Hello Steemians,
Today I welcome you toy Homework Task 5 of @besticofinder Lesson 5.

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What is Cloud Mining?

Cloud Mining is a process in which you take part in a mining pool and purchase a certain amount of “Hash Power”. An equal proportion of profit is distributed among all the participants who take part in the mining pool on the basis of allocated hash power. It allows you to mine cryptocurrency without installing any hardware. There are many companies that do this hard work for you and participate in cloud mining for you at a very basic cost. if you are looking to earn free cryptocurrency or bitcoin here is our perfect guide for best bitcoin faucets.
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What are the best cloud mining platforms ?

The best cloud mining platforms are;

1. ECOS

ECOS is one of the best cloud mining providers out in the industry. It was established in the year 2017 in Armenia in the Free Economic Zone along with an agreement signed between the Government of Armenia and the company behind this cloud mining provider. ECOS was developed in a bid to cover the needs of clients whose taste is in cryptocurrency cloud mining and who want to get relief from self-mining. Apart from having headquarters in Armenia, the company also has a head office in the country of Russia as well.

2. Crypto Universe

Live since 2018, the crypto universe is another cloud mining project that allows the users to earn crypto mining with profitable plans and contracts.
The platform mainly provides its services in the Russian federation. The electricity rate is low in the northern region and it’s a big advantage for the crypto universe. There are 3 different plans are available named standard, VIP, and the tariff 2025 for long-term benefits.

The users can mine through 2 types of contracts “Cloud Miners” and ‘BTC Mining”. The platform lets its users buy equipment for mining. The users can resell the equipment to miners and can take their funds back at the end of the contract.

3. HashShiny

Hashshiny is a mining platform for mining Bitcoin (BTC), which is safer to use and works faster. It was developed in the year 2017, and since that time, it is working in the industry, offering cloud mining services for cryptocurrencies, including the world’s biggest cryptocurrency, Bitcoin. The developers of HashShiny claim to have developed the top cloud mining platform of the world integrated with up-to-date deployment technology.

4. Genesis Mining
Genesis mining is one of the largest cloud mining company that offers bitcoin mining projects. Founded in 2013, the company held its reputation in the market by providing smart and easy investment solutions.

The company has over 2 million customers from around the world. When it comes to hash power, genesis mining is the largest hash power provider for altcoins and bitcoin.

5. IQ Mining
In late 2016, IQ mining started to provide its services. There are quite positive feedbacks from the customers these days.
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Discuss the advantages and disadvantages of cloud mining ?

Advantages of Cloud Mining

• With no chilling towers and cooling fans, the home becomes a haven of calmness and tranquility. Like the miners, while using an algorithmic hash, the CPU tends to be in constant use, the motherboard becomes hot, and to prevent any hardware meltdown, it needs to operate in a cold environment.
• To prevent the constant running of cooling equipment, electricity costs have a high tendency to increase. Nearly no users can afford to bear the high cost, so organizations involved in crypto mining comes into play.
• As soon as miners discover that that cloud mining is a profitable venture, then disposing of any hardware becomes next to impossible.
• Since firms involved in cloud mining can afford to purchase chilling towers and equipment, problems related to aeration are ruled out.

Disadvantages of Cloud Mining

• Some cloud mining functions tend to commit fraud when the miners or users also share information regarding their keys and digital wallet.
• In cloud mining, the operations of miners become vulnerable and transparent.
• There is no control and suppleness in cloud mining.
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This homework is base on research carry-on online from different websites.

Thank You