CLOUD MINING | CRYPTO MINING MADE SIMPLE FOR ALL

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INTRODUCTION

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Before one can fully understand the idea behind cloud mining, you must first appreciate what cyptocurrency mining entails. Mining is simply the process by which a computer performs tasks (in the form of mathematical problems), and earn rewards in the form of crypto currency. For an in-depth explanation on this subject matter, kindly visit my post on Introduction to Crypto Currency Mining.

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What is Cloud Mining?

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Unlike the common practice where crypto miners directly purchase large sums of computing power and dedicate it to the validation of transactions in order to redeem rewards (pool mining), cloud mining is quite different. Here, mining services are rendered through external hosts usually mining farms who can further commercialized their operations by leasing and selling some hash power to other miners.

Usually, these companies/platforms provide various packages for purchasing to various investors. Profits are then shared among various invested based on the amount of purchased or leased hash power.

Here, the actual computer is not siting in your house so you don't actually have to manage, fix or constantly monitor the proper functioning of the rig. Also, it cuts of several cost of operation including electricity bills, cooling fans/units and other responsibilities associated with mining. It simply creates a stress free vehicle for prospective miners.

However due to the promising nature of this venture and the convenience it affords crypto miners, it has attracted lots of unscrupulous people who are constantly devising smarter ways to dupe the system and fraud customers off their invested funds. This is why it is extremely important to do extensive research before delving into any cloud mining platform.

After looking closely at several cloud mining sites, here are some good ones I arrived at.

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SOME OF THE BEST MINING PLATFORMS

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There are several cloud mining sites out there. The unfortunate aspect about this is that not all of them are legit despite their promise of high return on invested capital. However, there are also a couple companies that have a large base of crypto miners purchasing significant amount of hash power from them with great testimonials even from the team behind the ASIC manufacturing companies. As such, here are some great cloud mining platforms.

Genesis Mining

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This platform boasts of over 2 million customers the leading hash power provider. Their top notch technology is within the reach of investors who decide to create an account and roll with them.

They present a variety of features for investors to choose from as you decide your preferred crypto currency, altcoin or your daily mining output as indicated below.

_{https://www.genesis-mining.com/signup}

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To create an account with them, visit https://www.genesis-mining.com/ and click start mining now.

Getting started on genesis mining

_{https://www.genesis-mining.com/}

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All you would need for an account creation is your email account and a strong password. But due to the busy nature of the platform, they are currently not taking any new customers, therefore you would have to wait till they do so.

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signing up/ creating an account

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After signing up you get to choose your preferred crypto currency to earn upon mining. Currently, I there are six major currencies to choose from; Bitcoin, Ethereum, Monero, Zcash, Litecoin and Dash.

Some major cryptocurrencies to choose from

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Pricing are also quite reasonable with good amount of yield seen below.

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Various packages to choose from

_{https://www.genesis-mining.com/pricing}

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IQ MINING

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IQ Mining platform is both a mining and trading platform. To get started, all you must do is to follow these 3 simple steps ; Create an account, purchase a contract & then get paid. It's just as simple as that.

How to get started with IQ Mining

_{https://iqmining.com/#}

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Unlike several other cloud mining platforms out there, cloud mining offers a variety of cool and exciting features
including

• Pro contract option : Giving you an extra 20% yield per year.
• Income booster: Allowing you to auto reinvest funds and gain 180% annual yield.
• Receive daily payouts in btc or eth
• And a 24 hr customer support

To get started, click start mining now.

Cool features of IQ Mining

_{https://iqmining.com/#}

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Their live 24 hr support is already active as soon as you visit the site at the bottom right of the interface. They are happy to assist the users with any problems they might face whiles on the site.

Their 24 hr support system

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To start your mining journey with this platform, you must first create an account with them. This is a very simple task requiring just your name, email and password. After which you can then choose a contract plan.

Create a free account with IQ Mining

_{https://iqmining.com/ext-register}

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Below are some the contract plans indicating the various packages and the corresponding local currency yield. They also inform users of which of their packages is out of stock.

Pricing and contract plans available

_{https://iqmining.com/#}

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A very nice calculation tool has also been given at the very bottom of their home page.

Mining Income Calculator

_{https://iqmining.com/#}

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Other Good Cloud Mining Platforms

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• ECOS
• Shamining
• Hashflare
• HashShinny
• Crypto Universe

PROS AND CONS OF CLOUD MINING

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PROS

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• There is reduction in cost of operation : Cloud mining offers a gateway to a stress free crypto mining experience. This is because the investor does not need to worry about costs like electricity and maintenance. All you need to do is purchase a plan or contract and reap the benefits.

• The cloud providers handles all the hard work mining brings : Mining can be very tedious as you need to constantly check on the rig to ensure everything is working smoothly. Also, the loud noise that comes with operation can be somewhat unbearable. Providers have to worry about the loud noises at the farm and the cooling of the machines to avoid overheating.

• You can gain mining returns on any part of the globe : As cloud mining just requires you to set up an account and purchase a plan, it presents a huge advantage to various miners. This solves the problems several miners may face in their various countries especially with restrictions and utilities.

• Rise in markets can be advantageous : Since investors purchase the hash power at a fee, they earn crypto based on their purchased amount. Here, it can prove to be very profitable when the price of crypto rises and may even double return.

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CONS

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• Lack of control by customer : As opposed to the traditional mining operation where you can change the crypto currency you are mining, you can't do that with this platform as it is controlled by a third party. This can cause inconvenience to many miners.

• Several fraudulent schemes : Since it is a profitable venture, there are many fake sites out there with the promise of high returns. However, these ones are fake and scams that are only looking to dupe people off their invested funds.

• Fall in crypto can be disadvantageous : When crypto prices fall, your return based on your purchased hash rate can also reduce significantly causing you to earn significantly less than you expected.

Thank you for your attention.

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I would appreciate your thoughtful contributions in the comment section as well. Thank you for your atttention.

Many thanks to the steemit team (@steemcurator01 & @steemcurator02) for this initiative.

To the attention of professor @besticofinder