A Comprehensive Study on Cloud Mining of Cryptocurrencies

Abstract

                                                ABSTRACT

The whole world is going online. Everything is becoming fast and convenient with each passing day and we are now living in a global village, where information from around the world is available on our fingertips. The online community has also influenced the economic world with the advent of cryptocurrencies like Bitcoin. As the world is getting closer, the need for a universal, non-bureaucratic, yet trustworthy online mode of transaction has become eminent. Cryptocurrencies have arrived at the scene providing possible solutions to this requirement. At the same time, cloud computing has also expanded by leaps and bounds. The sheer convenience it provides, the ease with which one can store data and perform operations and several other factors have seen cloud computing become a hot commodity in recent times. So much so that it has spread its wings in the sector of cryptocurrencies. It makes mining easier and brings with it plenty of benefits for miners. Here, we have tried to understand how cloud mining can bring a revolution in the way we see and use cryptocurrencies and its mining.

Keywords: Bitcoin, Blockchain, Cloud Computing, Cloud Mining, Cryptocurrency, E-Currency, Electronic Money, Mining of Cryptocurrency, Miners