Crypto Academy Week 5 Homework Post for [@besticofinder]

Hello steemians.
Today I'm going to make my Steemit Crypto Academy Homework task week 5 by professor @besticofinder . The lesson is Introduction to Cryptocurrency Mining Part 2 (Cloud Mining). The homework tasks are What is Cloud Mining ? , What are the best cloud mining platforms ? , Discuss the advantages and disadvantages of cloud mining ? .

Cloud Mining

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Cryptocurrency mining requires a lot of resources and costs. In fact, not everyone has sufficient capital to personally mine cryptocurrency. Therefore, many people are looking for cloud mining sites to invest in because this is one of some way to invest in the cryptocurrency. Mining is one of the most important elements on the blockchain. Thanks to miners who do mining, cryptocurrency can be created and enter the market, one of which is by means of cloud mining. Cloud mining offers a mechanism for practically mining cryptocurrencies like bitcoin without having to install all mining equipment. Many cloud mining platforms have sprung up because in mining cryptocurrency, a device that can work optimally and uses the best technology is needed. If it's not like that, the mining process will take a long time and make electricity costs & internet costs more expensive. The cloud mining service provider also has physical evidence of the mining equipment used. So that everyone who wants to invest can prove whether the cloud mining service provider is fake or not.

Cloud Mining Platforms

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Currently, there are quite a number of cloud mining services. Of the many cloud mining service providers, some of them can guarantee and are truly under the auspices of the company. However, we still have to be careful when choosing a cloud mining platform. There are also fake cloud mining platforms that have taken their toll. Among the many cloud mining platforms, there are some references that I know of and might be a recommendation for you. Among them are Hasflare, Genesis, Hashing24, OXBTC, Minergate, Hashnest and Bitcoin Pool. In my opinion, all of these platforms have something in common, but if I could choose, I would prefer genesis and bitcoin pool because they are very well known and being trusted. Because there are too many enthusiasts, sometimes the available hashrate is very limited, so you have to be more patient.

Advantages and Disadvantages of Cloud Mining

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Apart from the lucrative advantages, there are also disadvantages and risks that must be faced in cloud mining.

*Advantages:

1. Nothing noisy room because there is no rig in your house. Everything is controlled remotely using a computer.
2. Do not pay electricity costs because mining requires large electric power. So it is irrelevant if it is built at home electricity rates.
3. No need to worry about hardware damage or replacement because everything has been provided by the cloud mining service provider.
4. Can do activities outside the home without having to think about the condition of the mining rig because there is no mining rig in your house.
5. No need to worry about network problems or power cuts because everything is handled by the cloud mining service provider.

*Disadvantages:

1. There are many cases of scam or fraud out there. Therefore, you have to be more careful when choosing a trusted cloud mining platform.
2. The profit earned is lower than building your own mining rig because part of the profit will be deducted from the daily bill which includes maintenance costs and electricity expenses.
3. Cloud mining contracts can be terminated suddenly if the cryptocurrency price is not appropriate or the price is too low because it is impossible to cover operational costs.
4. The increasing difficulty level of cryptocurrency mining makes the number of hashs we lease can not be comparable and the profitability period will increase.

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