IQ Mining is a service for investing in the computing power that is used to mine cryptocurrencies. It was launched in 2016. The equipment independently switches between the most profitable currencies, which are then converted to Bitcoins on the exchange, which allows users to offer the most favorable rates.
The project website is available in English, French, Spanish and Russian. On the main page users can also find a calculator of the average monthly payment.
The site says that all data centers are located with the company's partners in Russia, Canada, Iceland, Georgia, China and Algeria. The company is officially registered in the Seychelles.
How it works
Getting started with the site is quite simple. Users will need to pass a simple registration, fill in the form and specify the full name, mobile phone number and email address. After this procedure, users get access to their personal account.
In the account, there is information about current capacity, the funds in the account and the opportunity to buy more. Users can pay for the purchase of the contract with VISA or Mastercard and some cryptocurrencies, for example, BTC, ETH, LTC. The minimum input amount is 0.001 BTC.
In some cases, users may be asked to verify their identity. Then they will have to send the administration a scan of their documents and put a signature in electronic form.
The company offers contracts in five directions with the following cost:
- SCRYPT (Litecoin) — 1 Mh\s for 3 USD
- SHA-256 (Bitcoin) — 10 Gh\s for 1 USD
- Ethash (Ethereum) — 100 Kh\s for 2 USD
- Equihash (zcash for) — 1 H\s for 2 USD
- X11 (Dash) — 1 Mh\s for 3 USD
It is also possible to enter a promotional code to receive a discount on the purchase.
On the site, in addition to the calculator of the average monthly earnings, there is also a detailed calculator for each algorithm. For 100 USD without promo codes users can buy: SCRYPT - 33.2 Mh/s, which will bring $0.37 per day, 3 per week, 11 per month and 133 per year; SHA-256 - 1000 Gh/s, which will bring $0.59 per day, 4 per week, 18 per month and 216 per year; Ethash - 5000 Kh/s, which will bring $0.19 per day, 1 per week, 6 per month and 68 per year; Equihash - 55.3 H/s which will fetch $0.13 per day, 0.89 per week, 4 per month and 46 per year; X11 - 33.2 Mh/s, which will bring $0.03 per week, 0.13 per month and 2 per year.
- High expected income. The creators offer a really good amount for cloud mining.
- Support of basic payment methods.
- Convenient calculator on the site. The expected yield can be easily calculated on the website. Data on each algorithm is available separately with the possibility to specify the desired investment.
- Lack of reputation. Despite the fact that there are already positive reviews about the site, they are still not enough to fully trust it. The project is too young and requires better consolidation in the market.
- The inability to obtain any profit on some algorithms. Some algorithms, such as X11, do not even allow users to recoup the invested funds. In the future, the situation may change.