My Homework on Introduction to Cryptocurrency Mining - Part 2 | For Professor @besticofinder | Steemit Crypto Academy | Lesson 5 | by @preye2
Hello Friends,
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Today I am here and doing my home work task of week #5 which is cloud mining and it is lectured by @besticofinder.
I am not and experienced person in crypto mining but I have done a research for cloud mining and here I present my homework task for #week-5.
WHAT IS CLOUD MINING?
Let me start by saying cloud mining is a type of mining where you don't need to buy an expensive computer and rigs system for mining like physical mining system but you will have to rent a whole mining system with all the computers and rigs for mining.
Cloud Mining is equally the process of mining Crypto-currencies, utilizing a remote center of data with shared processing power. This type of cloud mining enables users to mine bitcoins or others without managing the hardware.
More About Cloud Minning
In cloud mining, you will not do anything with the hardware as in cloud mining they do it for you.
You will be using it for your mining without buying any specific hardware for your mining.
In this mining you will rent the mining system from different companies and there are various companies which provide cloud mining system to you.
Advantages of Cloud Minning
Some Advantages of cloud minning include:
Less stress in dealing with the heat: Here what you do is physical hardware, whereby managing the heat is troublesome.
You will need to buy duct fans and blow the heat out the window.No need for expensive devices any longer
In cloud minning, we get ride of buying all the very expensive devices which includes: various types of computers, but instead it is provided to you by the cloud mining companies from where you are renting the system for your mining.No or less Maintenance issues
Normally, when minning, and your system encounters any problem, the cloud mining platforms they will fix it and you will be free of maintenance problems.
Disadvantages of Cloud Minning
It is basic in life that everything in this life that has an advantage must in one way or the other have a disadvantage. So here are the Disadvantages of cloud mining.
You can't check weather your coin is going high or low
You stand a risk of being Scammed:
Because you can't control your earnings, You could get scammed by different fake companies, which could result to a big lose.
SOME TOP CLOUD MINING SERVICE INCLUDES:
- IQ MINNING
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IQ mining which started in 2016, is one of the best top mining platforms in the world today, and it is really great for all the newcomers, because it provides you a hardware which will automatically start minning for you and you will not need any kind of experience to do this.
The IQ Mining provides the users with different type of packages which they will have to buy and get their profit. And It will give you profit which will not require any extra time for doing cloud mining.
- GENESIS MINNING
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Just as Bitcoin is the number 1 Cryptocurrency in the world today, so also, Genesis Minning is one of the best and top mining service in the world today.
How it works
In this cloud mining you will purchased a contract for year and they will give you profit on daily basis.
When you open it, you would see good customer's comments, e.g "Genesis Mining is one of the leading cloudmining companies and a trustworthy partner of ours. It’s good to see that they are an honest cloudmining service which shows their farms openly to the public."
You can earn a great amount of money by investing in it. Genesis Minning is a more profitable service than others, because it has store the largest and highest hash power, which deals with the very expensive miners subscriptions.
Special thanks to:
Thank You All......