Steemit Crypto Academy- Week 5 - Homework for @besticofinder - by @mohsinn

Hi steemit community, how are you all?
The lecture by @besticofinder was amazing. This is my first homework task for him so I hope I do good. Let’s het started with the questions.

Question no. 1 What is Cloud Mining ?

• Cloud mining is the strategy of mining cryptocurrencies like bitcoin employing a inaccessible information center with shared handling control. The substance of this inaccessible information center is to expel the issue of setting equipment at domestic. Mineworkers nowadays purchase output of cryptocurrency mining equipment, this farther information centers are found in it as its to urge mining work done.
  If you are mining on your own, there are many things that you have to take care of. First things first not everyone knows how to setup mining Rig and even if somebody else does it for you whenever there is some problem with it, you will have to call that person to fix it. Every minute has a value in cryptocurrency mining so you can not afford to stop mining even it is just one minute and if you don’t stop then it’s heaven for you so that is basically cloud mining.

Question no. 2 What are the best cloud mining platforms ?

• Some of best mining platforms are:

1. IQ mining
2. CCG mining
3. Hashing24

IQ mining

• It is a cloud mining service created for reasonable cryptocurrencies mining. Cloud mining of Bitcoins, Ehtereum and Altcoins. IQMining is advertising a wide determination of cloud mining contracts. Mining contracts with payouts within the most prevalent and trusted cryptocurrencies, 100+ altcoins conjointly a contract with a settled installment in USDT. Select a contract presently and get the primary installment to your crypto wallet tomorrow. The website is given below:

Website: www.iqmining.com

CCG mining

• It was founded when the cryptocurrencies were on the boom, in 2016. CCG Mining — is an worldwide company advertising comprehensive arrangements based on blockchain innovation. So distant, Over 45 000 private clients and over 850 commerce clients.

CCG Mining does not center on one favored cryptocurrency. Each day they grow the portfolio with the modern cryptocurrencies, and give cloud mining contracts for the foremost prevalent cryptocurrences like BTC, ETH, BCH, ZCASH, MONERO, LTC.

Website: www.ccgmining.com

Hashing24

• The Hashing24 group claims to have been included in Bitcoin mining since 2012, in spite of the fact that the site itself has as it were been around since 2016. The company shows up to have no information centers of its claim, or maybe, it has collaborated with huge title suppliers such as BitFury to rent hashpower to clients. Note that Hashing24 is specified on Bitfury’s site, which may console clients that the operation is real.

Website: https://hashing24.com

Question no. 3 Discuss the advantages and disadvantages of cloud mining ?

• Advantages

1. In cloud mining you don’t have to worry about the installation cost, the mining companies will take care of all that.

2. In cloud mining, maintenance cost is not an issue. Again, mining company will see all that stuff.

3. In cloud mining miners can participate in the mining pool from their homes and have all the updates about mining just by looking at their phones.

• Disadvantages

1. There is a risk of fraud when someone shares private information about keys and wallet.

2. In cloud mining there’s less profit or no profit at all. Sometimes miners can end up recovering nothing.

3. The operations of the users are transparent and vulnerable.

Thank you @besticofinder for an amazing lecture. I hope I’ll not disappoint you with my first homework done for you.