Steem crypto academy || my submission post for besticofinder week-5

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Hello steemians I have attend the week - 5 lecture taught by professor@bestcofinder. today I will be submitting my home work post which is about cryptocurrency mining part 2. I really appreciate your time going through this post.

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In this week lecture the professor asked us to discuss on the following

(1) What is Cloud Mining ?
(2) What are the best cloud mining platforms ?
(3) Discuss the advantages and disadvantages of cloud mining ?

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WHAT IS CLOUD MINING

Cloud mining is the procedure of mining cryptocurrencies like bitcoin or altcoins (altcoins are those crypto that came into existence after the success of bitcoin) using a remote data center with shared processing power. The essence of this remote data center is to remove the problem of setting hardware at home. Miners now buy out put of cryptocurrency mining hardware, this remote data centers are discovered in it as its to get mining work done.

The cloud mining platform provides share processing power for miners to use as this has remove a major challenge in the aspect of high consumption in power.

This cloud mining has benched the managing of hardware. As it has made miners who choose to mine with cloud not to engage in managing hardware for mining again.loud mining since, its done through cloud that has less issues like to maintain equipment and others etc.

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WHAT ARE THE BEST BEST CLOUD MINING PLATFORMS

We have several of them which are real, but base on what I researched about I found few which are listed below

• Genesis mining
• miners gate
• hash nest
• nice hash

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Genesis Mining

Genesis mining is said to be one of the fastest mining hardware also all kind of cryptocurrency is available for mining you can mine any cryptocurrency of your choice. And it's user get a periodic mining output in their designated wallet.

miners gate.

Miners gate was created by some set of people which are passionate for crytocoin. It's said to be the first pool to provide merged service. You can download it and start to mine cryptocurrency like etherium and other altcoins quickly.

harsh nest

Hash nest is another cloud mining platform, when you register you will get a hash nest wallet address that you will use to receive your mining profit daily.

nice hash

Nice hash is a private held company founded by matjaz skorjanc and Marko kobal around 2014. It's headquarters is located at maribor, Slovenia, it a marketplace as it connect different sellers of hashing power and with buyers of hashing power too using a sharing economy approach.

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ADVANTAGE OF CLOUD MINING

1 like the video watched in the lecture the mining rig set up has a lot of fan which will be noisy when in use and it will generate much heat. So the advantage of cloud mining is that it is silent and you don't have anything to deal with heat.

2 with cloud mining you can buy hash power in little addition as this will enable you to manage your risk easily

3 you can invest small money and also reinvest the profit in additional hash power. Spending little money to buy hash power is a small risk Than spending huge amount on ASIC that may or may not be profitable.

4 It's less expensive those who don't have the money to purchase mining equipment.

DISADVANTAGE OF CLOUD MINING

1 since it's is centralized your keys and password belong to the company you can't fully boost your mined cryptocurrency.

2 the miners operation is transparent.

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Thanks once again for reading through my
article.