Hi great friends, it is my pleasure to participate in week5 crypto Academy Lecture and homework by @besticofinder. The 8mins 31seconds video simplified and gave more insights on what mining generally looks like. Mining just looked alot simple and easy to be a bitcoin and cloud miner.

Without wasting much of our time, find week5 homework lectures for our attention.

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 ?

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WHAT IS CLOUD MINING

Having known what mining is from our previous lectures; the process of validating transaction in a decentralized platform by solving complex puzzles. This process involves the use and assembling of hardwares directly without an intermediary. Hardwares such as the ASICs, CPUs, GPUs, Motherboards, PCIs etc to facilitate and validate transactions whereas *Cloud Mining is no difference but has to do with the use of a remote data center with shared processing power that necessarily do not involve the management of hardwares by the miner.

This mechanism of using cloud to mine involves that miners do not need to start acquiring the specified hardwares just as seen in first generation mining instead they are connected via a central data system with computing power to validate transactions.

Those responsible with the task of handling the installation and running of the Hardwares are referred to as cloud mining firms. This Cloud Mining firms allow prospective miners to open accounts and remotely participate in cryptocurrency mining. This mechanism offers its miners minimum basic cost and also the ability to reach out to so many people who are willing to join the mining process.

It has really come to outlived the first generation way of mining. Issues of direct maintenance and energy costs are reduced since it's done in via cloud. All miners are participants in the pool hence enjoy pro-rata share when profits are made in proportion of rented hashing power.

ADVANTAGES OF CLOUD MINING

• Cloud mining removes all barriers and discomfort associated with the maintenance and running of mining hardwares such as the chilling towers/cooling fans, motherboard, CPUs etc
• Energy cost is drastically reduced since there's a central mining firm that handles this process now.
• Problems related to aeration are completely ruled off

DISADVANTAGES OF CLOUD MINING

• Cloud miners are vulnerable and transparent in its operation.
• Due to information shared (keys/digital wallets), there are tendencies to commit fraud.
• In cloud mining, There's no control and suppleness.

WHAT ARE THE BEST CLOUD MINING PLATFORMS

IQ MINING

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This is one of the Cloud Mining platform that has a user friendly interface geared towards user satisfaction. It is an Euro based company that came into live in late 2016 when It first launched its services with positive feedbacks from account users. Its platform runs on four major languages namely; English, Russian, Spanish and French.

IQ Mining allows for smaller investors who gains more acknowledgement and acceptance from its customers hence a veritable road map to growth. It provides remote equipment that allows it users to join the cloud mining.

Due to its open source, free registration and subscription fee it has since recorded over 50,000 users in its base with many cryptocurrencies available in its platform and smart contracts attached to reduce risks during Mining. Level of mining is dependent on the wish and investment status of user. This may be categorised I to three(3) packages namely

• Brone package
• Silver package
• Gold Package

GENESIS MINING

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Genesis mining was founded in 2013 and has stood to be one of the largest cloud mining company that offers digital assets so far. This large status is seen from her biggest hash power provider. It has continued to be heads-up in her reputation and offerings as it affects smart and easy investment solutions.

Unlike IQ with about 50,000 users, Genesis has over a 2million customer base. It offers mining platforms for all cryptocurrencies at the same time by using your available hash power. It allows users to diversify their different Cryptos so as to reduce risk of investment.

Genesis has continued to be seamless in its services by taking care of miners and in the Maintenance to get rid of hassles. It also provides various pricing packages depending on your hash power and choice of coin to be mined. Though alittle expensive, it has excellent service experience and delivery.

SHAMINING

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Shamining is a UK base mining company with arms in London, San-Joe and Capetown. It was launched in 2018 and seen to be well suited platforms for miners with little or no knowledge of the crypto-mining process. Since 2018 it holds a community of over 8000 crypto investors. Shamining has a good user friendly interface that makes it stand out from other mining platforms.

Just to amaze you into the platform, miners with just $100 can start mining using the shamining platform, with standby customer experience services geared towards customer satisfaction, reward users with 1.43times on ROI and platform build on the investment calculator.

There are four (4) major contracts seen to be powered by Shamining which include;

• CPU
• GPU
• ASIC
• Individual contracts.

These contracts are seen to measure and show the different hash power, amount value, maintenance fee and profitability rate involved in each contract.

CPU
This offers Power 23 580GH/s in $0.0120 per GS/s with a maintenance fee of $0.0108 per GH/s daily. Profitability=143%

GPU
This contract offers power of 94 340 GH/s in $0.0113 per GH/s with a maintenance fee of $0.0106 per GH/s daily. Profitability=149%

ASIC
This contract offers power of 235 849 GH/s in $0.0109 per GH/s with a maintenance fee of $0.0104 per GH/s daily. Profitability=156%

There are ongoing reward system packaged for newbies in the platform which involves gaining 37% bonus on first investment done in the platform.

ECOS

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ECOS cloud mining platform that was established in the year 2017 in Armenia. This mining firm was basically created to satisfy the needs of its clients who are keen to go into cryptocurrency cloud mining. Since the self mining method was becoming too cost intensive to maintain, hence the need for a smart alternative to replace this first generation mining platform.

ECOS is seen to be the first cloud mining firm with a legal status. It provides its users with only one digital currency to trade on which is bitcoin. It has over 40,000 user base with variety of contract offerings. Just like Shamining mining firm, ECOS offers a minimum mining contract of $125 which has an active time period of 6-50 months.

Users of ECOS has advantage over others as It floats a flexible withdrawal and deposit options available for users, Offers one month free promo contract to new users, tax incentives, affordable power usage and operational support with wide range of contracts.

CRYPTO UNIVERSE

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CRYPTO UNIVERSE was launched in 2018 basically with preference to offering profitable plans and contracts to its users. It was strategic in its launch as it went to the Northern region Russia where power supply is at its low fee. It also has a user friendly interface with low investment plans without hidden charges.
It floats three (3) major contract plans for its users, namely;

• STANDARD
• VIP
• TARIFF 2025

CRYPTO UNIVERSE allows it's users to mine through two types of contracts;

• Cloud Mining
• BITCOIN Mining

This entails that users can mine from either source, which means users are free to purchase hardwares for mining since there's a dual mining source. The good thing is that, they are at liberty to resell their equipment to other miners and take back their cash. At this point, the activities of Mining can inflate the prices of mining equipment, hence money for the seller.

There are other good cloud mining firms which users can also use in the course of starting up a mining activity. They include;

• Hashshiny
• Hashing24
• Hashflare
• BeMine
• Eobot

Conclusion

Thank you @besticofinder, this is my homework entry.

For more details, kindly refer to this source for more information.
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