Crypto trading is a popular way to get into the market, but cloud mining could be the way forward for those who want to take it to the next level.
Our expert team at Bitstacker wanted to highlight the benefits of cloud mining by creating this IQ Mining review. We detail what makes this process so interesting and how more crypto users find ways to capitalize on the mining service and other trading possibilities found on IQ Mining.
IQ Mining: Pros & Cons
- User-friendly interface
- Low fees
- Multi-currency mining
Cloud mining is a way individuals can mine cryptocurrency like Bitcoin by using cloud computing to access digital currencies. Unlike traditional crypto mining, which requires a lot of maintenance and uses a lot of energy from supercomputers to mine cryptos, cloud mining is more convenient as individuals don’t need to use hardware or any software to complete the mining. Cloud mining sites like IQ Mining give access to people who want to create their own mining accounts and can start cloud mining themselves. It will come with a cost, but it’s a lot more affordable for more people globally to get involved compared to traditional crypto mining.
Our IQ Mining review discovered that you’d become part of the mining pool once you decide to open an account. The best crypto mining platform allows customers to lease ‘hash power’. This gives users access to the platform’s service and potentially earns a profit on the number of cryptos the platform members as a collective have mined.
You may be wondering: is crypto mining profitable, and how can you get involved in the whole process to find out. It’s a pretty straightforward sign-up process, perfect for customers who may not be familiar with how the mining world works. Consider these steps if you’re reading this IQ Mining review and want to join the platform.
You’ll first need to open an account, so fill up the sign-up form with your details, including your name, phone number, email and password and verify your details through their email confirmation. You can then choose a contract you want to purchase that will be your cloud mining choice. The contract options are either one year, two years, five years or a lifetime. Customers might choose Bitcoin because it’s the most well-known cryptocurrency. But there is a wide range of digital coins to mine, some more profitable than others. You can then start to use their services and watch the mining bring in daily payouts.
Cloud mining models
In this IQ Mining review, we mentioned that the company uses a leased hash power approach to cloud mining. So we wanted to detail the types of cloud mining processes to help you understand which one could be the better option for you. Leased hash power is a more popular method for altcoin mining, as it allows customers who may have a smaller budget to get started in the industry. Customers will get a share of the profits from the cryptocurrencies the platform mines.
The other method of cloud mining is called hosted mining. This is a more popular choice as customers’ purchases are found in the miners’ location, not on a platform. Individuals using this method will have direct control over the cryptos they’re deciding to mine and be aware of the miner’s equipment to keep the process running smoothly. This process has higher costs associated with mining in terms of electricity and storage. So customers need to consider there will be a higher upfront fee than with leased hash power mining.
When it comes to purchasing a mining contract with IQ Mining, you have a range of options available that includes both cryptocurrencies and fiat payment methods. There are numerous cryptocurrencies accepted, including bitcoin, ETH, litecoin, and a range of altcoins. The traditionalists can make the purchase using either a credit/debit card or bank transfer, while PayPal, WebMoney and a number of other e-payment services are also supported.
All one-year contract payouts are made in bitcoin, while longer contracts will mostly be paid in Ethereum. Withdrawals can be made in crypto or USD, depending on what payment method you use. As is the case with most services, it is far easier if you withdraw to the same account that you deposited with.
Reading this review, you could be asking yourself, is IQ Mining legit and is there a customer support team? We can confirm that IQ Mining has an exceptional customer support network with 24/7 access. Members will benefit from a live chat option that will usually be responded to within a few minutes. At Bitstacker, we know how important a good network of reliable team members is to enhance customer performance. So having a speedy reply time can improve your overall experience at IQ.
In addition to their 24/7 live chat option, customers can access a team member using their email, firstname.lastname@example.org. This is also available to members 24/7. Depending on how complex your question might be, it’s known to get back to your queries within a few hours. Customers need to have access to a knowledgeable support team. If you want to include screenshots of an issue you’ve come across or a more comprehensive answer, their email service could be the better option for you.
If you don’t want to leave the platform to contact customer service, you can use their online website form. This is perfect for users who may not want an immediate response like in the live chat but it will still provide a detailed answer to your queries. You will need to give your name, email address, and phone number (optional) and write your message in the box below. Not many platforms will have this many contact options in the cloud mining market, so you can take advantage of their speedy replies and attention to detail to help enhance your mining or trading performance.
The final way you can reach a customer service adviser is through their phone line. Our IQ Mining review found six locations for the largest data centers that cloud miners will have access to. These are in Canada, Georgia, Russia, Iceland, China and Algeria. However, the phone numbers are available in two areas, one in the UK and another in Russia. We only recommend this contact option if you live in the phone line region. Otherwise, it could cost you a lot to reach out abroad.
IQ Mining was started back in 2016 and registered in 2017 under the parent company Cent Group LTD. It holds a license to operate in the pacific nation of Vanuatu and is authorized by the Vanuatu Financial Services Commission (VFSC). In terms of its availability, its service can be accessed from most places in the world, with the only notable omission being the US.
Cloud mining is becoming a more popular choice for crypto enthusiasts, so we highlighted a few key benefits if you decide to choose this crypto mining technique.
Advantages found in our IQ Mining review
Better for the environment
Cloud mining has fewer energy costs than more common crypto mining methods that use supercomputers. Customers don’t need to worry about using the equipment when all is done online. In recent years, crypto mining was banned in countries like China, where most mining took place. One of the reasons was the perceived damage it had on the environment due to the equivalent amount of fossil fuels needed to keep up with the demand of crypto users. Crypto influencers like Tesla CEO Elon Musk also had some words about the environmental impact crypto mining had and how he wanted to encourage more eco-friendly ways to acquire digital tokens. So what better way to reduce the environmental impact than with cloud mining?
In addition, our IQ Mining review discovered whether you want to start crypto trading with leverage on the platform or stick to cloud trading, you can do so with a small fee and lease the hash power to do so. This makes it an excellent way for more customers to try their luck at mining and see if it is as profitable as the company claims to be.
Disadvantages of cloud mining
There can also be disadvantages when it comes to cloud mining that could have you questioning, is IQ Mining safe? So we listed a few key risks to consider if you’re thinking of registering an account and starting mining or trading with this platform.
Profits aren’t guaranteed
Although this platform wants to promote its capability to allow each customer to make returns, this cannot be guaranteed, especially for new miners. The demand for cloud mining is increasing, so you may not see any significant payouts coming into your account unless you’re willing to buy a larger contract and spend more funds. In addition, our IQ Mining review found that with this increase in demand, the hash power supply might not be able to keep up with it, so you have fewer opportunities to start mining.
In general, the online market has many platforms for customers to trade, invest, and mine when it comes to cryptocurrencies. But some sites may be too good to be true. And in the end, have the opposite effect on your funds. You may find a website with competitive offers and promises of profits when you create an account, but it might not be that simple, and you could lose money. So we recommend that individuals look through Bitstacker for the latest in-depth reviews to see if the platform is legit and worth your money and time.
Overall, we found IQ Mining an excellent place to start your cloud mining journey. You have access to hash power, which is leased and allows you to use the platform and its facilities and benefit from a share of the profits made by the community that mines together. Our IQ Mining review discovered that customers could also start trading crypto and forex CFDs if they choose, which is a great way to get an insight into the market and see how this could affect the cryptos they’re mining in terms of supply and demand.
We recommend customers who have some experience with crypto trading try mining. Suppose you’re interested in knowing more about a reliable crypto lending platform and how to capitalize on the volatile market. Our website has an impressive range of the latest reviews to give you an insight into legitimate operators to take your crypto investment journey to the next level.