Crypto Academy Week 5 Homework Post for Professor @besticofinder | Homework Tasks: All About Cloud Mining

A Blessed day my co-students and Crypto Professors!!!

The first 4 weeks of Crypto Steemit Academy has been doing great and lots of amazing and informative lessons have already been shared by the Professors. This week is the start of the 2nd month of the academy and I am looking forward to the upcoming lessons and homework tasks.

For this week, Prof. @besticofinder is discussing more about the Introduction to Cryptocurrency Part 2 with the homework tasks as follows:

(1) What is Cloud Mining?
(2) What are the best cloud mining platforms?
(3) Discuss the advantages and disadvantages of cloud mining ?

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What is Cloud Mining

Before we go forward, let us have a recap of what is Cryptocurrency Mining is. Cryptocurrency Mining refers to the gathering of Cryptocurrency as a reward for the successfully done work or commonly known as Proof of Work (POW).

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_{Cloud Mining}

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Now, what is Cloud Mining? Cloud Mining is a mechanism where miners were able to mine Cryptocurrency like Bitcoin and other Altcoin without installing any hardware or other related software. For miners who mine Cryptocurrency, miners should rent or buy some cloud computing power called Hash Power. The miner's profit will depend on how much Hash Power being rented or bought. Since this type of mining is done through the cloud, everyone is qualified to participate and this makes a trend all over the crypto world. Miners were only renting or buying some hashing power from third-party cloud mining provider who has datacenters in operations, so it is accessible for everyone online, they just needed to open an account of the third-party's website that operates the cloud mining and do some important steps like renting or buying hashing power and the contract period of how long does the cloud mining will be.

Best Cloud Mining Platforms

There were different websites online that offer Cloud Mining but there were just a few who said to be trusted and gives enough profit to its miners, and here are some of them.

Genesis Mining

_{Genesis-Mining}

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Said to be the leasing Hashing Power provider all over the world. Genesis Mining started in early 2013 when a group of friends decided to build a mining farm. They've been serving over 2 Million clients in more than 100+ countries with their 10+ minable cryptocurrencies through 6 major mining algorithms. Their main vision and mission are to make Cryptocurrency Mining Accessible by everyone.

IQ Mining

_{IQ Mining}

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IQ Mining was developed by a team of Engineers and IT experts by the end of 2016. This cloud mining is developed for affordable cryptocurrency mining. They've offered different cloud mining services and contracts in some of the major cryptocurrencies like Bitcoin, Ethereum and other 100+ Altcoins with their fixed payment in USDT cryptocurrency. Aside from mining, they've also had a trading operation in their platform that makes them popular.

Hashshiny

^Hashshiny

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Hashshiny started in the year 2017 developed by a team who possess rich technological prowess which some are from top dotcom companies. This Cloud Mining platform was developed with the newest technology and has 1.5% of the worlds BTC hashing rate. They've been offering the leading cryptocurrency cloud mining which is Bitcoin and some of the leading major Altcoins with different hashing power rate and contract period to select.

Advantages and Disadvantages of Cloud Mining

In all platform and services were we into, there is always advantages and disadvantages. For cloud mining, here are some of its advantages and disadvantages to look for.

Advantages of Cloud Mining

• Since it is in the cloud, no need to fill with lots of computer to mine cryptocurrencies.
• No need to pay a huge Electricity Bill.
• Cost Efficient.
• It is affordable to get started in Crypto Mining.
• You can start mining instantly after registering and bought some hash power on the platform.
• No need for technical expertise miner.
• Reliable knowing that its data-centre is already operational.

Disadvantages of Cloud Mining

• Lesser Earning opportunity as it is limited to how much hash power you have to mine.
• Since you are just renting or buys a hash power to mine, some cloud mining platforms tend to become fraud or scams.
• Some Cloud Mining service provider is not trusted.
• In Cloud Mining, we have no control and its suppleness.
• Cannot setup mining for another cryptocurrency.

Conclusion

Another way to get into cryptocurrency is through mining and definitely, cloud mining is one of it but as to other platform and services we have been dealing with, we should always put in our mind that there were always advantages and disadvantages, so better to read some news and information about it try it for experience, and be sure to be risk-taker as you go with this.

This would be my homework task for Prof. @besticofinder in this 5th week and I hope everything is okay and be accepted.

I've appreciate all the efforts and information I've got from the lesson and I'm looking forward to the next lesson next week.

Thank you also to all the Steem Team who initiated this new project, to @steemitblog, @steemcurator01, @steemcurator02 and to all curators who supported this project.

That would be all, thank you and God Bless!!!

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Your Crypto Steemit Academy Student;