Hello Steemian!!

We meet again on my first blog in the 5th week of Steemit Crypto Academy. To start this week's homework, I will answer the homework that given by professor @besticofinder. The question for this week homework are:
(1) What is Cloud Mining?
(2) What are the best cloud mining platforms?
(3) Discuss the advantages and disadvantages of cloud mining?

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(1) What is Cloud Mining?

Cloud mining is an alternative to cryptocurrency mining for people who have the time to mine cryptocurrency independently. Cloud mining offers a mechanism for mining cryptocurrencies like bitcoin without installing all the associated hardware and equipment. Some companies allow people to open accounts with them and participate in the cloud mining process for a basic fee. However, this process makes mining accessible to more people in various locations.

This cloud mining process creates and helps you become a participant in a mining pool and involves buying a certain amount of "hashrate". Each participant has a legitimate share of the profit proportional to the given hashing power. Since cloud mining is done through the cloud, it eliminates problems such as equipment maintenance or energy costs.

(2) What are the best cloud mining platforms?

Bitcoin Pool

Bitcoin pool is a cloud mining place that is owned by an established and very popular cloud mining company. The Bitcoin Pool is provided directly by Bitcoin.com and aims to provide a competitive mining service. Bitcoin advertises that they provide the highest Pay Per Share (PPS) pool globally with a 98% block.

Setup is easy and you can start mining right away, either in Bitcoin Cash (BCH) or Bitcoin Core (BTC). Monitoring is also easy to do via the mobile apps for Android and iOS, so you can track your account usage and value over time.

There are three different plans currently offered, with a 6-month contract costing $ 5,248.50 upfront, with a daily fee of $ 15.00. The one-year contract costs $ 10,498.50, also with a $ 15.00 daily fee, while the two-year contract is currently priced at $ 13,498.50 upfront, also with a $ 15.00 daily fee.

Note that the contract will expire if the total revenue from the last 30 days is less than the total daily expenses for the same period. Bitcoin.com will terminate any contract where fees exceed revenue for 60 consecutive days.

Hashflare

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This is a cloud mining provider providing many cryptocurrency options. Hashflare is a subsidiary of Hashcoins, another Bitcoin mining equipment manufacturer that has been around since 2013. Its website provides a detailed description of the company's data center equipped with images.

Hashflare offers its users the opportunity to purchase hashpower for various SHA-256 and Scrypt coins such as Bitcoin and Litecoin as well as Ethereum and ZCash. You can also free to choose your own mining pool that you want.

Existing maintenance fees provided by Hashflare are $ 0.0035 for every 10 GH / s SHA-256 coin and $ 0.005 for every 1 MH / s Scrypt coin a day. For Ethereum, ZCash, and Dash there are no maintenance fees. The total payment will depend on how much hash power you have allocated for it and the mining pool you choose.

Hashnest

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This platform is supported by the big name in mining hardware namely ASIC. Hashnest was created by a community called Bitmain in 2014which is a world-famous mining hardware manufacturer. This company is legit because combined with photos from several data centers on the Hashnest website

Hashnest has mining farms around the world that have benefit from low-cost electricity. Currently, HashNest specifically leases hardware for mining, currently offers Antminer options, as well as StrongU miners.

Please note that if your daily payment is lower than the maintenance fee for 10 continuous days, Hashnest will terminate your contract. Please note that in the HashNest agreement the order conditions cannot be canceled or refunded.

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

In doing cryptocurrency mining, of course, there will be advantages and disadvantages. This is no exception for cloud mining, this type of mining also has its own advantages and disadvantages.

Advantages of Cloud Mining

• There are no installation fees (the hosting center will host Bitcoin mining equipment that is purchased and run at the service provider's location.
• Does not cause noise pollution and adds to the heat of electricity at home because the mining process is not carried out directly at home
• Maintenance is guaranteed, cloud mining providers, of course, have a budget and staff who can take good care of the mining equipment so that it lasts a long time
• No need to buy mining equipment so that it saves budget
• There is no risk of fire because of the large power required in the mining process

Disadvantages of Cloud Mining

• Some service providers may stop the operation of your cloud miner if the profit threshold is too low
• The service provider company can go bankrupt and your funds may not come back
• You are prone to the risk of fraud because the promised results do not meet the payment you made because the hashrate has been oversold.
• You don't have complete control over the mining equipment. Therefore, it is necessary to do a good research so that you find reliable and quality cloud mining. Then, don't put in all your capital that you can't afford to lose. Always have spare capital ready in case something bad happens.

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That is my explanation regarding cloud mining. Hopefully, all of you can understand what I wrote, I apologize if there are errors in writing.
See you guys in the next post !!

STEEM ON!!!

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@besticofinder
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