IQ Mining: a complete review of the iqmining.com website, reviews, advantages and disadvantages, the choice and payment of a cloud mining contract, personal experience

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IQ Mining is an online cloud mining service that offers to remotely mine Bitcoin (SHA-256 algorithm), Litecoin (Scrypt algorithm), Ethereum (Ethash algorithm) and other altcoins without having to buy hardware. In 2019, the Tether (USDT) contract was launched with a fixed yield of 120% per annum. Contracts with no expiration date are available, which means they are purchased for life. A feature of the IQ Mining project is the use of smart mining, which implies high efficiency and a 30% cost reduction compared to competitors’ “clouds”. The site has a calculator with which it is easy to calculate the projected return on investment. You can buy capacity (hash rate) for cryptocurrency, Perfect Money, Yandex.Money or pay with a bank card. Payments are made daily, funds are distributed automatically. Withdrawal requests are processed within 24 hours.

The official website of IQ Miningiqmining.com.

Other cloud mining sites: CryptoUniverse, ECOS, Bitluck, etc.

Since 2019, IQ Mining has been included in the Cryptocompare rating:

The editorial staff of Btcnewsweb.com prepared an overview of the IQ Mining service based on personal experience. Be careful when investing in any cloud mining project, past performance does not guarantee future performance.

General information

NameIQ Mining
Official siteiqmining.com
Russian languageYes
Year of foundation2016
Country of registrationSeychelles
Legal nameIQ mining Corp.
Registration addressSuite 10 Premier Building, Albert Street, Victoria, Mahe, Seychelles
Registration numberSeychelles IBC No. 199574
LicenseNo: FVR000167
Verificationoptional
Available cryptocurrencies for miningBitcoin, Ethereum, Bitcoin Cash, altcoins
ProfitabilityDepends on the rate of the cryptocurrency, the complexity of mining, the cost of maintenance, etc.
Mining algorithmsSha-256; Ethash
Duration of contractsfor 1 year; for 2 years; for 5 years; indefinite
Contract valuefrom 9.8 $ for 1 TH / s
Contract service feesfrom 0.001 $ for 10 GH / s (24h)
Minimum contractfrom 500 GH / s
Profit calculatorAvailable at iqmining.com.
Replenishment methodsVISA and MasterCard cards; cryptocurrencies; Perfect money
Payoutsdaily
ReinvestYes
Social networkshttps://twitter.com/iqminingcom; https://www.youtube.com/channel/UCSo7-T7sYt1WdOril8uhSSA; https://www.instagram.com/iqminingcom
Contactssupport@iqmining.com; contact through the site. Phones: UK +44 1224 459763; Russia – +7 (499) 677-68-19

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 calculated daily after 12 at night. Service charges are deducted from daily income. For example, on May 22, 2019, income was 0.00157 BTC, 0.00050 BTC (service) is subtracted from this amount. The net profit was 0.00107 BTC or 8.56 USD.

✅ Withdrawing cryptocurrency from the IQ Mining wallet:

IQ Mining Cloud Mining Review

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 the ratio of price, profitability and payback period. The clients of the company can be residents of any country in the world, with the exception of the USA.

In 2019, perpetual contracts were added with a time limit: for 2 and 5 years. Their cost is lower:

Indicators of the “cloud” site IQ Mining for the entire period of operation:

  1. Number of clients: 84190.
  2. Earned money from mining: $ 10.027 million.
  3. Scrypt total capacity: 341,542 MH / s.
  4. Number of new customers per day: 200-300 on average.

The most profitable IQ Mining contracts (data based on the profitability calculator):

⭐On the Sha-256 PRO algorithm with a yield of 103-169% per year.

⭐Based on the Scrypt PRO algorithm with an annual yield of 80–98%.

The minimum amount for the purchase of capacities:

  1. Scrypt – $ 40 for 20MH / s.
  2. Sha-256 – $ 50 for 500GH / s.

To start mining, you need:

  1. Register at iqmining.com.
  2. Choose an algorithm and amount of power.
  3. Pay for the contract.
  4. Get income that is accrued every day.

Nuance. The more power you buy, the lower the cost and the higher the mining income. On the IQMining website, there are 3 levels for each algorithm: bronze, silver, gold. Difference: in the minimum number of contracts, respectively, the cost for the hash rate and service is higher.

For example, Sha-256PRO perpetual contracts: the cost of 10 GH / s at the bronze level is $ 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).

Legal information

The IQ Mining website is operated by IQ Mining Corp, which is registered in the Seychelles. Registration number: Seychelles IBC No. 199574.

As follows from the promo 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 presents a calculator for calculating the projected profitability depending on the number of capacities, algorithm, costs, etc. Let’s put the information in a table and see what is better to buy, what profitability and the time to break even.

