IQ Mining Review: Complete Guide on What Is IQ Mining
There are few cloud mining service worth talking about since most of them tend to fold up within a few months of launching their services. IQ Mining proved to be an exception.
I believe that everyone on the blockchain/cryptocurrency train is out here to make some cash. I know that some people claim to do it for the betterment of humanity. The question is, are they making money? A simple yes or no answer. However, you will find out that 99% of the time, the answer is YES.
Anyways the point I am trying to prove is that making money is a significant driver of the cryptocurrency industry.
What Is IQ Mining: Cryptocurrency Mining as a Way to Make Money
Anyone used to cryptocurrency knows that the best way to earn yourself some substantial cash is to mine crypto coins or launch your cryptocurrency. Mining has, however, been the most popular option.
Going by the basic definition of mining, the process does seem like an easy one. I mean, it's all about buying some hardware, installing some software, set things up and sit back and watch the coins roll in. Going by this alone, anyone who can set up a sound system should be able to set up a mining farm.
In reality, mining involves some use of sophisticated software, and also, when the troubleshooting starts, you need to have enough technical experience to handle it. There is also the issue of electricity and country regulations. You are putting all these together makes mining crypto without genuinely taking the time to invest in it nearly impossible.
IQ Mining Opinions: Why Cloud Mining?
There are many IQ mining opinions, and many different people like this idea, while others don’t think it is a good thing. However, as the saying goes, where there is a will, there is away. If you know how web hosting platforms operate, you must have heard the term cloud hosting. The basic definition of this is that, instead of having your data hosted in one single fixed location, with a cloud hosting account, you will have access to use a vast connection of system servers, which are interconnected to form a unique, usable resource.
Now bringing the idea of this to mining, apart from Bitcoin and some other coins, it is no news that a common CPU/GPU is capable of letting you mine some new coins. Also, the more the hardware power working together, the more the chances of mining the right block and making more money in the process. This connection of multiple mining tools, cutting across several locations, is what forms a cloud. So when you hear the term cloud mining, just know that you are renting space on this vast network, connected.
One mining services we have come to notice over time (2year!) is IQ mining. Since its inception, the mining service has grown exponentially and has garnered itself some excellent reviews. In this IQ mining review, we will be taking you through all that is to be known about this mining service.
IQ Mining Scam or Legit: Brief Introduction to IQMining
So what is IQ mining? IQ mining is a crypto mining investment platform which came into existence in 2016. Since its launch, the platform has grown into something worth talking about.
Are you worried about IQ mining scam? Is IQ mining scam or legit?” is a question that many are bothered with. For those who got scammed online before, one thing you will always look out for in your indirect investment is a name. Going through the IQMining page, and several IQ mining reviews across public forums, for now, no individual key name has been given, and it seems whoever is behind IQMining favors the word "TEAM." The only two titles we can get from the website are George Virsky, IQMining Engineer, and Brad, tech support.
So in this IQMining review, we are sorry, we won't be mentioning any key person's names. That being said, IQMining is said to have about 50,000 active users, who have rented about 857.101 Total power (scrypt), MH/s, and a total payout of $4.974.424 within two short years. While using the platform, you can mine more than 100 popular cryptos.
How IQMining Works
IQMining is a pay as you go form of leased hashing power clouding mining platform. While on the platform, you will have access to an extensive network of data centers, which you will be able to tap into for mining, depending on your hash power. So the more the network size you are looking to employ for mining purposes, the more the Hashing power you will have to pay for. Also, the higher the hashing power you have paid for, the more profit you should be looking forward to.
IQ Mining Altcoins Pool
While on the platform, you will be provided with access to tools that mine a broad range of crypto coins and token. For now, the IQMining platform offers to mine for about 100-150 altcoins, depending on the plan selected.
The most popular altcoins on the platform right now are Zcash, Dash, Ethereum, Litecoin, and Monero. These altcoins are considered to be the most profitable ones to invest in right now, so for avid miners on the network, this is a good list.
Once the altcoins are thoroughly mined, the platform helps with exchanging them into bitcoins, which are then sent to the attached wallet address.
IQ Mining Technical Know-How
IQMining made it known that to reduce cost, the profits, income, and investments are being secured, making use of smart contracts. Massive data centers are also being used. They also claim to mine using their hardware (no rent); smart contracts protect even power consumption and delivery time frames.
As a result of this, you can rest assured that your return on investment will be THREE TIMES more than other cloud mining services.
IQ Mining Operation Process
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A. The IQMining service owns its data centers, and mining tools, which it rents out in exchange for hashing powers.
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B. The power owned by IQMining is now being used to mine a selection of the most profitable altcoins.
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C. The mined altcoins are then traded for bitcoins, which in turn get transferred to users' wallets.
So once you decide to buy into any of the five listed plans, you have nothing to worry about. IQMining does all the heavy lifting for you.
Available Plans
Currently, IQMining has three plans which can be bought into:
SHA-256 Mining
- Mining strategy: 10 major coins
- Maintenance fee: $0.0014 per 10 GH/s
- Hardware: IQ mining SHA-256
- Payout: every day in BTC
- Contract price: from $50 per 1000 GH/s
- Historical profit: 73% per year
SHA-256 PRO Mining
- Mining strategy: 100-150 altcoins
- Maintenance fee: $0.0014 per 10 GH/s
- Hardware: IQ mining SHA-256
- Payout: every day in BTC
- Contract price: from $120 per 2400 GH/s
- Historical gain: 128% per year
Ethereum Mining
- Mining strategy: ETH mining
- Maintenance fee: Nil
- Hardware: GPU Rigs
- Payout: every day in ETH
- Contract price: from $40 per 4 MH/s
- Historical gain: 60% per year
Payment Methods
BTC, LTC, Zcash, Paypal, Webmoney, Perfect Money, Credit/Debit Cards, kiwi, wire transfer, etc.
How to get started
To get started on IQMining, you need to visit the home page located at IQMining.com. On the home screen, you will find the "START MINING NOW" button.
Once you click on this button, you will be sent to a form page. Here you will input all your personal information.
Once you have filled the form, the next thing to do is visit your email and verify the email sent to you. After that, you can log in to the platform.
Buying your first mining power on the platform is quite straightforward. At the top of the dashboard, you will be presented with a list of plans to select from as well as the amount you will be making per day in USD on every MH/s you buy (hash rate). The option to buy is located on the left side of the dashboard.
Once you click on the "BUY MORE MH/s" button, you will be transferred to the payment page.
Conclusion
Generally, cloud mining has a history of not performing well. Taking into consideration the drastic drop in major price coins that have been experiencing since the start of the year, crypto mining might not be the right call at the moment. However, if IQMining claims to deliver a profit factor, which is THREE TIMES, what you will get elsewhere. This makes them the perfect choice for anyone looking opt-in for cloud mining. Is IQ mining legit? Yes, for sure.
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