Crypto Academy Week 5 Homework Post for (besticofinder) - Cloud Mining

Hello Steemit Crypto Academy,

We started halfway through the new week. My participation in the courses continues.

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Today's course topic: Cloud Mining
I read the course article. I started my research and now I am writing my homework.

What is Cloud Mining?

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In the previous course, we looked at how mining in cryptocurrencies is progressing. We learned that mining is done according to the consensus of crypto money. In Bitcoin, the mining mechanism was established according to the Proof of Work working principle and the miners were rewarded for the block they would create. The way of mining on the Tron blockchain was a little different. You stake the TRX you have and after a certain time you earn TRX as a reward.

With the development of the mining industry, new markets started to emerge. Like Cloud Mining. It was necessary to have the necessary devices to mine Bitcoin. The company prepares the devices, tools, and equipment instead of you. The company does the mining for you. You pay the company with real money or cryptocurrency. The company shares some of the rewards it receives for mining, depending on the contract you made.

Since giant companies are starting to do crypto mining, it is almost impossible to individually mine crypto money and compete with existing miners. That's why cloud mining companies allow you to do some kind of mining by including you in their own networks.

If you are going to start this business, you should choose reliable companies in the sector. Soon, I will talk about reliable and powerful companies in the sector.

(2) What are the best cloud mining platforms ?

A few reliable cloud mining companies.

HashNest

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You can reach them at https://www.hashnest.com/hash. Bitmain's cloud mining company, which provides cryptocurrency mining supplies (ASIC). We can say that the more Bitmain is in the industry, the more reliable HashNest is. You can do cloud mining according to various categories. The more you pay, the more reward you will earn. Sometimes the stock is full. You have to consider it while making your choice.

Genesis Mining

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It is the oldest among the cloud mining companies. You can contact them at https://www.genesis-mining.com/. You can make payments by credit card. Currently, most of the stocks are depleted. You will make a long term contract, you should consider the risk you will take.

Hashing24

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A company where you will do cloud mining in various categories according to your budget. You can reach them via the website https://hashing24.com/. You can find answers to your questions about the operation of the company.

FlyMining

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You can reach them via the web address https://flymining.cloud/. You can work with them in various categories. They accept payments by credit card and bitcoin. You send them real money or bitcoin, they do real mining for you. After a while, they send you the mining reward according to the terms of the contract.

(3) Discuss the advantages and disadvantages of cloud mining ?

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Advantages

You have the opportunity to mine crypto money without having any technical knowledge about crypto mining.
Mining difficulty is increasing. If you try to mine alone, you can suffer. Because it is difficult to compete with the deva mining companies individually.
It is difficult to find the necessary devices with mining. If you try to find mining devices right now, you won't be able to find them immediately. The cloud mining company can easily reach the devices.
Mining equipment can only be maintained by people with high technical knowledge. You cannot maintain mining devices without having technical knowledge on this subject.
If the energy cost is very high in the geography you live in, you will suffer if you attempt to mine crypto money yourself. Thanks to cloud mining, you won't be hurt.
When cryptocurrency mining loses its popularity, you avoid trashing your previously purchased devices.

Disadvantages

It is difficult to find reliable cloud mining companies today. There are very few reliable companies.
Cloud mining companies reduce their profit share individually because they know how difficult it is to mine crypto money.
In the period when crypto money prices are falling, you have the risk of having difficulty in receiving payments.

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