The seemit crypto academy week 5 post for @besticofinder
Hello friends how do you guys hope all of you will be good. I do more about the task given by Professor @bestifinder
What is cloud mining?
Cloud mining is the process of mining concurrency utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or altcoins without managing the hardware.
Cloud mining is act of mining cryotocurrency of borrowed equipment to earn profit at the same time reducing cost.cost of maintaince of the equipments is minimal if not completely eliminated.cloud mining is the process of bitcoin mining utilising data centre with shared processing power of this cloud mining.
The amount to be invested depend on the contract to be purchased as there are several of type of contracts
Mining is not recommened 99% fraudulent .
What are the best cloud mining platforms ?
As per my usage, Genesis Mining is very good
Genesis Mining is the oldest company and also the largest company. Genesis Mining Company is in use of more than 2 million users worldwide. It consists of gold, platinum and diamond level schemes. There are also custom planning options where customers can implement some modifications.
Advantage of cloud mining
it helps users who have no technical knowledge about crypto mining to invest in mining. It is not mandatory that you should know all about mining, mining pools and related goods before participating in this process. All you need to do is open an account with any reliable cloud mining firm.
Electricity is expensive in many countries. This gives the miner little benefit, but cloud mining does not require a significant amount of electricity.
Disadvantage of cloud mining
In many cases it is seen that it is limited to the most popular and traditional crypto-currencies.
I think Bitcoin itself is a risky investment. Claude mining is even a cause of risk because they are in a remote location and we have not seen that there are small cloud mining companies that do ponzi scams so before putting their Do your own research. Any money depends on the mining difficulty and the price of the crack that is difficult to protect.