CLOUD MINING

This is a process of mining crypto currency utilizing a remote data center with shared processing power, in other words it is a form or method of generating crypto currency (mostly bitcoins) whereby highly categorized and well designed hardware (GPU,CPU,Cooling systems,) as stated in the lesson are being used for this process however, with cloud mining , the user doesn't need all the equipment but rather pays for it and uses the system remotely

HOW DOES CLOUD MINING WORK

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With Cloud mining, the user interested in mining of crypto pays a third party who in return supplies the user with hashing power .
This hashing power can be referred to as a remote amount of access to the mining server owned by the third party.
The reason most people engage into cloud mining is due to the ;

-High budget or capital required to start up a mining rig for themselves
-Lack of technical know how and knowledge of crypto mining

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THE BEST CLOUD MINING PLATFORMS

There are various platforms on the internet today which provide hashing power to users, some of them are;

ECOS Mining
IQ Cloud Mining
HashGains Bitcoin Mining
Eobot Bitcoin Cloud Mining
Hashing24 Cloud Mining:

Now i will be taking a closer look at the TOP 3 best rated cloud mining platforms available for mining

1:Bitcoin Pool

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This is a platform which provides mining on both Bitcoin And Bitcoin cash crypto and is very easy to setup, user friendly and mining is done immidietly
They currently Have Three different mining plans available for purchase consisting of a 6months contract , 1year contract and a 2 year contract.

2:ECOS Mining

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Apart from providing cloud mining services , this platform is also involved in sales and setup of hardware equipment for mining, users can order for hardware online and get them setup at their required locations, they also provide a one year contract package for mining of Bitcoin Only

3:Hashflare

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Another wonderful cloud mining provider which provides mining of various coins like
Bitcoin, Bitcoin cash, Z cash and other crypto currency, the amount of crypto or profit you get in return is directly proportional to the mining pool and how much hash-power you have allocated to it

Pros and Cons of Cloud Mining

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Inasmuch as cloud mining is very very profitable and advantageous, it also has disadvantages too which we are going to be looking at

PROS

-Low cost for setup as all hardware equipment are provided by the third party
-Doesn't Require any technical know of of crypto mining
-Relatively affordable and generates income
-Keeps you off the heat and noise that comes with mining from hardware

CONS

-The income stream is very low and is under full control of the third party
-Restriction to mine only certain type of coins
-Potential method of being scammed
-Value of coins on the market might reduce and hence you might incur a loss when selling

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