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

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What is Cloud Mining?

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When we talk about cloud mining, it means that it is not necessary to have specific equipment or hardware to mine a cryptocurrency, this means that we will have to resort to companies that have such specific equipment or hardware to rent to the user through a contract that is normally for 1 year. Basically the company mentions that you can recover the investment in 4 months, with that the profitability is good because we remove from mind certain expenses that were seen using the equipment or hardware that are used in traditional mining, those expenses are, the invoice electricity, the cost to keep the equipment functional, acquisition cost of that equipment and you have to be an expert on the subject to mine in this conventional way, therefore cloud mining is profitable but very dangerous, since there are cybercriminals capable of creating false companies in search of victims without knowledge of the subject, which is only carried away by paid advertisements or topics that have been heard by third parties, so you always have to do a good research before investing in this and any mining platform that exists to avoid a loss of investment and a bad time.

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What are the best cloud mining platforms?

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To choose a company you have to be very careful because you are giving your investment, for that before choosing one you have to carry out an investigation both socially and economically of it, but this time we can the following companies that have earned the respect of many over the years for their excellent services and very good customer service, among them we have:

Genesis Mining

It is one of the world's leading providers of hosted hash for bitcoin (Bitcoin) and altcoins, including ethereum, Dash, litecoin, Monero, and Zcash, and allows mining of multiple cryptocurrencies at the same time.

Hashflare

Since its founding in 2015, it has become one of the best mining companies for bitcoin, litecoin, ethereum, and other cryptocurrencies.

Hashing 24

Investors can rent the exact amount of hash they need. By using this service, they also achieve the benefits of energy on a daily basis.

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Discuss the advantages and disadvantages of cloud mining?

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Advantages

°The profitability of this mining platform is very profitable due to its low costs to start it up, because the servers are housed in companies and the electricity bills do not exist and we avoid the costs of equipment and maintenance.
° You do not have to be an expert, because anyone with basic knowledge of the network can undermine it.

Disadvantages

° The fraud that exists is great because this platform is hosted on the Internet and therefore, cybercriminals will always try to find victims, so you always have to go to the company you want to invest in for a thorough investigation.

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Thanks for everything. Hugs.

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