Found a lot of different meaning to this but can someone please explain this to me in simple words?
Mining is the process in which transactions are verified and added to the public ledger of Blockchain. On the other hand, the term Cloud refers to virtual Data Centers holding information about IT, giving space to Software Applications and providing remote access to Computers present at geographical distance through Internet.
Now the combination of two may make sense to you. Cloud Mining is managing the whole Crypto mining task online through a Cloud Server.
Thus in simple words, Cloud Mining refers to a process of mining any type of Concurrency without the need of any hardware. Anyone can do Cloud Mining, the only requirements would be a 24/7 running super fast Internet connectivity coupled with a local bitcoin account.
In cloud mining, a person doesn’t have to install the hardware as well as the software to mine the cryptocurrency.