✅ IQ Mining contract on the Sha-256 PRO algorithm (Bitcoin):

PowerThe costProfitability (forecast) in BTC: day / week / month / yearProfitability (forecast) in USD: day / week / month / yearPayback period of the contract (years)Profitability for the year,%
1200GH/s120 $0,000053/0,00037/0,0016/0,01910,34/2,4/10,4/124,150,96103
3000GH/s300 $0,00013/0,00092/0,0040/0,0480,84/5,98/26/3120,96104
30000GH/s2640 $0,0013/0,0092/0,040/0,488,45/59,8/260/31200,84118
50000GH/s30660 $0,022/0,15/0,66/8,0143/975/4290/520000,58169

✅ Sha-256 Contract (Bitcoin):

PowerThe costProfitability (forecast) in BTC: day / week / month / yearProfitability (forecast) in USD: day / week / month / yearPayback period of the contract (years)Profitability for the year,%
500GH/s50 $0,000017/0,00012/0,00050/0,00610,11/0,78/3,25/39,651,2679
3000GH/s300 $0,00010/0,00070/0,0030/0,0370,65/4,55/19,5/240,51,2580
30000GH/s2640 $0,0010/0,0070/0,030/0,376,5/45,5/195/24051,0991
50000GH/s30660 $0,010/0,070/0,30/6,165/455/1950/396500,77129

✅ Scrypt PRO (Litecoin) Algorithm Contract:

PowerThe costProfitability (forecast) in BTC: day / week / month / yearProfitability (forecast) in USD: day / week / month / yearPayback period of the contract (years)Profitability for the year,%
60MH/s120 $0,0047/0,033/0,14/1,70,26/1,88/7,98/96,91,280
300MH/s600 $0,024/0,17/0,71/8,61,368/9,69/40,47/490,21,281
3000MH/s5460 $0,24/1,7/7,1/86,313,68/96,9/407,7/49191,190
10000MH/s16660 $0,79/5,5/23,6/287,645,03/313,5/17544,6/16393198

✅ Scrypt contracts (Litecoin):

PowerThe costProfitability (forecast) in BTC: day / week / month / yearProfitability (forecast) in USD: day / week / month / yearPayback period of the contract (years)Profitability for the year,%
20MH/s40 $0,0012/0,0085/0,036/0,440,0684/0,4845/2,052/25,081,662
300MH/s600 $0,018/0,13/0,54/6,61,026/7,41/30,78/376,21,5962
3000MH/s5460 $0,18/1,3/5,4/66,310,26/74,1/307,8/37791,4469
10000MH/s16660 $0,61/4,2/18,2/220,934,77/239,4/307,8/125401,375

✅ Ethash contract profitability:

PowerThe costProfitability (forecast) in BTC: day / week / month / yearProfitability (forecast) in USD: day / week / month / yearPayback period of the contract (years)Profitability for the year,%
2MH/s40 $0,00016/0,0011/0,0048/0,0580,03/0,24/1,08/13,1332
30MH/s600 $0,0024/0,017/0,072/0,880,54/3,84/16,27/198,88333
300MH/s5460 $0,024 /0,17/0,72/8,85,4/38,42/162,72/19882,736
10000MH/s16660 $0,080/0,56/2,4/29,218,08/126/638/65992,539

Conclusion: the best option that IQ Mining provides is the purchase of Sha-256 or Sha-256 PRO contracts. The average payback time is about 1 year, the profitability is from 80 to 170%. This is followed by the purchase of capacities based on the Scrypt Pro and Scrypt algorithms for litecoin mining: yield – from 60 to 100%, term – from one to one and a half years. The calculation rate is taken as of 10/06/2018: 1 BTC = $ 6500; 1 LTC = 57 $; 1 ETH = $ 226. It is not profitable to mine Ethereum at today’s rate, the payback period is about 2.5-3 years.

After the calculations, doubts crept in: whether the cost of service is taken into account in the profitability forecast calculator. Support answered that it was 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 payment for it or for the subsequent maintenance of the cabinet. To start creating an account, you need to click “Start mining” or “Register”.

Indicate information about yourself:

  1. Name, surname.
  2. Telephone.
  3. Email.
  4. Password.

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 account, enter 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:

  1. “Mining” – the section displays the purchased capacity, balance (earned), daily income per unit of capacity (MH / s), total income per day, week, month, year.
  1. “Account” or “Buy MH / s” – select an algorithm and buy the required amount of power. Detailed information and a forecast of the profitability of IQ Mining cloud mining are displayed.
  1. The “History” section shows all financial transactions and purchased mining capacities.
  2. “Account” includes two sub-items: “Personal data” (verification) and “Security” (password change).

IQ Mining’s personal account 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:

  1. Cryptocurrency: Bitcoin, Ethereum, Litecoin, Dash, Zcash and other altcoins.
  2. Fiat money: Perfect Money, Yandex.Money, Visa / MasterCard bank cards.

The purchase and deposit process is an interconnected process. There is no separate storage account.

