A team of blockchain professionals launched IQ Mining in 2016 to capitalise on the surge in demand for clouding mining services. It has data facilities in Canada, Russia, Iceland, Georgia, Algeria and China, with customer service teams in the UK and Russia.
You can rent hash power from IQ Mining, meaning you do not need to invest in your own hardware in order to mine Bitcoin and other cryptocurrencies. This IQ Mining review will assess the level of service, technology, security, customer service and potential for profitability on offer.
IQ Mining Pros & Cons
- Flexible range of cloud mining contracts
- The ability to mine up to 150 altcoins
- Wide range of banking options
- The option to trade and copy successful traders
- You are not guaranteed a profit
- Not as transparent as some rivals
Most people reading an IQ Mining review are interested in mining Bitcoin, as it is the world’s largest cryptocurrency. IQ Mining has a range of options for anybody that wants to use its services to mine Bitcoin. However, you can also mine up to 150 different altcoins, from popular coins like Litecoin, Ripple and Monero to more niche cryptocurrencies. There is also a specific contract for mining Ethereum.
IQ Mining also allows customers to trade assets. You can trade crypto and forex CFDs, while benefiting from flexible leverage that ranges from 1:3 to 1:100 for any strategy. If you are new to trading, you can simply copy one of the top traders using the IQ Mining platform. It also offers contracts pledging. This IQ Mining review is mainly focused on cloud mining, but it offers a reasonably strong trading platform too. That section is laid out clearly and the analytical tools are easy for beginners to use.
Pricing & Fees
This IQ Mining review has to applaud the flexibility on offer when it comes to choosing a cloud mining contract. A tab allows you to choose a one year, two year, five year or lifetime contract. Then you can choose your mining package: USDT, SHA-256, SHA-256 PRO, SHA-256 BCH or Ethereum. USDT (Tether) is only available on a one-year contract. It includes a minimum hashrate of 1 GH.s and a maintenance fee of 0.0001$ 1 GH/s / 24h. Tether is a stable coin, and IQ Mining claims to guarantee you income of at least 125% per year if you take this package.
The SHA-256 contract features 10 major coins and a minimum rate of 10 GH/s. The SHA-256 PRO allows you to mine between 100 and 150 altcoins, but otherwise has all the same features as the SHA-256. You are paid out daily in Bitcoin for each of these contracts. The SHA-256 BCH pays you daily rewards in Bitcoin Cash. There is a maintenance fee of 0.0001$ 1 GH/s / 24h with each of these contracts. The Ethereum contract offers a minimum hashrate of 0.1 MH/s.
Within each contract, you can then choose a Bronze, Silver, Gold or Diamond account. For example, if you are looking at a two-year SHA-256 PRO contract, you can pay $92 for a Bronze account. You will then receive power of 2882 GH/s. It tells you the maintenance fee you can expect to pay, and your payout forecast, based on current market conditions. When we conducted this IQ Mining review, it was an average price of 0.236 USD per 10 GH/s, and a daily payout forecast from $0.21 to $0.31.
If you went up to a Gold account, you could expect to pay $26,813 up front for 1,280,598 GH/s of power. It calculated an average price of 0.209 USD per 10 GH/s, and a daily payout forecast from $72 to $102 at the time of our IQ Mining review. If you went up to the maximum investment within a Diamond account, you could expect to pay $97,218 for 4,649,265 GH/s power. It calculated an average price of 0.199 USD per 10 GH/s, and a daily payout forecast from $7268 to $391. With that contract, you would receive 5% extra revenue, an iPhone, monthly giveaway tickets and a personal manager. These contracts included a discount, which we will explain further down this IQ Mining review. However, it is worth noting that you may not recoup your initial investment, and maintenance fees can outweigh profits, due to the competitiveness of mining and fluctuations in the value of crypto.
This IQ Mining review must point out that you may not recoup your initial investment, and maintenance fees can outweigh profits. This is due to the competitiveness of mining and fluctuations in the value of crypto. Your mining payout depends on the mining difficulty, the total network hashrate and the market price of Bitcoin or altcoins. You will be charged an up-front fee and a maintenance fee, which goes on managing the hardware at IQ Mining’s data farms, electricity costs and admin.
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Some miners find the traditional route – whereby you buy your own mining hardware, download cryptocurrency mining software and connect to a mining pool – to be more profitable in the long-term. However, cloud mining enthusiasts would say that it frees up space in your home, reduces noises and heat, lowers your electricity bill and does not force you to make an initial investment in speculative hardware.
Some users enjoy IQ Mining, and say they have made a healthy return on their investment, but others warn that the fees are high, forecasts for profitability are erroneous and it is hard to make any money, while they also caution against new fees being sprung upon miners mid-contract. Some people reading this IQ Mining review might ask, is IQ Mining paying? It is certainly paying its customers. Your account will be credited each day at 00:00 GMT, and returns will vary on a daily basis. However, you should just be warned that you might make an overall loss on your contract as opposed to a profit.
