Cloudmining and hosted mining are really famous because you don’t need coder skillz to set up your miners. Setting up miners is simply done by someone else.
This "
someone else" has full access to your crypto, which directly contradicts the "not your keys - not your coins" principle.
I always thought that cloud mining is a partial or complete fraud. I was always curious that on the other side of the mining platforms, are there any processes of mining crypto currencies or is it just an illusion, and the reward to clients is paid at the expense of newly arrived clients, that is, from their money (it turns out to be a classic Ponzi scheme).