best platforms;
IQ MINING
IQ Mining provides remote equipments enabling the users to rent them out to join cryptocurrency mining.The three different packages available in this platform include Bronze packages, Silver packages and Gold packages.
It's features include a user-friendly interface, availability of smart contracts, and it also has many cryptocurrencies which you can choose for mining.
It has a free registration without any registration fee while it is also suitable for small investments, making it very good especially for beginners.
GENESIS MINING
This is one of the best and one of the largest mining company that offers Bitcoin mining projects. It was founded in 2013 and it gained its reputation in the market by providing smart and easy investment solutions.
Genesis mining is known for providing you with numerous pricing packages based on your hash power and the type of coin that you are interested in mining.
ECOS

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This is one of the cluod mining service provider you may trust as it is a reputable mining platform and it comes with a legal status after the developers signed an agreement with the government of Armenia, the country it was founded.
The platform offers a variety of mining contracts to its users. They also have many options for deposit and withdrawal such as Bitcoin, Ethereum, XRP, and Litecoin.
Other top notch Bitcoin mining platforms include Shamining, Crypto Universe, Hashshiny, Hashing24, Hashflare, Bemine and Eobot.

3 - Advantages of Cloud mining
•Reduction in overall cost: One of the advantages of cloud mining is that they reduce the overall cost associated with mining. This general price reduction occurs due to the less investment in hardware and recurring costs.
•Accessibility: The cloud mining technology and it platforms allow people to open an account and remotely participate in the process of cryptocurrency mining at a basic cost, thus making it to be accessible to a wider number of people across the world.
•Easy Usage: Many of the cryptocurrency mining platforms today have made their user interface to be very soft and easy such that even people without sufficient technical knowledge to mine cryptocurrency can still do so with the use of cloud mining.

Disadvantages of cloud mining
•Possibilities of Fraud: Some Cloud mining functions might tend to commit fraud when the miners or users also share information regarding their keys and digital wallets.
•Susceptibility: The cloud mining practice centralizes mining to farms and profits are susceptible to demand.
•Lack of control: There is no control or suppleness in cloud mining.