Introduction to Cryptocurrency Mining -
Think of Bitcoin as a bank account in the cloud, and it's completely decentralized: not the Swiss government, not the American government. It's all the participants in the network enforcing.
Homework Task
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 ?
What is Cloud Mining ?
Cloud mining is a mechanism to mine a cryptocurrency, such as bitcoin, using rented cloud computing power and without having to install and directly run the hardware and related software.Since this form of mining is done via cloud, it reduces issues such as maintenance of equipment or direct energy costs.
What are the best cloud mining platforms ?
Best cloud mining sites:
Genesis Mining
Genesis mining is one of the largest cloud mining company that offers bitcoin mining projects. Founded in 2013, the company held its reputation in the market by providing smart and easy investment solutions.The company has over 2 million customers from around the world.
Crypto Universe
The platform mainly provides its services in the Russian federation. The electricity rate is low in the northern region and it’s a big advantage for the crypto universe. There are 3 different plans are available named standard, VIP, and the tariff 2025 for long-term benefits.The users can mine through 2 types of contracts “Cloud Miners” and ‘BTC Mining”.
ECOS
ECOS is a cloud mining provider you may trust as it is one of the first cloud mining providers that are operating with legal status. Considered as one of the top cloud mining providers, ECOS offers its clients cloud mining services for only one digital currency that is Bitcoin the world’s largest cryptocurrency in terms of market capitalization.
HashShiny
It is a mining platform for mining Bitcoin (BTC), which is safer to use and works faster. It was developed in the year 2017, and since that time, it is working in the industry, offering cloud mining services for cryptocurrencies, including the world’s biggest cryptocurrency, Bitcoin. The developers of HashShiny claim to have developed the top cloud mining platform of the world integrated with up-to-date deployment technology.
Discuss the advantages and disadvantages of cloud mining?
Advantages of cloud mining
If you are just paying for the use and maintenance of a cloud mining equipment with such as Top Cloud Mining, you won’t have to worry about making a huge investment in purchasing the equipment, along with its hardware and software.
The tools alone is already costly but what requires more investment is the mining equipment.
To save yourself from spending too much, you can just pay a minimal amount for the signup fee for the contract which will allow you to use and for the maintenance of the mining equipment which can only cost $20.
Since firms involved in cloud mining can afford to purchase chilling towers and equipment, problems related to aeration are ruled out.
Disadvantages of Cloud Mining
Some cloud mining functions tend to commit fraud when the miners or users also share information regarding their keys and digital wallet.
In cloud mining, the operations of miners become vulnerable and transparent.
There is no control and suppleness in cloud mining.
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