IQ mining review 2019: Is This Cloud Mining Platform Legit?
Do you want to learn how to mine cryptocurrency? There is one platform called IQ Mining, but there are questions about its legitimacy.
You know that there are multiple online cloud mining platforms, but it impossible to say clearly if they are a scam or legit.
Let me guess you want to find a trusted platform to mine crypto and consider IQ mining for this purpose.
Good news: this article will tell you everything about this platform and conclude if it is worth your investment.
IQ Mining Review
Today, you can find a variety of cloud mining services listed in the search engine results, but the question remains: how to understand if this platform really brings about profit and pays it out?
It is possible to invest money into a risky service which promises awesome revenue and never get it. That is why the choice of the mining platform must be thorough and careful.
This article will focus on one of the cloud mining platforms called IQ mining. You will learn everything about the service, how it works, how to earn crypto through it, what pros and cons it has, and if it is legit. By the end, you will understand if this platform is worth your attention and whether it can be used as a source of getting profit.
What is IQ Mining
IQ mining is a cryptocurrency mining company founded in 2016 by the team of blockchain programming professionals and IT engineers. It suggests miners investing a certain amount of money in their own cloud crypto farm and mine different altcoins to exchange them for a more popular crypto Bitcoin. The number of active users of the platform is not known exactly but it reaches 113,000 people according to the official website
The company offers to rent mining equipment and start making revenue almost immediately. People say about 860.000 MH/s of the platform total power being rented and the payouts for 2 years of its existence are estimated at $32 million.
The official website of the company says about the daily income you can earn. Since there are three main packages to purchase, you can earn $100 every day if you make a minimum investment of $500. However, the bigger your investment is, the higher the earnings you get.
Where is IQ Mining Located?
IQ mining is a company registered in Scotland in December 2016 and managed by LONDON WOLT LP company. The official company address is London Wolt LP, Suite 1 44 Main Street, Douglas, Lanarkshire, Scotland, ML11 0QW.
In 2019, the company was re-registered on the Seychelles Islands under the name IQ Mining Corp. The official address is 199574, Offices 309 & 310 Premier Building, Albert Street, Victoria, Mahe, Seychelles.
According to the official websites, the main data centers of the company are located in the following states:
The customer support service numbers are located in the United Kingdom (+44 1224 459763) and Russia (+7 (499) 677-68-19). The project is available in 4 languages including English, Russian, French, and Spanish.
Who Owns IQ Mining
Unfortunately, there is no official data who has founded the company. It is possible only to suppose that the company was founded by Russian crypto enthusiasts. This conclusion has been made on the basis of a video on the official website of the company. It features an engineer George Virsky who admits working in the company. He speaks Russian clearly and is filmed in the background of a big farm.
Any other information about the company owners is absent.
How Does it Work?
IQ mining is a cloud mining platform which rents power from several data centers. The last ones always have surpluses which are taken by the service. This power is used by the platform to mine altcoins and exchange them automatically for Bitcoins. All the profit is sent directly to the wallet of the user. Any maintenance fees are minimum, while the service guarantees risk-free operations for every miner.
One more thing that influences the amount of the miner earnings is the Hash Power, the computer power you have. Miners with higher hashrate and power will discover a bigger number of blocks and get more profit from the mining process.
Pricing & Contracts
It is natural that you need to pay money to be able to rent the equipment and start mining altcoins. IQ mining website mentions about a possibility to obtain one of 3 basic accounts.
- Profit is paid out every hour;
- Once a week withdrawal;
- Minimum payment: 0.01 BTC.
- Profit is paid out every hour;
- Every day withdrawal;
- Minimum payment: 0.1 BTC;
- 10% bonus to every payout.
- Profit is paid out every hour;
- Every day withdrawal;
- Minimum payment: 1 BTC;
- 20% bonus to every payout.
In fact, the price of the account depends on several important factors. There are 4 types of equipment offered (SHA-256, SHA-256 PRO, Ethereum, Equihash) to mine different types of altcoins. Moreover, you may wonder ‘how long are IQ mining contracts?’. You can buy contracts for 1, 2, 5 years or lifetime contracts on the platform. One more factor to influence the cost of the account is the power chosen.
If you want to learn how much you should pay for an account, the official website has a
calculator. You can indicate the type of the equipment, length of the contract, and desirable power and get a total cost to be paid to the service. Moreover, in addition to the contract details, the calculator also shows the payout forecast (though without maintenance fee).
One more point to remember is promo codes offered by the company to increase mining profits. If you enter a promo code on registration, you can also get a discount for the cost of your account thanks to that. Later, promo codes will activate extra bonuses for miners, so it is important to take advantage of them as well.
How to Start Mining
Mining with IQ Mining company is very easy and fast. If you come up with the solution to earn money by mining altcoins, you need to go to the company website and sign up. There, you will be offered to choose one of three accounts and complete the registration process.
If you are one who has decided to try mining altcoins and earn your living thanks to that, it is necessary to complete the registration procedure on the website of the company.
It begins with the feeling that you sign up an ordinary website.
We have all been there when you need to complete a simple procedure to make one more responsible step in your life.
