Hello Steemians, this is another wonderful week with a new task to perform given by our proficient lecturer @besticofinder in the @SteemitCryptoAcademy. This week brought about the continuation (Part 2) of last week lectures. You can click on this link here incase you missed the part 1

WHAT IS CLOUD MINING?

It is a technique that allows its users to mine cryptocurrencies using cloud computing device even without having the equipment needed for the Mining which is handled by Network Companies.
Using your mobile phone or hardware to perform certain contract tasks in order to secure the operation of a blockchain and in return reward are given out by the network in newly created coins. It's contract are usually 1 -3 year.

HOW DOES CLOUD MINING WORKS?

In Cloud Mining, each user is expected to register on the platform that brought about the Mining. You are expected to perform specific task which has been provided of which if it has reached its minimum withdrawal amount can be withdrawn to the users wallet.

These Mining are performed by high powered computer that solve technical Mathematical Problem which cannot be solved individually without the use of this computer hardwares. Computing Power are rented out to Companies with good installed hardware, air conditioning, stable electric services, and excellent air conditioning to perform these technical Mathematical Problems.

WHAT ARE THE BEST CLOUD MINING PLATFORMS?

GENESIS MINING

The leading provider for Bitcoin and altcoin cloud mining. It was co- founded by Marco Streng, Jakov Folic and Marco Krohn in 2013. It offers its users easy access to small, medium and large Mining Contract.
It has been reviewed as a good cloud mining and it's users find it easy to use. Easy to navigate and also it is easy to make deposits and withdraw this cloud mining. The setup process is very easy and does not need much knowledge to get started. Its support is always helpful in case of any doubt. And it responds very quickly to their queries. They are able to complete all tasks using this software with no problem. It is a fast and well-managed software. They have also very good staff system.1

IQ MINING

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Launched in 2016, it is service for investing in the computer power that is used to mine cryptocurrencies. They provide reliable cloud Mining contract by performing daily payouts for all the contract in the company of the contract. It is user friendly and has an offer of four major languages ( French, Spanish, Russian and English).

IQ Mining service was developed by a team of blockchain and IT professionals and the number of its members is rising.

SHAMMING

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Is a United Kingdom Mining field which was launched in 2018 with farms in London, San Jose and Capetown. It is perfect for Cloud Miners with little to no knowledge of crypto Mining technicalities. It has an animated and game like website making it look attractive. It also has a built in investment calculator in its website interface.

ECOS

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Created in 2017 with its headquarters in Armenia and also a head office in Russia. It was created to satisfy the needs of users who is interested in self Mining. Their services are only limited to one cryptocurrency which is Bitcoin. It offers services to over 40,000 users from across the entire world. It's users when registered gets a one-month free promo contract.

HASHFLARE

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Launched around 2015, now has 1 million visitors every month. It's users can mine 5 different cryptocurrencies (ZCASH, DASH,ETH, LTC, BTC) unlike ECOS. You can start with any little investment that you have. It's payouts are transparent and immediate with different payment methods.

ADVANTAGES AND DISADVANTAGES OF CLOUD MINING

PROS

• No technical knowledge is required to have before Mining. You can easily create an account and follow up on the instructions provided.
• Reduces direct cost of upkeep, electricity cost, software installation, and air conditioning Maintenance.
• No Noise or disturbance from these equipment while working.
• No need to wait to get started on Mining coins.
• You can easily quit without reparcution. You are not stuck to keep mining.

CONS

• There is low earning. Mining generates low profit.
• In the world of cryptocurrency, scams are rampant due to fradulent activities. There is no regulations or a central body to checkmate the online transactions.
• You can only mine few coins. You only rely on the cloud mining provider that can decide to close down in the case of low price on bitcoin.

Conclusion

Anything connected to cryptocurrencies should be done with intense care as it is a risk. One should understand a little bit of its technicalities before doing any transaction.
Thank you @besticofinder for this wonderful task and @Stemmitcrypto-academy for the platform.

#besticofinder-week5 #cryptoacademy #nigeria #cloudmining #steemit #mining