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IQMining Review 2021 - Is It Safe?

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Country: Marshall Islands
Launched: 2016
Expert Review
Apr 08, 2021

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.

  1. What Is IQMining?
  2. Main Features
  3. Pricing
  4. Payment Methods
  5. Security
  6. Is IQMining Safe?

What Is IQMining? 

The company was launched in December 2016. Data centers with mining equipment are located all over the world. 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.

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.

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IQMining service is one of the most profitable in terms of price, profitability, and payback periods. Clients of the company can be residents of any country in the world, with the exception of the United States that is heavy in regulatory requirements in the cryptocurrency sphere. Not many crypto platforms manage to meet the demands of US legislators.

3 Easy Steps to Start Mining

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.

Main Features

According to the IQMining website, the company provides so-called smart mining. However, it doesn’t mention how it is technically different from the rivals’ platforms. The only thing we are told is that smart mining implies high efficiency and cost reduction of 30% compared to the cloud mining services of competitors.

To get an idea of how much you can earn on cloud mining via IQMining, users may use a profitability calculator. It is easy to calculate the projected return on investment. It’s important to realize that as cryptocurrencies have volatile rates, the real profit may vary. In the bull market, there are chances to get more than expected while the bear market can bring smaller rewards if we count them in fiat currencies.

Every month, IQMining is giving prizes away. The items are MacBook, iPad Pro, iPhone, Apple Watch, cruises, and bitcoins. Conditions: buy a contract for at least $ 100.

IQMining specializes in the production of several altcoins with the highest profitability, giving users the right to manage profitability. The user can change the purpose of the contract by switching from one type of coin to mining another. The entire amount is converted into Bitcoin and credited to the investor's account.

According to the terms of the affiliate program, when buying contracts with referrals, both the partner and his referral receive remuneration. That is, a mandatory bonus is accrued to customers if you apply the IQMining promotional code when replenishing the balance. There is a separate 10% discount when depositing funds with a voucher. There is no monthly fee for using the service itself.

The site works in 5 languages. Focusing on the resource is very simple, as well as managing the purchase and distribution of investments. It is proposed to mine cryptocurrencies using the algorithms Scrypt and SHA-256, Ethereum, and Zcash. Evidently, there were USDT contracts available in the past.

Apart from mining, there is a "trading" feature also present on the platform. This feature is very different from what we usually call trading when we speak of cryptocurrencies. The already bought mining contract can be pledged and sold to the other IQMining customer. There are several trading assets. The copy trading is also available for IQMining users. The terms & conditions section mentions that trading is performed via the trading terminal.

Pricing

Just like any other cloud mining platform, IQMining offers several mining contracts. At the time of writing this review, USDT and Ethereum contracts were marked as "Out of stock". So let's dive into SHA-contracts.

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.

It is worth mentioning, that the prices depend on the selected hash power. The more power you order the less you pay per each GH/s. There are Bronze, Silver, Gold, and Diamond accounts based on the chosen hash power. Users buying power not exceeding 3000 GH/s are considered to own Bronze Accounts. The pricing is $0.178 for each GH/s while the daily maintenance fee is $0.0001 per 1 GH/s. The minimum power that can be bought is 969 GH/s. Silver accounts start at 3000 GH/s. The only difference is that the price is a bit lower — $0.175$ per GH/s. Gold accounts have the same properties. 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 hashrate, 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. 

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Payment Methods

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 (hashrate) 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.

Security

As IQMining deals with money and user personal data it's important to realize which means can be applied in order to protect the account. The platform requires users to verify their accounts via uploading a passport/ID photo. Providing a phone number is a must, too.

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. Those who can't access your emails or your phone won't be able to break into your account or steal money. That's basically it. 2-factor authentication is very popular. Most centralized crypto platforms offer this feature. It prevents numerous hackings. Turn it on as soon as you create your account. There is no info about other ways IQMining guards the funds and info of the users.

Is IQMining Safe?

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. 

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.

In the case of IQMining, we believe that a lot depends on the contracts you choose and the current market situation. The price fluctuations can affect the rewards. If these rewards go below the maintenance fee, the contract gets unprofitable. If the rewards are growing, the contract continues to bring profit. We see polar reports of how IQMining is profitable. Most probably, such a situation is explained by differences between contracts and the differences in the market trends. When the contracts quickly lose profitability some frustrated investors tend to blame IQMining for that and even go further to call the company a scam. However, we see it rather as an unfortunate circumstance. It's important to remember that even if you invest in a legit cloud mining enterprise, you might lose money just due to the market waves.