Get this: The registration process consists of several simple steps including:
- Press ‘Sign in’ button, enter your login and password.
- Proceed to the registration form.
- Enter your name and surname, mobile phone number, email address, and agree with the rules of the platform.
- Enter your online cabinet, which indicates the current capacity, balance, and purchasing process.
- Choose the account type, mining power, and type of the cryptocurrency to mine.
- Proceed to the payment page and complete the process.
The system starts working automatically after your payment proof is received by the company. The first profit is added to your balance in an hour already.
How Much to Invest
Since the mining platform is quite young and there are not many reviewers about its work, not every person is ready to invest thousands of dollars in this project. However, according to several online reviews of IQ miners, it is useless to buy a bronze account with a minimum maintenance fee and low power, since you will need more than one year to return your investment only.
You can use a calculator to count your profit from mining and understand if it is worth investing money and how long you will return it. Having analyzed data provided by the company calculator, it is possible to make a conclusion that the highest profit can be received by mining Bitcoin using SHA- 256 PRO algorithm. With the minimum investment of $120 and power of 1,200 GH/s, the annual profit is 103%, where the payback can be received less than for 1 year. The highest profit of 169% can be received if you choose a gold account with the power of $50,000 GH/s, but its cost is quite impressive too – $30,660. It is worth reminding that the maintenance fee charged every day is not included in these figures, so the payback for the cheapest BitCoin mining will return only in a year and a half.
If you are thinking of earning with IQ Mining, consider this information. You will need at least one year in the best case to get your payback, and only then you will earn your first profit on the platform. Moreover, since all the earnings are exchanged for BTC, your income depends on the price of BitCoin too. Any fluctuations will impact your profits as well.
What Coins to Mine?
The company website says about over 200 altcoins to be mined on the platform, but the most popular ones are the following ones:
- Litecoin (LTC);
- Ethereum (ETH);
- Scrypt coins;
- Zcash (ZEC).
When it comes to purchasing and withdrawal methods, they are the same. In general, it is very comfortable to process payment for the account or withdraw your profits, since the number of payment methods is quite extensive.
It is possible to withdraw money to credit and debit cards including Visa, MasterCard, Visa Debit, Visa Electron, Maestro.
You can transfer cash to and from the bank account via wire transfer.
Since profit is received in cryptocurrency, it is possible to get a payout to such crypto wallets as Bitcoin, Litecoin, Ethereum, and Zcash.
Electronic payment systems are also included in the list of payment methods, so your income can be stored on e-wallets of such payment systems like PayPal, WebMoney, Yandex Money, Qiwi, Neteller, Load, and Dash.
IQ Mining Profitability
Do you want to know the secret? Imagine what it would be like if every person could pay a certain amount of money to the platform and earn great revenue to live happily.
Let me take a wild guess: everyone dreams about that but the reality is much less promising.
Fact: IQ mining profitability is much lower than it is described by the official website.
That’s true that you can get your investment back by mining on the platform if you spend about a year or more there. At the same time, your investment must be very high if you do want to make it your main source of income. The highest annual profitability according to the website calculator is about 169%, but you should extract the maintenance fee and follow market fluctuations not to lose your profit. Moreover, you will spend the first 6-9 months on getting your money back and only then start earning.
Is IQ Mining Legit?
Unfortunately, it is difficult to if IQ mining is legitimate cloud mining since there is not much information about the company. The only thing that speaks about the way how this platform works is the feedback of miners who have made their investments and began earning on this cloud mining service. Many of them confirm that they do find altcoins and get Bitcoins to their e-wallets regularly, but the power and profits received are much lower than they calculated on the website.
Pros & Cons
Like many other cloud mining services, IQ mining company has its benefits and drawbacks. It goes without saying that the main pros of the company look as follows:
- Easy start;
- User-friendly interface;
- Low prices;
- Smart mining feature;
- Multiple bonuses and promotions;
- Free subscription and registration;
- 7 days free trial;
- Possibility to mine several currencies simultaneously;
- Qualified team of professionals and customer support.
At the same time, IQ mining is a relatively new player in the crypto market, so there are things to be improved too. The list of cons is the following:
- No information about the creators and staff of the company;
- Inaccurate profit forecasts which are different in reality;
- Some algorithms do not allow to recoup funds invested;
- No mobile support.
What Does the Crypto Community Think About IQ Mining?
In fact, there is not enough information about IQ mining in the crypto community. Some people call it a scam, the others support the platform calling it a great place to earn money even for people who are not familiar with crypto industry well. It seems that two years of the company existence was not enough to give the only right solution to IQ mining legitimacy. At the same time, there are many reviews which confirm the capability to earn on mining on this platform and disagree with people who call it another scam project.
The greatest benefits of IQ cloud mining is a very low cost of mining as well as using a unique mining technology which selects the altcoins which bring the highest profit. Moreover, since all the altcoins mined are immediately exchanged for BitCoin, miners do not lose their profits. They can choose the right contract on the website and calculate which payback period it has to understand how long it will take to return your investment.
All in all, IQ mining is worth your investment, but begin with lower sums and change the amount only when you see that it is worth that.