As we noted earlier in this IQ Mining review, it is difficult to generate an overall profit when cloud mining. Crypto mining in general is a competitive pursuit, and your potential margins are further eroded when you pay admin fees to providers such as IQ Mining. A bonus offer can therefore make the difference between turning a profit or recording a loss.
IQ Mining does have some interesting sign-up deals for you to take advantage of. It was offering a 35% discount on all mining contracts when we conducted this IQ Mining review. That significantly reduces the initial investment you have to make, although there is still the possibility of maintenance fees outstripping rewards. Much of your profitability is determined by the performance of Bitcoin or other cryptocurrencies compared to fiat currencies, which is why some people prefer to simply invest in crypto rather than going through the convoluted process of mining it.
The “About Us” section at IQ Mining is pretty basic. It does not provide details of who owns it, or where the company is based. Some sites claim the head office is located in the Seychelles, but others say Latvia or Vanuatu. That is not too concerning, as crypto generally works on a decentralized model and serves as international currency, but it would be reassuring to know more about the people running the company. We checked LinkedIn while conducting this IQ Mining review, and zero employees were listed.
Rivals like Genesis Mining are keen to provide video interviews with staff, and the chief executive has a high profile in the industry. You can check out a Genesis mining review for more details. Customers can also watch video footage from inside its data facilities. IQ Mining is not as transparent as Genesis and some other cloud mining providers. It tells users the countries in which its facilities are based – Canada, Russia, Iceland, Georgia, Algeria and China – but beyond that details are scant. IQ Mining helps you achieve profitability by using an algorithm that switches between the most profitable cryptocurrencies to mine, and then converts them to Bitcoin on the exchange before paying you out.
Security, Usability, Look & Feel
IQ Mining is an attractive site and very easy to use. It appears to have been designed to make life as easy as possible for cloud mining and trading novices. Everything is explained in a very bright, clear and concise manner, with lots of helpful illustrations and tools. This IQ Mining review cannot fault the usability, navigability and design of the site. We should mention as part of this IQ Mining review that the sign-up process is also very smooth and simple.
IQ Mining has an SSL certificate and all communications should be encrypted. There have been no notable security breaches in its history. It pays customers out on a daily basis, so it does not need to hold much crypto, and that arguably makes it a reasonably unattractive target for hackers. Some people accuse IQ Mining of scamming them, and label it a Ponzi scheme. Yet there are also plenty of happy customers, and it is reasonably well established now. You should take guaranteed profitability with a pinch of salt, and know that fees can wipe out your profits, but overall IQ Mining does seem like a legit site.
You can choose from a wide range of banking options when you sign up for an account with IQ Mining. It allows easy and convenient purchases and withdrawals, without taking any commission, using Bitcoin, Litecoin, Ethereum, Dash, Zcash, TrueUSD, USD Coin and Tether. You can also choose Visa, MasterCard, WebMoney, Perfect Money, QIWI or a wire transfer.
Payouts can be made on a daily basis, and this IQ Mining review also notes that the payout minimum is low ($10) and that customers can make regular withdrawals for small amounts if they so desire. You can create a withdrawal request in the “Funds” section and within 24 hours your withdrawal will be processed and funds will be sent to the wallet of your choice. Minimum purchase amounts differ based on each contract, and you can call the customer service team if you would like to invest more than $100,000.
This IQ Mining review now moves on to another crucial component: the level of customer service. IQ Mining has a very slick and polished customer support department. The live chat function pops up immediately at the bottom right of the homepage when you land on the site, and polite, energetic customer support staff ask if there is anything they can help you with. We tested the service out for this IQ Mining review, and found the staff to be polite, helpful and knowledgeable.
Live chat is offered on a 24/7 basis and it is the best choice for anyone using the site, although there are customer support phone numbers in the UK and Russia too, or you can send an email. We should also note in our IQ Mining review that you can choose from English, Russian, German, Spanish and French. There is also a handy FAQ section, along with various educational pieces in a section called “Knowledge Base”, and the firm is active on social media. We really cannot fault the level of customer service on offer at IQ Mining.
We must conclude this IQ Mining review by saying that it is a legit operator with a number of interesting features. The flexibility on offer when choosing a contract is attractive, and the process of signing up for an account is really smooth and painless. Everything is explained clearly, and the limits should appeal to a wide range of miners. Customer service is strong, you can benefit from great bonuses and the usability, look and feel of the site are all excellent. Another benefit is the wide range of banking options, and the sheer ease of deposits and withdrawals.
IQ Mining could certainly offer greater transparency, and you should definitely approach its profitability calculators with considerable scepticism, but it does say that cloud mining involves financial risks. The main reason to avoid IQ Mining is that you might not turn a profit. You could end up paying more than you gain from the mining activities. However, that is true of any cloud mining provider. If you have made up your mind about cloud mining and want to give it a go, IQ Mining is a solid option.