If you yet to decide whether you should use IQMining or not, you should read the terms and conditions carefully and make sure you understand the payouts policy correctly. Probably it would be wise to reach out to the support team for questions if you have some. Reading the detailed and comprehensive user reports also makes sense. That's what is advised to do before starting to use any (!) cryptocurrency platform. That's how you make yourself safe.

Our Score
Ease of use 5 / 5
Security 5 / 5
Fees 4 / 5
Reputation 5 / 5
Our Score
4.8 / 5

pros

Low costs

Usual discounts & giveaways

cons

Low payouts

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User reviews
Concerned Citizen 15 June, 10:18 PM
1.0

They force you to submit your passport to withdraw your funds. BEWARE!

Tobias Schlar 27 May, 5:48 AM
1.0

Achtung!

Tatsächlich ein Scam der kleine Anleger in eine Kostenfalle zerrt!
man bekommt errechnet nie das was man investiert hat zurück, wenn überhaupt nur einen Bruchteil....
Unlautere AGB fange einen leider. Kein vertrauenswürdiges Unternehmen. Lieber Abstand nehmen, melden etc.

Mikhail 16 April, 4:34 PM
1.0

IQ mining is a scam!!!!! 1000%!!!
DON'T INVEST, DON'T TRUST, you may get initial payback, but never get profit, SCAM! They blocked my account for the financial check which is going more than 4 months so far and they "don't know when it's ending".

Faizan Ahmad 6 April, 7:59 PM
1.0

Tested and confirmed scam. Avoid if you like your money. Forget the gains, you ain't even getting the initial deposit back. Be smart and avoid like a plague.

ORLANDO DE OLIVEIRA 15 March, 3:23 PM
1.0

Es una estafa. Tengo activo un contrato aun activo (15-03-2021), y en los ultimo 9 meses, he recibido 0 (cero), como lo leen cero ganancia. Se escudan en la dificultad de red de BTC, pero hoy, con un precio 6 veces mas de cuando hice mi inversión inicial, no recibo, ni recibiré un centavo.
Supongamos que lo de la dificultad de red para ellos es cierta, aun cuando se jactan de decir, que tienen un pool de maquinas extremadamente grande, porque solo venden contratos de SHA256 y SHA256 PRO, si no van a generar ganancia para el inversor?, pues claro, se quedan con tu aporte inicial, y las pocas ganancias que te reportan en tu perfil de inversor, se las quedan arropadas en sus comisiones.
En conclusión es una ESTAFA. No se dejen engañar.

Jim Kramer 4 March, 9:57 AM
1.0

I deposited $50 one year ago to get almost "$150 in bitcoin in a year long contract" and now bitcoin is worth 5 times the price and I have less than $5 available to withdraw. Screw these damn SCAMMERS!!

John Kelley 2 March, 2:25 PM
1.0

Total Scam! Zero profit from a $2700 investment after 1 year. They give you the run around through messaging and never any straight answers.

Mikro 7 February, 10:33 PM
4.0

The cloud mining can be profitable.

ORLANDO DE OLIVEIRA
15 March, 3:25 PM
Es una estafa. Tengo activo un contrato aun activo (15-03-2021), y en los ultimo 9 meses, he recibido 0 (cero), como lo leen cero ganancia. Se escudan en la dificultad de red de BTC, pero hoy, con un precio 6 veces mas de cuando hice mi inversión inicial, no recibo, ni recibiré un centavo.
Supongamos que lo de la dificultad de red para ellos es cierta, aun cuando se jactan de decir, que tienen un pool de maquinas extremadamente grande, porque solo venden contratos de SHA256 y SHA256 PRO, si no van a generar ganancia para el inversor?, pues claro, se quedan con tu aporte inicial, y las pocas ganancias que te reportan en tu perfil de inversor, se las quedan arropadas en sus comisiones.
En conclusión es una ESTAFA. No se dejen engañar.
Nelly 6 February, 6:47 AM
5.0

The mining is really comfort here.

Nast 31 January, 9:55 PM
5.0

I like that it provides fast connection to the service. Just plug in and it works. Great thing.

Port 29 January, 4:11 PM
5.0

I like how it easily synchronizes all my soft to the pool. It takes me one clik.

Shi 17 January, 3:00 PM
4.0

How contact the support? Is there anybody who knows?

Kit 21 July 2020, 4:16 PM
5.0

Legit mining, withdraws work for me

Country: Marshall Islands
Launched: 2016