Crypto Academy Week 5 Homework Post for [@besticofinder] | Introduction to Cryptocurrency Mining - Part 2 (Cloud Mining)
Cloud mining is a cryptocurrency mining activity by investing in a platform that provides cloud mining services so there is no need to buy a mining rig. This option is easier and cheaper than mining cryptocurrency privately. In general, when you do cloud mining, you will buy CPU power from data centers that carry out cryptocurrency mining activities. What they offer is the type of cryptocurrency that will be mined and what hashrate to be used. When you buy Hashrate then you will see on the calculator they provide the time period for your money to be returned. The average return is according to the hashrate package you use, the higher the hasrate you rent, the faster the return on investment. In addition, they will also provide a calculation of the maintenance costs to be paid (deducted automatically from the income). Then in return, you will receive cryptocurrency within a certain time frame. This income is the net income that will be sent to the registered cryptocurrency wallet. For the record, read the terms of the contract period offered before you buy the contract, because this is the most important thing.
Currently there are many cloud mining platforms based in various parts of the world. As a consideration for cloud mining, here are some of the top cloud mining platforms that I know of:
In addition, at this time there are also several cryptocurrency mining applications that can mine cryptocurrency using a smartphone. However, these applications can only generate small amounts of Bitcoin, Litecoin, and Ethereum because proof-of-work mining systems favor miners with more computing power. The biggest computing power of smartphones is still far behind the current Bitcoin mining block figures. However, at least the presence of a mining application that can be accessed from a smartphone can make it easier for us to get Bitcoin anytime and anywhere. The following are references to some cloud mining applications that can be used via your smartphones:
Apart from some of the best cloud mining platforms that I have mentioned, there are also other platforms that are still available on the internet. But what you need to do is choose the best platform that can give you a lot of benefits and beware of all forms of fraud. If you are interested in cryptocurrency but not interested in mining, then you can buy cryptocurrency as an investment.
Speaking of "Advantages & Disadvantages", these are two words that are interrelated in many ways. There are various considerations that make miners use cloud mining services. Apart from getting benefits, of course there are also risk factors behind it all. Here are some of the advantages and disadvantages of using cloud mining services.
The costs incurred to build a mining rig are very expensive and not worth the income so it takes a long time to pay back the capital. The cost of electricity for mining is also very expensive. In addition, mining privately also has a greater risk, such as burning the processor, VGA card, power supply and other components and requires a large amount of money if this happens. So for some of these reasons they make a large capacity mining using relatively cheaper resources to make it more efficient. Those are some of the advantages of using cloud mining. Apart from advantages, there are also disadvantages. Today there are many fake cloud mining platforms and you need to be more careful. If not, then your money will be lost. In addition, you cannot see the cryptocurrency mining process directly by the provider. There are also cloud mining platforms that initially operated normally, but eventually went bankrupt due to high operational costs, which made its users suffer losses.
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