Since 2019, IQ Mining has been included in the rating from Cryptocompare :
The editors of Profinvestment.com have prepared a review of the IQ Mining service based on personal experience. Be careful when investing in any cloud mining projects, past returns do not guarantee future returns.
Name IQ Mining
Official site iqmining.com.
Year of foundation 2016
Country of registration Seychelles
Jur. title IQ Mining Corp.
Registration address Suite 10 Premier Building, Albert Street, Victoria, Mahe, Seychelles
Registration number Seychelles IBC No. 199574
License No.: FVR000167
Available cryptocurrencies for mining Bitcoin, Ethereum, Bitcoin Cash, altcoins
Yield Depends on the rate of the cryptocurrency, the complexity of mining, the cost of maintenance, etc.
Mining algorithms Sha-256; Ethash
Duration of contracts for 1 year; for 2 years; for 5 years; perpetual
Contract value from $9.8 for 1 TH/s
Contract service fee from $0.001 for 10 GH/s (24h)
Minimum contract from 500 GH/s
Yield Calculator Available at iqmining.com.
Replenishment methods VISA and MasterCard cards; cryptocurrencies; perfect money
Social media https://twitter.com/iqminingcom; https://www.youtube.com/channel/UCSo7-T7sYt1WdOril8uhSSA; https://www.instagram.com/iqminingcom
Contacts firstname.lastname@example.org ; contact through the site. Phones: UK +44 1224 459763
Personal experience with IQ Mining
Purchased capacity – 40021 GH / s. Contract based on the Sha-256 PRO algorithm (bitcoin mining). The daily income is: 0.00031 USD*40021 GH/s=12 USD or 0.0016 BTC.
Profit is accrued daily after 12 midnight. A service charge is deducted from the daily income. For example, on May 22, 2019, the income was 0.00157 BTC, 0.00050 BTC (maintenance) is subtracted from this amount. Net profit was 0.00107 BTC or 8.56 USD.
Cryptocurrency withdrawal from IQ Mining wallet:
Review of cloud mining IQ Mining
The company was formed and began to work in the field of providing cloud mining services since December 2016. In February 2019 we celebrated 2 years of work. Data centers with mining equipment are located all over the world (China, Russia, Algeria, Canada, etc.), which is correct in terms of risk differentiation.
The IQ Mining service is one of the most profitable in terms of price, profitability and payback period. Residents of any country in the world, with the exception of the United States, can become clients of the company.
In 2019, unlimited contracts were added with a time limit: for 2 and 5 years. Their prices are below:
Indicators of the “cloud” site IQ Mining for the entire time of work:
Number of clients: 84190.
Earned from mining: 10.027 million USD.
The total capacity of Scrypt: 341,542 MH/s.
Number of new customers per day: 200–300 on average.
The most profitable IQ Mining contracts (data based on profitability calculator):
On the Sha-256 PRO algorithm with a yield of 103–169% per year.
On the Scrypt PRO algorithm with an annual yield of 80-98%.
Minimum amount to purchase capacity:
Scrypt – $40 for 20MH/s.
Sha-256 – $50 for 500GH/s.
To start mining, you need:
- Register on the site iqmining.com
- Select the algorithm and the amount of power.
- Pay for the contract.
- Get income that is accrued every day.
Nuance. The more power you buy, the lower the cost and the higher the income from mining. There are 3 levels for each algorithm on the IQMining website: bronze, silver, gold. Difference: in the minimum number of contracts, respectively, the cost for hashrate and maintenance is higher.
For example, perpetual contracts Sha-256PRO: cost 10 GH/s at bronze level $1.5 (minimum contract from 1200 GH/s); on silver — $1.2 (from 3000 GH/s); on gold — $0.9 (from 30,000 GH/s).
The IQ Mining site is operated by IQ mining Corp, which is registered in the Seychelles. Registration number: Seychelles IBC No. 199574.
As follows from the promotional video, the IQ mining project team consists of experienced experts in the field of mining and cryptocurrencies.
Calculation of the profitability of cloud mining IQ Mining
The iqmining.com website provides a calculator for calculating the predicted profitability depending on the amount of power, algorithm, expenses, etc. Let’s summarize the information in a table and see what is better to buy, what is the profitability and the breakeven period.
