Crypto Academy Week 5 Homework Post for @besticofinder

Hello everyone welcome to another of my post in the crypto academy community and this one is another homework task given by our professor @bestcofinder, last week he discussed about crypto mining and this week we are still on crypto mining so if you want to learn this week lesson you can visit it by clicking here

In this week lesson he discussed about crypto mining hardware while in the home work hes said we should explain cloud mining and everything that have to do with it so with out waisting your time let's get this task completed.

What is Cloud Mining

Source

This is the mining of cryptocurrencies using a remote data center with given processing power, it is just like some online games which gives it's users alternative to play games that their system can't handle while cloud mining gives it's users alternatives to mine crypto currencies without managing the hardware.

It works by signing a contract so that mining equipment from a third party cloud can be given to you or by purchasing equipment from a third party cloud provider who takes care of the equipment.

What are the best cloud mining platforms?

• Genesis mining: it is known as the biggest cloud mining company in the market according to it's website while another website just pointed the fact that it is very easy to use and the platform is easy to navigate when using it.

• Eobot: it is identified as the best cloud mining platform in the market but according to it's website eobot will be permanently closing ones GHS 6.0 ends, GHS 6.0 which means Globally Harmonized System is a 10 years contract so this means that Eobot will remain online till 2031 depending on if the electricity fee do not reach 100% before 2031 it maybe closing sooner.

The advantages and disadvantages of cloud mining?

Let's begin with the 2 advantages of cloud mining before the 2 disadvantages of cloud mining.

Advantages of cloud mining

1). They reduce the cost of mining making it cheaper than those people who bought and setup their own mining rig.

2). It is easy to use which means that it allows people with no technical knowledge of mining crypto to mine crypto.

Disadvantages of cloud mining

1). Cloud mining is dangerous because miners can easily be scammed targeting their keys.

2). If you are mining in cloud mining your operations becomes vulnerable and transparent.

Conclusion
I want to thank @steemitblog and @besticofinder because through this process of doing this homework it has pushed me into doing researches