Crypto Academy Week 5 Homework Post For @besticofinder - Introduction To Cryptocurrency Mining - Part 2

Hello Steemians
Today I will Try to do the Homework given by professor @besticofinder, hopefully it can be useful, as for the question is:

1. What is Cloud mining

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As explained in the previous week, bitcoin mining requires some preparation before mining this digital currency, as for things that need to be prepared, such as a mining area filled with sophisticated computer devices, maintenance costs and large electricity costs.

The solution to overcome this problem is by cloud mining, with cloud mining we can mine without having to think about these problems, because we can mine without having to have sophisticated computer equipment. We can say cloud mining is a service provided by large companies to work together in mining, the process is also done remotely, so we only need to make a contract with one of the trusted mining companies so we only need to monitor it at home. So bitcoin miners only need to think about the rental fee for the service provider company according to the agreed contract.

2. What are the best cloud mining platforms

Eobot

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Eobot can be said to be a trusted site for cloud mining, because eobot is one of the oldest platforms that were founded in 2013 until now, so it can be said that the possibility of a scam is small. By renting computer equipment provided by eobot, we will get free mining speeds every time.

CCG Mining

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CCG mining is one of the largest mining companies because it has sophisticated computer devices that are guaranteed and protected. CCG mining also already has 6 branch offices located in 5 countries, namely: Poland, Russia, England, Czech Republic, Latvia, and Austria which have won the trust of many clients.

3. Discuss the advantages and disadvantages of cloud mining ?

the advantages that we get by using cloud mining are :

• There is no need to use sophisticated hardaware in mining because it has been provided by service providers in cloud mining.
• No need to think about big electricity costs
• There is no need to provide a place to mine
• Provides convenience in mining without having to hear the noise from mining equipment.

The disadvantages that we get by using cloud mining are :

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• The risk of fraud is high, so we must be smart in choosing a trusted cloud mining service
• Small profits, because some of the profits have been shared with the cloud mining company.

Maybe this is all I can answer on this homework. Thank you...

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