Thank you sir @besticonfider for the previous lessons about crypto, I'm glad to participate in this assignment because it helps to widen my understanding about cryptocurrency .

This is my assignment 👇👇

source

Question 1:

What is Cloud Mining

First of all, let's start by breaking the words down for a better understanding.

What is Cloud

Cloud refers to resources from computer system such as data storage, servers, computing power and other networked elements that provide services.

What is Mining

Mining is the verification, attestation or authentication of crypto currency transactions. It also refers to the securing of crypto currencies.

Therefore:

Cloud mining

Is the system of mining cryptocurrency using a valid and remote data hub through a resource connected over a network or computer system.

Cloud mining also refers to the process of making crypto gains when cryptographic algorithms or equations are solved by using computer resources. This involves verifying data blocks as well as adding information about transactions to a public record or ledger which is called a blockchain.

Question 2:

What are the best cloud mining platforms

These are the best top 3 mining platforms as of the year 2021, namely :

IQ Mining:

This is a cloud mining provider system that is developed for less expensive mining of cryptocurrencies . IQ mining offers a broad selection of cloud mining contracts, these mining contracts are one of the easy payouts in the most known and trusted cryptocurrencies such as 100+ altcoins and so on.

CCG Mining:

The CCG mining service was founded in the year 2016 when cryptocurrencies were booming. The CCG mining system is an international organisation that offers total wide range of solutions that involves blockchain technology. CCG mining doesn't focus on single preferred cryptocurrency. Each new day, there's an expansion of portfolio with new cryptocurrencies and they provide cloud mining services and contracts for the most well known cryptocurrencies like BTC, ZCASH, MONERO, ETH, BCH.

Hashing24:

This system makes turnkey renting solutions available from the largest bitcoin and other cryptocurrency mining data centers. Hashing24 was established by Professionals for individuals that are interested in cryptocurrency mining. They have a believe that everyone should gain from the newest technologies and large industrial data communities from their laptops, computer systems and mobile phones.

Question 3:

Discuss the Advantages and Disadvantages of cloud Mining

Advantages:

Less expensive:

Cloud mining allows miners get into cryptocurrency mining without having to invest in costly equipments. This implies that instead of individuals that are involved in cloud mining to spend so much on buying the computer equipments needed to do mining operations cloud mining has made it easier and less expensive for them since is done in a computer center where every equipment is made available and proper maintenance is been ensured to avoid damage compared to when it's done individually.

Zero noise pollution:

Cloud mining involves no noise as the equipments are well maintained and managed and therefore ensure quiet environment.

Reliability:

Cloud mining is more reliable than mining cryptocurrencies by oneself this is because there could be equipment failure which may affect the mining process thereby causing serious damage for the individual.

Stability:

Cloud mining involves all the mining processes carried out in the cloud, with no offline challenges such as hosting problems, installation inconveniences and electricity problems and so on.

Disadvantages:

Fraud:

Some cloud mining systems tend to engage themselves into frauds when miners share information concerning their personal keys and digital wallet.

Transparency:

The activities of miners become apparent and vulnerable in cloud mining and makes it prone to frauding.

Less Flexible:

In most cases, miners do not have control over their mining operations . There's no flexibility in cloud mining as it is not a personal resource center.

@besticonfider