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INTRODUCTION

Good day my sweet esteemed steemians. It's nice to be in this week's contest after an awesome lecture by professor @besticofinder. The crypto knowledge seems to be getting more interesting week after week. This week i had to rush go to the lecture hall to see what course we had to learn and the assignment given. Well the professor really did good in his educative format. Below is my answer to his homework task: (1) What is Cloud Mining ?
(2) What are the best cloud mining platforms ?
(3) Discuss the advantages and disadvantages of cloud mining ?

• What Is Cloud Mining ?

Cloud mining can be said to be mining for cryptocurrencies by either leasing or purchasing mining equipment from a third-party cloud provider and as well responsible for the equipment maintainance. Cloud mining platforms permit people to open an account and remotely participate in the process of cryptocurrency mining for a basic cost, makes mining accessible to a large number of people across the globe. Cloud mining reduces issues such as maintenance of equipment or direct energy costs. Cloud miners could get involved in a mining pool, where they purchase a certain amount of "hash power." Each person who got involved earns a pro-rata share of the profits in proportion to the amount of hashing power rented.

• What Are The Best Cloud Mining Platforms ?

1. HashShiny :
   This is a platform which is safer to use and works faster for mining cryptocurrencies like Bitcoin (BTC). HashShinny was developed 2017, and it is been working , offering cloud mining services for cryptocurrencies including the world’s biggest cryptocurrency Bitcoin then the second ranked cryptocurrency Ethereum (ETH), Zcash (ZEC), Litecoin (LTC), Dash (DASH), and Decred (DCR). The HashShiny developers claim to have developed the top cloud mining platform of the world integrated with up-to-date deployment technology, which is amongst the top cryptocurrency cloud mining platforms present out there and it offers around 1.5 percent of the Bitcoin (BTC) hash rate of the world.

2. Hashing24 :
   Hashing24 seems to be the most used Bitcoin cryptocurrency platform that provides legal cloud mining services. The platform came into limelight since 2016 and it gives unlimited contracts for its users to invest in. Hashing24 is headquartered at United Kingdom, Thailand, and Ukraine. Customers select the hashing power and the method of payments by themselves because there are no fixed contracts, so they choose their favourable plan depending on the forecast profit. Bitcoin is the only currency that they support in their available cryptocurrencies and the company pays without any delay to it's customers.

3. Hashflare
   Hashflare is a service that offers cloud mining contracts, where users have the advantage of mining different cryptocurrencies. Like ZCASH, DASH, Ethereum (ETH), Litecoin (LTC), and Bitcoin (BTC). Hasflare came into limelight in the year 2015, the site launched its services to its users and has grown enormously since then, the site has about 1 million visitors every month. The platform offers different pool mining solutions. You could choose your personal customize pool based on your preferences and Hashrate. The profit is distributed to all customers based on the Hashrate and you don’t need big investments to start.

• Discuss the advantages and disadvantages of cloud mining ?

Advantages

1. Helps Save Costs :
   Mining cryptocurrencies by yourself will require additional hardware, because hardware consumes a huge amount of power resulting to a higher electricity bill but with cloud mining, you don’t have to get the extra hardware and not to incur costs buying the hardware.

2. More reliability :
   There are inconveniences when mining cryptocurrencies by yourself especially in case the equipment fails but with cloud mining, you are at peace that the data center is serviced regularly hardware replaced always in order to reduce the chances of equipment breakdown.

3. Cooler and quieter :
   Crypto mining hardware results to a lot of heat and noise. Mining cryptocurrencies in your home won't be satisfactory but you won’t need to buy the hardware for cloud mining, which means that your home will be cooler and quieter because you did not purchase the hardware.

Disadvantages

1. Few cloud mining platforms always try to commit fraud when the miners share information regarding their keys and digital wallet either by illustration to third part or mistake.
2. Miners transactions become vulnerable and transparent to a fault.
3. Zero control and suppleness in cloud mining.

• Conclusion
  Well cloud mining Influences cloud computing with reasons of producing blockchain-based cryptocurrencies. Amongst the best cloud computing, is the fastest growing technology trends where you find computing services such as processing, server capacity, database services, and file storage are accessed via the cloud, over the Internet. Thanks Professor @besticofinder for the sweet lectures and assignment. More of this Sir @besticofinder

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