Steem crypto academy week 5:- home work post for @besticofinder:-

Hey there, this is @prakhar9675 here. And this post is for the home work given by @besticofinder.

Homework Task 5
You need to do your own research and create an article discussing following topics,

(1) What is Cloud Mining ?
(2) What are the best cloud mining platforms ?
(3) Discuss the advantages and disadvantages of cloud mining ?
As given by @besticofinder

What is cloud mining?

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Cloud mining is the process of cryptocurrency mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware

This is the definition of cloud mining as given on internet.
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But let's understand it in simple words.

As we discussed earlier that, in order to mine crypto currency, one need a very high efficiency computer system and also a high amount of energy source.
And very high heat energy is released during this process..

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So in a nutshell crypto currency mining needs a very efficient hardware and energy source. And very expensive and a number of equipment are also needed for this process.

So all these equipment and these facilities may not be available to a person and he might not be able to do mining.

So to solve this problem, the concept of cloud mining was put forward.
In this, a person sign a contract with a company who provides these all facilities to you on its cloud. Means that company has all these facilities and equipment, and through internet it gives you right to use all these and to mine crypto currency. And in return, some part of that reward is paid to that company.

In this process, that person has full control over those equipment and facilities.

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Steps of cloud mining

There are several steps to mine crypto currency through remote connection i.e. cloud mining.

• first of all, a user choose a provider which provides all the essential things to mine crypto currency.
Now a days there are many options to choose from. Because this business or this sector is growing day by day.

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•• And after choosing a perticular provider, user signs a contract with that provider.
In this contract all conditions are mentioned necessary for this mining. And some advance may also to be paid to those provider. This depends on the policy of that provider.

•• After paying (If one has to), that user to provided remotely control over those equipment and facilities to mine crypto currency.

•• When crypto currency is mined, some part of this reward is to be paid to that provider by that user in return.

Platform to mine crypto currency

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I have never used any crypto mining platform. But still I do some research on Google and found many mining platform out there.

There are many platform out there that can be used for cloud mining.
Some them are as follow:-

1. NiceHash
2. Minergate
3. Cryptex
4. Cudo Miner
5. Genesis mining
6. IQ mining
7. Hash gains

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NiceHash

This is one of the cloud mining platform. I found it on internet. But as I told you I have never used any of these. But still I do some research to find out about these plateform.

Internet address

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This site only deals with bitcoin, dash, ethereum, bitcoin cash, siacash and similar some more coins. Means this does not deal with much coins.

Also I found a inbuilt calculator on this platform where you can do many things.
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Using this calculator, you can check your profit and do comparison between two devices on the basis of their efficiency.
So I think this things is very useful for miners because with this they can check if that mining is worth it or not..

Genesis mining

Internet address

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While I was taking a look on this platform, I found many testimonials written to this sites by many people and also I found many quote promising you best experience in this sector

This site promises you hassle free experience and no long queue to mine crypto currency. And also it says you will get your first coin today..

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Minergate

Internet address

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This is Minergate cloud crypto currency mining platform.
I checked this website. I found out that this is also similar to the plateform above. It also has a profit calculator with which you can calculate your profit.

Advantages of cloud crypto currency mining

The one and the most important advantage of cloud mining is that by using this you don't need to maintain hardware at your place..
So with this advantage, we cab conclude many other advantages related to this.

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1. As one need not to maintain hardware, so it saves money which one has to use to but equipment.

2. As we discussed before, crypto currency mining generates a very high amount of heat and noise. So by using cloud mining, you don't need to operate in a air conditioned area or you don't need to use heavy fans and equipment.

3. Crypto currency mining also generates high amount of noise. So by using this cloud mining, one's place remain calm.

4. As we also discussed that to mine crypto currency, one need a very high knowledge of mining, as well as of hardware. But a person with only mining knowledge and without hardware knowledge can do mining by using this.

5. If the price of electricity which is most essential in crypto currency mining is soaring, then it will be very beneficial for you to use this as it may lower your cost.

Disadvantages of cloud mining

1. Some cloud mining service provider may do frauds with you. Then can use your information, such as user id, your personal information and also your wallet Information to sell them into market and receive revenue from those.
   So while using these services, you should make it confirmed that you can trust it or not

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1. As you use the service provided by provider, you have to pay them in return. And this may lower your reward as a miner.

Conclusion

So as per mine research, I got to know that, if the essential things are very expensive in your country like electricity, equipments, or you don't want to buy equipment, air conditioned and also you don't want noises, then it is better option for you to go for it

But provided that, that provider should not do frauds with you

Sources of information

Cc
@besticofinder
@steemcurator01
@steemcurator02