IQ Mining contract based on the Sha-256 PRO algorithm (Bitcoin):
Contract Sha-256 (Bitcoin):
Contract on the Scrypt PRO algorithm (Litecoin):
Conclusion: the best option provided by IQ Mining is to buy Sha-256 or Sha-256 PRO contracts . Their average payback time is about 1 year, profitability is from 80 to 170%. This is followed by the purchase of capacities on the Scrypt Pro and Scrypt algorithm for mining lightcoin: profitability – from 60 to 100%, term – from one to one and a half years. The calculation rate was taken on 06.10.2018: 1 BTC=6500 $; 1LTC=57$; 1 ETH=226 $. It is unprofitable to mine Ethereum at the current exchange rate, the payback is about 2.5–3 years.
After the calculations, doubts crept in: whether the cost of maintenance is taken into account in the profitability forecast calculator. Support replied that it is taken into account.
Registration on the official website of IQ Mining
To purchase contracts, you need to go through a simple registration on the iqmining.com website . There is no fee for it or for subsequent office maintenance. To start creating an account, you need to click “Start mining” or “Registration”.
Provide information about yourself:
- First name, last name.
- Pass the captcha, read and agree with the rules of the IQ Mining service.
After entering the data, click “Register”.
Personal account IQ Mining
To enter the IQ Mining cabinet, specify your login (aka email) and password. The site has a version in Russian, which makes it easier to work with the cloud service.
Consider the menu items:
“Mining” – the section displays purchased power, balance (earned), daily income per unit of power (MH / s), total income per day, week, month, year.
“Account” or “Buy MH / s” – select the algorithm and buy the right amount of power. Detailed information and forecast of the profitability of IQ Mining cloud mining are displayed.
The “History” section shows all financial transactions and purchased mining power.
“Account” includes two sub-items: “Personal data” (verification) and “Security” (password change).
The personal account of IQ Mining is not cluttered with unnecessary information. Understanding how everything works is very simple.
Account replenishment, withdrawal and purchase of IQ Mining power
IQ Mining cloud service offers account replenishment:
- Cryptocurrency: Bitcoin, Ethereum, Litecoin, Dash, Zcash and other altcoins.
- Fiat: Perfect Money, Yandex.Money, Visa/MasterCard bank cards.
The process of buying and depositing funds is an interconnected process. There is no separate storage account.
The algorithm for paying for cloud contracts IQ Mining :
- Registration on the site iqmining.com.
- If something is not clear, the service has an online support chat that will help with any question. You can also write to an email or send a message using the form from the “About Us” section. Services work without days off and breaks.
- In the “Account” – “Deposit” or “Buy MH/s” section, select an available algorithm. For bitcoin mining – Sha 256; litecoin – Scrypt; Ethereum – Ethash. At the time of writing, contracts for the purchase of Dash and Zcash capacities were not available.
- Select the required amount of power (hashrate) taking into account the minimum amount. To do this, use the slider with a scale or enter the numbers in the “You buy” line. The calculator will calculate the projected income for periods of time: day, week, month, year. In the column “Details of the contract” – full information about the algorithm, the amount of capacity (together with the bonus), price and term. Since September 2018, all contracts are for life. To receive bonus powers, you need to enter a promotional code from IQ Mining (if any). The more megahash per second, the more income will be from cloud mining.
- Algorithms with the PRO index (Sha-256 and Scrypt) are more efficient mining at lower costs. Accordingly, their profitability is higher. We recommend that you consider purchasing them first.
- For the final payment for capacities, you need to go down the page or click “Buy MH/S”. Select a payment system or cryptocurrency and click “Pay for the contract”.
- If you decide to pay with Bitcoin cryptocurrency, then you can buy it in bitcoin exchangers. In the “Wallet to receive” line, specify the address of the IQ Mining bitcoin wallet, which will be generated when you click “Contract payment”. Payment time is 60 minutes.
- To purchase Perfect Money money or other cryptocurrencies, you should use online exchangers .
