IQ Mining: Service overview and profitability

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IQ Mining is a cloud mining company that has been operating since 2016 and allows investors to rent cryptocurrency mining equipment. The legal address is registered in Seychelles (which alarms many users), but the data centers are located in different parts of the world (Asia, Europe, Middle East). The main feature of the service is an intelligent algorithm that independently determines the most profitable currency at the moment and directs all purchased energy to its mining.

The official website of IQ Mining is available in several languages (including Russian) and allows the user to immediately know the amount of monthly income, calculated according to the amount of investment.

IQ Mining profitability

The site contains 5 cryptocurrencies for mining: Ethereum and Litecoin, Zcash, Monero and Dash. The main factor that affects customer revenue is hashrate volume (leased capacity), but beyond that, profitability is influenced by:

  • Availability of benefits and bonuses – it is known that there is an IQ Mining promotional code that gives a discount on the first contract, with other promotions being carried out for customers;
  • Financial management – buy an additional hash rate for already mined coins;
  • Algorithm – IQ Mining itself selects the most profitable currency, but the supplier does not provide information on the efficiency of equipment operation with one or another algorithm;
  • currency value – the more expensive currencies are traded on exchanges, the more the investor will receive;

The company only offers fixed term contracts for 1 year. The rental price is determined per unit of capacity for a given algorithm. IQ Mining review suggests mining Dash and Litecoin will be the most expensive ($ 2.6 for 1MH/s), the cheapest is Bitcoin mining ($ 0.0035 for 10Gh/s), but in the latter case , an additional daily commission is charged.

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IQ Mining is a cloud mining that allows you to buy a formed package (gold, silver) or create a new contract, depending on the investment amount. Based on the rates available on the site, we can conclude that by purchasing a silver package, you can fully return your investment:

  • When working with Bitcoin – after 11 months;
  • When working with Litecoin – after 12 months;
  • When working with Ethereum – after 15 months;
  • When working with Zcash – after 24 months.

Observation: The data are based on the exchange rate of the second quarter of 2018, if there is a change, the amortization period of the contract may change.

Work at IQ Mining

To rent computing power, the user must register for the service by filling out a standard form, which includes:

  1. Full name
  2. Phone number
  3. Email

Access to your personal account is provided after verification by mail, but the administration reserves the right, in some cases, to require additional documents from the customer to verify identity.

You can replenish your account or withdraw money via:

  • Credit card (from $ 25)
  • Bank transfer (from $ 50)
  • E-wallets (from $ 10)
  • Bitcoin (from 0.001 coins)
  • Altcoins (from $ 10)

Withdrawal/deposit transactions can be viewed on the account, where the currently acquired hash rate data and current account balance are also displayed.

Pros and Cons of IQ Mining

Pros:

  1. The analysis of IQ Mining reviews allows us to observe a convenient profitability calculator that calculates the revenue of each algorithm depending on the investment amount;
  2. A huge number of payment methods that allow you to buy a contract for fiat and cryptocurrencies;
  3. Relatively high profitability. In the long term, IQ Mining contracts will bring in more revenue than equal volume contracts in other well-known locations.
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Disadvantages:

  1. IQ Mining's 2018 reviews are virtually the only source of information about the service's activities. The company has not gained the trust of a large public and, so far, has a dubious reputation;
  2. Investments don't always pay off – this pertains to buying packages for the production of relatively unpopular coins, eg Dash;
  3. Poor website quality – the creators do not provide information about themselves, the company itself, or the equipment used, which further alarms skeptics and damages IQ Mining's reputation.

conclusions

IQ Mining is a young cloud mining service that offers favorable rates. The competitive advantage lies in the use of an algorithm to automatically determine the most profitable currency and exchange the customer's capabilities for its production. At the same time, users are alarmed by the lack of essential information about the company, other than offshore registration. IQ Mining does not offer any guarantees of return on investors' funds, the official website does not contain the management contact details and information about the founders, which still does not allow to recommend IQ for cloud mining.

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