IQ Mining Review & Summary
Cryptocurrency Mining?
Before we get to IQ Mining, we need to review what cryptocurrency mining is. The most common types of cryptocurrency that are mined are Bitcoin, Dash, and Monero. Cryptocurrency values fluctuate, which is why they are becoming more and more appealing. Despite the appeal, the mining aspect of cryptocurrency is a bit complicated, but let’s break it down a bit; this form of investing allows the miners to accrue money without investing any actual money (you’ll still need to have some money to mine, but more on this later).
To earn cryptocurrency, such as Bitcoins, miners need to meet two conditions: (1) audit cryptocurrency transactions and to verify a certain amount of transactions, 1MB worth to be exact, and (2) be lucky enough to be the first to “arrive at the right answer.” What does this mean? Miners are essentially guessing 64-digit numbers and are trying to be the first to guess the number or “hash” that is either equal or less than the target hash. Meeting these two criteria is tough, and it doesn’t always pay off.
When there is a pay-off, it’s typically not much. There are reviews from people who have made substantial amounts of money based on cryptocurrency mining, but it’s definitely not a get rich quick scheme. People mine for various reasons, such as to earn some extra money or earn money that isn’t regulated by the government
IQ Options Fees
Mining is an important part of cryptocurrency because it’s a decentralized process, meaning the transaction logs are held in different locations. If you think about a standard bank, all of your debit card transactions are in a central location, so it’s centralized.
Cryptocurrency doesn’t work like this; instead, there are transaction records scattered across nodes within what’s called a blockchain, which can make it hard to keep track of. However, having cryptocurrency as a decentralized monetary system allows for transparency and prevents corruption, so it is becoming such a popular form of currency. Miners help organize the system and make sure the transactions are valid, and nothing sketchy is going on. As a reward for their efforts, miners earn some cryptocurrency in the process of validating.
To go into the process of cryptocurrency mining a bit more and ensure you have a solid understanding, here are some key terms you may encounter during your research-
Each individual’s device that holds a piece of a blockchain.
Miners: Workers who validate pieces of the blockchain.
Transaction: The piece of the blockchain that miners validate, or exchange of
cryptocurrency between two people.
A hash is how miners validate transactions and is an embedded piece of every transaction.
The speed by which your computer figures out hashes; the quicker, the better
IQ Mining Login & Account Opening
Alright, now that we’ve reviewed what cryptocurrency mining is, we can review IQ Mining – a cloud-based cryptocurrency mining platform founded in 2016. A cloud-based mining platform doesn’t require users to download any software or have any specific hardware, which can be attractive. In addition to offering cryptocurrency mining opportunities, IQ Mining also acts as a Forex and cryptocurrency trading platform. IQ mining utilizes a “smart mining” approach meaning that it runs algorithms to find which type of cryptocurrency its users are most likely to profit from on any given day. This automated approach is attractive because the contracts that users will purchase don’t require them to mine from a single cryptocurrency;
Thus, there is the ability to make more of a profit from the diversity. The IQ Mining homepage boasts that you can either mine or trade-in three simple steps. The steps for mining include (1) signing up, (2) purchasing a contract, and (3) getting paid. The steps for trading include (1) signing up, (2) trading, and (3) withdrawing earnings.
Signing up for access to the platform is free, but of course, this is an investment platform, so there are costs associated with both the trading side and the mining side. There are three different mining accounts options: the bronze account, the silver account, and the gold account. Contracts are offered for each count that differ based on the hash rate (how quickly you can crack hashes), mining strategy provided, and of course, price. There is also a choice for the contract duration. The contract lengths stem from one year to a lifetime and charge per 10 hashes explored. Each contract length also has options based on how much mining you plan to do and how quickly you want to review hashes. For example, there are three options for the one-year contract that boast a profit of up to 145% profit. The prices of the contracts range from $0.33 per 10 hashes to $2.94 per 10 hashes.
The more hashes you purchase at once, the cheaper they are overall. Despite needing to buy a contract to mine, the prices per contract aren’t atrocious. For scrypt mining, the Bronze account costs about $3, the silver account costs about $2.80, and the gold account costs about $2.60. SHA-256 mining costs between $.60 – $1; ethereum mining costs between $1.60 – $2; Zcash mining costs between $1.30 – $1.80; and, Dash mining costs between $2.60 – $3.00. There are also daily maintenance fees, but these run at about .005 USD, so again not breaking the bank.
Deposit & Withdrawal
The process for trading is similar to that of which we reviewed in the IQ Option article. IQ option offers a Demo account like other platforms, but it is not unlimited. Novice traders will have seven days to utilize the demo account before they are required to transfer to a live account. As stated earlier, IQ Mining is a cloud-based platform, meaning that all transactions and mining are conducted on the IQ website, not a software. This eliminates the ability to trade or mine on one’s mobile device. Like the mining accounts, there are three tiers (bronze, silver, or gold) of trading accounts that require different deposits of $250, $1000, or $3000. Thus the minimum deposit fee is $250 for this platform.
It appears so! The reviews are mixed. Some users claim the platform is a scam and they haven’t made any earnings in weeks, whereas others report earnings and trust within the platform. The variation in reviews may depend on one’s understanding of mining. If one is expecting to get rich quickly based on cryptocurrency mining, then they are sadly mistaken. Also, cryptocurrency mining, as we stated above, is tough and kind of boils down to luck. We say if you try the demo and feel comfortable with the platform, go for it! There isn’t a ton of information on this platform’s trading side, so it’s hard to give an IQ Mining review on this piece. Typically with trading, as we’ve stated before, you want to look for some certifications and broker regulations to feel good about the platform, and I haven’t found any. Still, this platform does offer two types of financial gain opportunities. The platform also has an SSL certificate on the website, meaning it’s encrypted and your information can’t be hacked. The extra level of protection is reassuring.
IQ Mining Trading Platform Overview
Here are several advantages of using IQ Mining for mining purposes. The platform has powerful miners and high hash rates. The benefits are daily payout options, deposit bonuses, conversion of currency options, and low market spreads for traders. For those of you who wish to be involved with both trading and mining, the platform allows you to move over funds from mining to trading easily. The platform has been translated across four different languages, including English, Spanish, French, and Russian.
There are some notable cons associated with this platform, such as it’s not supported on mobile devices, which means you have to have access to a desktop computer or laptop to monitor trades or work on mining. The platform is new and thus hasn’t quite developed a stellar reputation, but there are many positive reviews. Some of the algorithms make it nearly impossible to profit from the initial investment or recoup the invested funds. Also, access to the platform is not possible for those who reside in America. The reviews state that this platform is best for small investments due to the newness, but it is rated favorably compared to other cloud-based mining platforms.
As we keep saying, it’s important to do your due diligence and research a variety of platforms that can suit your needs. The same goes for cryptocurrency. IQ Mining isn’t the only option out there and shouldn’t be the only one you consider. Look around at all the features, price points, and earning potentials. Also, check out the social media of these platforms. Interested people can find real customer reviews on social media comments, and it can help give you a transparent view of how many people are actually using the platform and their thoughts on it. Also, you’ll be able to see the authenticity of the company. If a company doesn’t have a social media page or doesn’t post much, then they are probably less credible. In my experience, platforms that want to be known as reliable and authentic will allocate resources to keep a social media presence. Above all, find a platform that is going to meet your goals and your individual needs.
