Steam cryptoacademy / My submission of homework for besticofinder weak-5

in #cryptoacademy4 years ago

I have attended the lecture which you define and tought by @besticofinder. I submit my assignment which is about cryptocurrency mining

In this lecture following tasks are given us to discuss

  1. What is cloud mining?
  2. What are the best cloud mining platform?
  3. Discuss the advantage and disadvantage of cloud mining?

What is Cloud Mining?

Cloud mining is the process of utilizing a remote datacenter with shared processing power often contracted through a cloud mining company. This type of mining allow users to mine Bitcoin without having to manage their own hardware.

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This essence of this remote datacenter is remove the problems setting the hardware at home. Minners can by the out put of cryptocurrency mining hardware, this remote data center are discovered in it to done mining work.

User hosted the mining equipment can either lease a physical mining server or a Virtual private server and installing mining software on the machine. Instead of leasing a dedicated server, some server offer hashing power hosted in data center for sale denominated in Gigahash/seconds (GH/s). Finally a user
take the computational power themselves by using already the results of thier work and coming touch with physical or virtual server

What are the best cloud mining platform

My research that i found several real mining platform but my final research create list blow are the best cloud mining platform.

Genesis mining

Miner gate

Hash nest

Nice hash

Genesis Mining

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https://masterthecrypto.com/genesis-mining/

Genesis mining is the one of fastest mining hardware also all kind of cryptocurrency available for mining you can mine any cryptocurrency on your choice. It is the best and well choice for mining. rge mining contracts. Multipool techniques are used to automatically convert altcoins to Bitcoin, which are daily transfered into customer wallets. Mining starts immediately after signing the contract.

Miner gate

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MinerGate xFast GUI Miner is an easy-to-use yet high-performance mining software. Based on the new code architecture, the app shows impressive hashing output, making your mining experience even more efficient.

Hash Nest

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[https://cloudminingz.com/hashnest-com-review.html]

Hashnest cloud mining platform it is possible to take part in the process of bitcoin mining without the need to maintain and invest in the mining hardware equipment. BitMain Technologies can guarantee the 99.9% uptime due to the equipment provided.

Due to the fact that the plans are starting from 1 GH/s, there is a possibility for the clients to choose the amount of investment they want to spend.

Nice Hash

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[image source ]
(https://www.nicehash.com/)

NiceHash is the leading cryptocurrency platform for mining and trading. Sell or buy computing power, trade most popular cryptocurrencies.
Nice hash is a private held company founded by matjaz skorjanc and Marko kobal around 2014. It's headquarters is located at maribor, Slovenia, it a marketplace as it connect different sellers of hashing power and with buyers of hashing power too using a sharing economy approach.

Advantage of Cloud Mining

My search find these advantages of cloud mining which metioned blow..

1 like the video watched in the lecture the mining rig set up has a lot of fan which will be noisy when in use and it will generate much heat. So the advantage of cloud mining is that it is silent and you don't have anything to deal with heat.

2 with cloud mining you can buy hash power in little addition as this will enable you to manage your risk easily

3 you can invest small money and also reinvest the profit in additional hash power. Spending little money to buy hash power is a small risk Than spending huge amount on ASIC that may or may not be profitable.

4 It's less expensive those who don't have the money to purchase mining equipment.

Disadvantages of cloud mining

Just in little disadvantages are find in cloud mining
1 It's is centralized your keys and password belong to the company you can't fully boost your mined cryptocurrency.

2 the miners operation is transparent the cloud mining.

My assignment and articles submitted.