- This completes the process of paying for contracts on the IQMining.com cloud mining service. After confirming the transfer, the power for mining the cryptocoin will be received. In an hour, charges will begin to arrive.
- To track statistics on income, just go to the “Mining” section.
- You can withdraw your profit every day. To do this, click “Account” – “Withdrawal” and indicate your wallet address in the cryptocurrency that is being mined. The minimum amount is 0.001 BTC, the withdrawal schedule is within 24 hours, the funds must be transferred to a cryptocurrency wallet.
Algorithm selection on iqmining.com
Above was a table with the calculation of the profitability and payback period of mining on the IQ Mining website according to the calculator. After analyzing all the information, we can conclude that the most profitable contracts are based on the Sha-256PRO algorithm, followed by Sha-256 and ScryptPro.
The calculations were made at the exchange rate at the beginning of October. Mining Ethereum is not a very profitable occupation, the profitability at today’s rate is in the range of 30–40%, and the payback period is about three years. Of course, the coin can grow in value, and contracts will become more attractive. As part of diversification, you can distribute funds by purchasing contracts for all algorithms. But it is better to proceed from the current situation on the market and mine the above coins.
The official website of IQ Mining provides another table with the main parameters based on historical data. Rating of algorithms taking into account historical profitability: Sha-256 PRO – 128%; Scrypt PRO – 82%; Sha-256 – 73%.
Advantages and disadvantages of a cloud service
We note all the main pros and cons of the IQ Mining cloud :
- Availability of perpetual contracts.
- The best offer on the market in terms of profitability and payback period.
- A line of highly profitable PRO algorithms.
- Cloud mining IQ Mining has been operating since 2016.
- Replenishment of the account not only with cryptocurrency, but also with fiat through Yandex, PerfectMoney, cards.
- Daily payments and accruals.
- Simple and user friendly website.
- The predicted income calculator is a handy feature in calculations.
- Online support. The answer to the question was received within 10 minutes.
- Promotions are periodically held with the distribution of promotional codes, discounts on the contract, prize draws.
- There is no verification.
- Unprofitable algorithms are disabled.
- Opaque cloud mining process.
- The site does not contain information about the management and employees of IQ mining Corp.
- With a low rate of cryptocurrencies, the profitability is low or completely absent.
Questions and answers
🤔What is IQ Mining?
It is a cryptocurrency cloud mining platform.
🤔Where are the IQ Mining data centers located?
In Canada, Russia, Iceland, Georgia, Algeria, China.
🤔What equipment is used for mining?
There is no answer to this question on the official website.
🤔Do you need site verification?
No. But in exceptional cases they may require.
🤔Minimum withdrawal amount?
🤔What are the rules for withdrawing profits?
It is carried out within 24 hours to the payment system from which the deposit was made.
🤔Where can I get a promo code?
There are currently no promo codes.
🤔Guaranteed Yield Contracts?
No, investing in cloud mining is risky. With a low bitcoin rate, the profit from mining may not cover the costs and the contracts will not pay off. Invest wisely and don’t waste your money.
🤔Do contracts pay off?
Yes, at a high rate of bitcoin. And, accordingly, at a low rate, contracts will not pay off.
🤔Is IQ Mining a legal company or a scam, scam and scam?
The company is officially registered in the Seychelles. The register is not public. It is not possible to find out the names of the beneficiaries. As of December 14, 2021, IQ mining Corp. fulfills its obligations to customers and is not a scam. There is no confirmation of the presence of data centers with mining equipment, except for the video on the YouTube channel. It is not possible to assert the reality of the mining process by IQ Mining. There is no information about employees. The promo video mentions the engineer Georg Virsky.
IQ Mining Reviews
If you want to know what cloud mining is and understand the cryptocurrency mining process in general, then IQ Mining is one of the best solutions in 2022. It is better to buy perpetual contracts with high profitability of the “PRO” line, so investments will pay off faster. At the time of writing the review, the company accrues mined and withdraws funds.
When investing in the cloud, it is important to take into account all possible risks associated with the company itself, the exchange rate of cryptocurrencies and other factors. Do not invest the last money, the loss of which may affect your well-being.
Customer reviews about IQ Mining on the forums: