IQMining is an online cloud mining service that offers to remotely mine Bitcoin cryptocurrencies (SHA-256 algorithm), Litecoin (Scrypt), Ethereum (Ethash), and other altcoins without the need to buy equipment. The Tether (USDT) contract was launched with a fixed yield of 120% per annum. Contracts are available without an expiration date, which means they are acquired for life.
What is IQMining?
IQMining is run by the company Tunewo Limited which is registered in the Marshall Islands. There are two telephone numbers for contacting the company provided on the website. One of them is the UK number and the other is Russian.
The mining farms owned by IQMining can be found in China, Russia, Algeria, Canada, and other countries. Such a huge coverage is a reasonable strategy in terms of risk differentiation. Electricity costs, cryptocurrency regulation, social-political and economic climate change from time to time, so it’s better not to keep all the resources in the same jurisdiction.
DataCenter of IQMining
The website server is located in the data center of Cloudflare USA. The names of the owners of the Ikyu Mining organization are not available. Upon entering the cloud mining website, users are greeted with a review of IQMining in the format of a welcome video, where the organization’s engineer is taken as the presenter. A room with equipment is demonstrated, on each miner, there is an IQMining logo.
The SHA-256 (Bitcoin) contract with 5000 GH/s costs $479. That’s much cheaper than the similar contract, say, on Hashflare. The contract duration is 1 year. The maintenance fee is $0.001 per 10 GH/s. According to the website itself, the yearly income that can be gained through this contract varies from 38 to 53 USD. Another SHA-256 option is SHA-256 Pro. For this option 5000, GH/s costs $553 but the yearly income can reach up to $203. 2-year, 5-year, and lifetime contracts are also available. Besides Bitcoin SHA contracts, there is a Bitcoin Cash (BCH) contract. According to IQMining, the BCH 5000 GH/s contract is supposed to bring up to $445 in profit in one year.
They start at 30,000 GH/s and cost $0.171$ per GH/s. So if we look closely we will find out that Bronze, Silver, and Gold accounts are all the same with the price of 17 cents for each GH/s. The difference starts only with Diamond accounts. The min power for the Diamond account is 509530 GH/s. This account grants each user the latest iPhone model as a gift, a 5% extra hash rate, 2 monthly giveaway tickets, a personal manager, up to 35% discount, and other bonuses. The minimum deposit required for the Diamond account is $50,000.
As for payment methods, IQMining allows users to pay in multiple ways so each one will be able to find a more convenient option. You can buy power (hash rate) for cryptocurrency, Perfect Money, Yandex.Money or pay with a credit card. IQMining provides daily payments, funds are distributed automatically using smart contracts. Applications for withdrawal are executed within 24 hours.
Apart from setting a strong password, there is only one security feature on IQMining — happily, a strong one — 2-factor authentication. In short, when enabled this feature makes it mandatory to provide a one-time password each time when you or someone else is trying to enter your account or withdraw funds. The code is sent to your email address or is generated in the special mobile phone app attached to your account.
There are no reports about security breaches and/or user data leaks or funds thefts on the IQMining platform. It seems that the platform does enough to protect the user accounts however there are not many facts known about how exactly IQMining is guarding the accounts and funds.
And talking about is it worth buying, Cloud mining platforms are usually accused of being nothing but Ponzi schemes. So before starting to use IQMining it is important to make sure it isn’t a scam. On the other hand, scam accusations that can be found on forums and other platforms should be approached with caution. Quite often users that don’t get the terms and conditions right or don’t succeed in getting profit blame platforms for that and accuse them of being a scam.