Crypto Academy Week 5 Homework Post for @besticofinder | Cloud Mining | by @ghostfacer99
image sourceHello Steemians,
This is my first Homework Task for @besticofinder. I am happy to write this post to complete his homework task.
# What is Cloud Mining ?
image source
It feels nice and convenient to learn that cryptocurrencies can be mined. But this is not an easy job for anyone. Crypto mining is a very costly and high-maintenance operation.
Cloud Mining is a company that sets up all expensive machines and leases mining services to mine blockchain-based cryptocurrencies. Where miners have a certain amount of CPU/GUP power as a result of their investment amount to start their mining activities.
In Cloud Mining/Services, all maintenance work has been carried out by the leasing firm. Users do not have to bother about anything, users just have to pay a service fee on a monthly basis or on an annual basis, depending on their specifications or investments. Users can mine cryptocurrencies based on a blockchain without any maintenance obstacles.
# What are the best cloud mining platforms?
To be honest, I've only heard or learned about Cloud Mining. I've never done it on my own. This knowledge is solely research-based.
The best Cloud Mining companies could be different for each customer and the availability of their services at the location. For each customer, this may be different from their investment number. Some of the best known and best cloud mining platforms are as follows:
MinerGate is one of the top Cloud Mining platforms which was created in 2014 by a group of blockchain enthusiasts. They have increased their hashing power a thousand times and in 2018 they have crossed the 3,000,000th miner count and their community is still increasing.
They offer 10 coins for mining which include: AEON, Ethereum Classic (ETC), Ethereum (ETH), Litecoin (LTC), Bitcoin Gold (BTG), Monero (XMR), etc.
HashFlare is also one of the top Cloud Mining platforms developed by HashCoins specialists in 2015. Since 2016, HashFlare has been an independent company. HashFlare is one of the leading suppliers of computing resources for bitcoin, litecoin, ethereum, and other cryptocurrencies mining. They provide their mining services to more than 2,500,000 users.
Hashing24 is also one of the well-known Cloud Mining platforms with access to the latest and most innovative technology in the industry.
Hashing24 was developed to provide mining services to professionals and newcomers with access to the same quality tools as industrial miners.
# Discuss the advantages and disadvantages of cloud mining?
As we know everything has its 2 sides. Cloud Mining also has its advantages & disadvantage. They are as follows:
* Advantages of Cloud Mining:
With Cloud Mining services, we just have to pay a rental and start earning with our investment. We do not have to worry about hardware, hardware failure, hardware maintenance, hardware upgrades, and heavy electricity bills. Above all, we will have a peaceful mind. Wherever we are, our mining work will be working for us 24/7 without any supervision.
* Disadvantages of Cloud Mining:
There is always a risk of fraud. We don't know about their intentions. Especially when we go with cheap & less known service providers. Security is a major concern these days if we have a big investment and if our keys were compromised or lost. We might lose everything. There will no one to blame. Market fluctuation is also a major point to be considered.
Cloud Mining has made it possible to start mining activity without any large investment. We all can start from anywhere in the world with a monthly rental. This one of the great features of it. But before we set up into anything it is always important to know all about it. These lectures have educated us all to take our decision well.
Thank you professor @besticofinder for the wonderful lecture. We all have learned a lot from your lectures.
Thank you!
@ghostfacer99
Member: Steeming India Community
Hello @ghostfacer99,
Thank you for submitting homework task 5 ! You have discussed all the three topics required with facts. And I love the thumbnail image created by you.. nice work [7]
Thank you
Thank you for reviewing my homework task & for your valuable time. Let's keep steeming....
I also heard about MinerGate. When I came into the Crypto world, becoming a miner was one of my dreams, after knowing the fact about hardware, difficulties rules so it is now a question always for me, should I go with it or not, investment in hardware is huge.
Yes, investment hard can be considered one of the major issues to all the miners. For us, government policies are also there. We are not sure, about their policies, they can ban it anytime. There are a lot of rumors about it. Considering these, we can not go with such investment which can be a total loss at any time.