Steemit Crypto Academy Weekly Update 5 | Homework Post for @besticofinder | [Nigeria] | Introduction to Cryptocurrency Mining - Part 2 | @phyno
Hello Crypto Lovers,
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It's another interesting and important lecture by my able and capable mentor professor @besticofinder. Here is my homework post for week #5 for professor @besticofinder, on his topic (Introduction to Cryptocurrency Mining - Part 2).
What is Cloud Minning
Cloud Mining is a platform or service that has a mining technology, which allows customers to obtain the benefits of mining from their personal equipment without the need to invest in hadware.
Cloud Mining is the service offered by a company (Cloud Mining), which has mining technology, allowing the customer to obtain the benefits of mining from their personal equipment without the need to invest in hadware.
It is electrically capable of carrying mining processes which consists of
mining process consists of hardware technology, without any obstruction.
It is always advisable to study, and accept advice from people who have better knowledge of Crypto-currencies, on which Crypto-currency to mine and trade on, so as to avoid massive loss due to crashes.
How it works
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Mostly, what is required is a large amount of electrical energy. It is required that you have a computer that has a number of features to qualify for the service.
A computer can mine only one cryptocurrency at a time.
Advantages and disadvantages of cloud mining includes:
Advantages of cloud mining
One very important and Interesting thing is that your equipment does not require large storage power processing, due to the fact that everything is stored in the cloud.
You need less or no effort to invest in the hardware, because the data center has the technology.
No mining experience is required as it will be done for you by others.
You wouldn't need to pay for maintenance service like air conditioning, electricity, cooling systems, etc.
Disadvantages of cloud mining
The major problem here is the problem of fraud, because you can't control your funds, you stand a risk of being scammed by fraudsters.
The user is limited of some things due to the fact that the company takes care of everything.
Some of the best cloud mining platforms includes:
CCG mining
Genesis mining
Miner Gate
Criptolux
Hashflare
Eobot
Finally
Let me conclude by saying that cloud mining is really very important to crypto currencies lovers and exchangers. It is really good to invest in cloud mining, and I so much thank my mentor professor @besticofinder for such a wonderful lecture.
Thank you all.