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Hello Steemians, it is another week of learning new things about blockchain and cryptocurrency in the crypto academy. Today I have learned a lot of new things on cryptocurrency mining from the lesson given by professor @besticofinder . I really appreciate it.

Here is my homework for Week 5: Cryptocurrency Mining Part 2

(1)What is Cloud Mining ?

As its name may suggest, cloud mining is the practice of mining crptos on the cloud. It is a cloud-based servise for individual crypto investers, or a leased hosting servie. You do not need to own a single mining machine yourself, but can mine cryptcurrencies remotely by using mining machines belonging to cloud mining platforms. A cloud mining service provider can provide you with mining machines, networks and necessary operation and maintenence, while you, as a client, only need to pay a certain fee and decide on what cryptocurrencies to mine.

(2) What are the best cloud mining platforms ?

Here are three of the better known cloud mining platforms, which are comparatively stable, of a large scale, and have been in operation and providing servies for a longer while.

Genesis Mining

Established in 2013, Genensis Mining is one of the most prominent providers of cloud computing power providers. It is dedicated to developoing the the cloud computing power service market and provideing an open and transparent platform. Customers can mine mainstream cryptos including BTC, Eth, and Monero.

Hashflare

Brought to clients by the mining algorithm experts of the HashCoins team, HashFlare is a new field of cloud mining machine service platform. Hashflare is a mining computing power sales platform, where BTC, Eth, Dash and other cryptos can be mined.

Nicehash

Founded in 2014, NiceHahs has already established itself as a famous name in the field of Cryptocurrency mining. It is dedicated to connecting buyers and sellers of scattered computing power into one market and is well known for its timely and steady payment, excellent service support and high security and stability.

(3) Discuss the advantages and disadvantages of cloud mining ?

Just as every coin has two sides, cloud mining also has its advantages and disadvantages.

Advantages

1. By using cloud mining services, you can avoid the noises of mining machiens, especially when there are many.
2. You can save money by reducing electricity cose, since household electricity consumption is much higher.
3. You don’t need to worry about the cost of macihines. When mining no longer makes profics, there will be no uselss equipment.

Disadvantages

1. There is a risk of fraud, especially when you choose a lesser known could mining service provider.
2. The mining process might not be transparent, and the platform may keep part of the profits to themselves.
3. Depending on the price of the cryptocurrency that is mined, the service provider might terminate the contract.
4. There is a lack of control and flexibility to the mining process, especially when the market fluctuates violently.

Thank you @besticofinder very much for the interesting and informatiove lesson, from which I have really learned a lot about cloud mining.

Special thanks:
Cc: @Steemcurator01
Cc:@Steemcurator02
Cc:@trafalgar
Cc:@Steemitblog