Crypto Academy Week 5 Homework Post for @besticofinder - Introduction to Cryptocurrency Mining-Part 2


On this occasion, I tried to make a homework assignment given by Besticofinder

What is Cloud Mining?

Along with the development of technology, it has brought humankind into an era that is full of technology or digital-based. In this discussion, we will discuss cloud mining, which means using shared processing power that is run from the data center. Maybe for some people, Cloud Mining renting hosting is a wrong opinion, but Cloud Mining is renting hash power provided by the provider. For people who don't want to be preoccupied with managing ring mining, maybe cloud mining is the right choice to make. To use cloud mining is relatively easy, we only need a computer or laptop and an internet connection to access it and with some settings and enter the swallow tool that we already have.

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What are the best cloud mining platforms?

  • Bitcoin Pool
    Bitcoin Pool can be one of the best platform choices for now, this is with various assessments including an established Bitcoin Pool Company, high PPS and available Mobile Applications making it easier for us to monitor from mobile applications. Bitcoin Pool has also advertised that it is capable of providing the highest Pay Per Share (PPS) pool globally with block reward up to 98%.
  • Genesis Mining
    Apart from the Bitcoin Pool, there is also a Genesis Mining company that is no less good than the Bitcoin Pool. This Genesis Mining company has several advantages including being well established with a verifiable data center, having mining contracts in many cryptocurrencies, and often selling out because of its soaring popularity. Genesis Mining was founded in 2013 which could be categorized as their old company as having the largest Cloud Mining center and that could make it the choice to start at Genesis. On their website they have a Payouts section which is useful to make it easier for you to be able to monitor how much mining you have generated.

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Discuss the advantages and disadvantages of cloud mining ?

Cloud mining is basically a service provided by companies and personalities that build mining farms or data centers for their customers to mine cryptocurrency in the form of a certain period of time. The advantages of Cloud Mining are:

  1. Reducing the risk of house fires due to low electric currents and household electrical loads, because basically cloud mining is made because some miners or cryptocurrency miners complain about the expense of electricity expenses and machine maintenance which are quite large.
  2. It does not require purchase and installation fees because everything has been provided by the service provider.
  3. Home conditions away from noise because not a single rig is installed at home, even though we can still control it remotely using a computer or laptop.
  4. here is no need to think about hardware damage or repair because all of these facilities have been provided by cloud mining service providers.
  5. We are free to go anywhere without having to think about ring mining conditions so we don't have to think about network problems or power outages.

Every business or business must have a possible risk of loss or profit, therefore before starting a business, it must be calculated in detail to minimize losses from the business to be run. Likewise with cloud mining, there are some problems or risk of loss that are often found by crypto miners when doing cloud mining business:

  1. Service providers may go bankrupt, rendering funds non-refundable
  2. Things that are often experienced by miners are the scam or fraud carried out by the web host is not clear and mining operations are also unclear.
  3. Revenues are definitely reduced or lower than that of building your own rings because building your own rings also requires electricity and machine maintenance costs.
  4. At any time, the contract could be terminated unilaterally because the price was not suitable and it all depended on the market price.

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That is the task that I can do right now, I ask for your suggestions and input. thank you

CC :
@besticofinder
@steemitblog
@steemcurator01
@steemcurator02


Comments 1


Hello ,
Thank you for submitting homework task 5 ! I see you have used a stock photo which you do not have rights to use. Please don't use them.
You have discussed the topic well and specially the advantage and disadvantage topic.. well written with facts.. keep up the good work [4]
Thank you

13.03.2021 19:16
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