Today I'm here doing my week #5 homework

assignment on cloud mining, which is being lectured by @besticofinder.
I am not an expert in crypto mining, but I did some research on cloud mining, and this is my homework assignment for week #5.

source

Cloud Mining :

Cloud mining is a method of mining a cryptocurrency such as bitcoin using borrowed cloud computing power rather than installing and running the hardware and software directly.
Cloud mining companies allow users to open an account and engage in cryptocurrency mining remotely for a small fee, making mining more available to people all over the world. Since this form of mining is performed in the cloud, it eliminates problems like equipment maintenance and direct energy costs.

TOP CLOUD MINING PLATFORMS

1) Bitcoin Pool.

Bitcoin Pool is run by Bitcoin.com and aims to be the most cost-effective cloud mining service available. Bitcoin claims to have the largest Pay Per Share (PPS) pool in the world, with a block reward of 98 percent.

Setup is easy, and you can begin mining right away on either Bitcoin Cast (BCH) or Bitcoin Core (BTC), depending on which seems more lucrative to you.

2) IQ Mining:

IQ Mining is a cloud mining service for mining cryptocurrencies at a low cost. Bitcoin, Ethereum, and other altcoins are mined in the cloud. IQMining has a diverse range of cloud mining contracts. Mining contracts with payouts in the most widely used and trusted cryptocurrencies, as well as 100+ altcoins and a contract with a fixed payment in USDT, are accessible.

3) HashNet:

Bitmain, a world-renowned manufacturer of ASIC mining hardware, launched Hashnest in 2014. Bitmain also runs Antpool, one of the world's largest mining pools. This, along with images of a few data centers on the Hashnest website, provides convincing evidence that the business is legitimate.

Although Bitmain is primarily based in China, Hashnest operates mining farms all over the world.

Advantages of Cloud mining:

1. The absence of chilling towers and cooling fans transforms the house into a haven of peace and tranquility. When using an algorithmic hash, the CPU appears to be in continuous use, the motherboard becomes hot, and it must run in a cold environment to avoid any hardware meltdown.

2. Electricity prices are likely to rise as a result of the continuous operation of cooling equipment. Nearly no users can afford the high cost, so crypto mining companies come into action.

3. As a result of the continuous running of cooling equipment, electricity prices are likely to increase. Since almost no one can bear the high cost, crypto mining companies step in.

Disadvantages of Cloud mining:

1. When miners or users exchange knowledge about their keys and digital wallets, some cloud mining functions are prone to fraud.

2. The truth that you will not have to set up anything and must deal with such a pre-made solution has a negative impact on your income, which is frequently quite low. In reality, the mining farm keeps a portion of the proceeds to cover costs. Furthermore, as the difficulty of extracting bitcoin increases over time, or as the value of the currency falls, as it has in the last 12 months, situations that occur where mining generates very little benefit.

Professor @besticofinder, here is my week #5 homework assignment on cryptocurrency mining part 2 (cloud mining).

Special Mentions To
@steemcurator01
@steemcurator02

#cryptoacademy #trading #beginners #introduction #besticofinder-week5 #mining