Algorithm of actions for paying for IQ Mining cloud contracts:

  • Registration on the iqmining.com website.
  • If something is not clear, the service has an online support chat that will help with any question. You can also write to your e-mail or send a message using the form from the “About us” section. Services work without days off and breaks.
  • In the section “Account” – “Top up” or “Buy MH / s” select an available algorithm. For Bitcoin mining – Sha 256; litecoin – Scrypt; Ethereum – Ethash. At the time of this writing, the Dash and Zcash capacity purchase contracts were out of stock.
  • Choose the required amount of power (hash), taking into account the minimum amount. To do this, you need to use the slider with the scale or enter the numbers in the “You are buying” line. The calculator will calculate the projected income for the time intervals: day, week, month, year. In the column “Contract details” – full information about the algorithm, the amount of capacities (together with a bonus), price and time. Since September 2018, all contracts are for life. To receive bonus capacities, you need to enter a promo code from IQ Mining (if available). 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, with lower costs. Accordingly, their profitability is higher. We recommend that you consider purchasing them first.
  • For the final calculation for the capacity, you need to go down the page or click “Buy MH / S”. Select a payment system or cryptocurrency and click “Pay Contract”.
  • If you decide to pay with Bitcoin cryptocurrency, then you can buy it in bitcoin exchangers. In the “Purse to receive” line, indicate the address of the IQ Mining bitcoin wallet, which will be generated when you click “Payment for contract”. Payment time is 60 minutes.
  • To purchase Perfect 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 the extraction of the crypto coin 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 the received profit every day. To do this, click “Account” – “Withdraw” and indicate your wallet address in the cryptocurrency that is being mined. The minimum amount is 0.001 BTC, the rules for withdrawal – within 24 hours, the funds must be transferred to the cryptocurrency wallet.

Choosing an algorithm 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, then Sha-256 and ScryptPro.

IndicatorsSha-256 ProSha-256Scrypt ProScryptEthereum
Maximum yield,%169129987539
Minimum yield,%10379806232
Minimum investment amount1200 GH/s=120 USD500 GH/s=50 USD120 MH/s =120 $20 MH/s =40 $2 MH/s =40 $
Payout currencyBitcoinBitcoinLitecoinLitecoinEthereum
PayoutsDaily payments for all algorithms

Calculations were made at the exchange rate at the beginning of October. Mining Ethereum is not a very profitable activity, the profitability at today’s rate is within 30-40%, and the payback period is about three years. Of course, the coin can rise in value and the contracts 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 market situation and mine the above coins.

On the official website of IQ Mining, there is another table with the main parameters based on historical data. Algorithm rating based on historical profitability: Sha-256 PRO – 128%; Scrypt PRO – 82%; Sha-256 – 73%.

Advantages and disadvantages of a cloud service

Let’s note all the main pros and cons of the IQ Mining cloud:

Pros

✅ Perpetual contracts.

✅ The best offer on the market in terms of profitability and payback periods.

✅ A line of highly profitable PRO algorithms.

✅ IQ Mining cloud mining has been operating since 2016.

✅ Replenishment of the account not only with cryptocurrency, but also with fiat money through Yandex, Perfect Money, cards.

✅ Daily payments and charges.

✅ Simple and user-friendly site.

✅ The projected income calculator is a handy feature when calculating.

✅ Online support. The answer to the question was received within 10 minutes.

✅ Periodically, promotions are held with the distribution of promotional codes, discounts on the contract, and prize draws.

✅ No verification.

✅ Unprofitable algorithms are disabled.

Cons ❌

❌ An opaque cloud mining process.

❌ The site lacks information about the management and employees of IQ Mining Corp.

❌ With a low cryptocurrency rate, profitability is low or absent altogether.

Questions and answers

What is IQ Mining?

It is a cloud mining platform for cryptocurrencies.

Where are 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 verification on the site?

Not. But in exceptional cases, they may be required.

Minimum withdrawal amount?

$ 10.

What are the rules for withdrawing profits?

It is carried out within 24 hours to the payment system from which the input was carried out.

Where can I get a promo code?

There are currently no promotional 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 contracts will not pay off. Invest wisely and not the last money.

Are the contracts paying off?

Yes, with a high bitcoin rate. 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 registry is not public. It is not possible to find out the names of the beneficiaries. As of 01/19/2020, IQ Mining Corp. fulfills its obligations to clients 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 the employees. The promo video mentions engineer Georg Virsky.

IQ Mining Reviews

If you want to know what cloud mining is, and generally understand the process of mining cryptocurrency, then IQ Mining is one of the best solutions in 2021. It is better to buy perpetual contracts with high profitability of the “PRO” line, so the investment will pay off faster. At the time of writing the review, the company charges 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 rate of cryptocurrencies and other factors. Do not invest your last money, the loss of which may affect your well-being.

Customer feedback on IQ Mining on the forums:

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