IQmining – overview of the cloud-based crypto currency mining platform

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IQmining – overview of the cloud-based crypto currency miming platform

With the increasing popularity of crypto currency (especially after an unprecedented increase in the cost of military technical cooperation in 2020, as well as attempts by financiers to explain the mechanism for creating and developing alternative means of payment), most average users have reached a dead end. The new universal instrument of exchange does not work according to the traditional laws that existed before the Bretton Woods agreement (binding to the “gold standard”), but even less, it obeyed the modern rules of the world financial market. Created in this period, analytical articles, reviews of reputable economists, the conclusions of well-known journalists specializing in this subject can be conditionally divided into three categories:

в—ЏCrypto currency is quite a promising and convenient tool for exchange, but (according to experienced experts), unfortunately, it often becomes the object of a wide variety of fraudulent schemes;

в—Џ MTC and with them – saving the world economy, which will free the world from the “slavery” of the dollar (but it is immediately tried to “reject”);

в—Џ Bitcoin is a revolutionary new, universal mechanism for “resetting” international financial markets with a subsequent change in the world economy.

To give an accurate forecast of the development of the Crypto-currency for the next 1-2 decades, with direct / indirect influence on the world or even the main national economies, to date, no financier will risk. Therefore, we can only compare with the current situation, and in free time, amateurs can test theoretical assumptions empirically, giving a couple of hours to extract this unique electronic means of payment. Moreover, today, hundreds of proven web resources that have managed to win the reputation of respectable companies offer their services. For example, IQmining is a resource that provides its services for more than a year (registered in 2020), during this time gathered a group of real miners, its administration is quite “sober” looking at the current situation and does not promise its users “golden mountains”, for a short period of time. But what can a new user expect, who decided to start mining on this resource?

Key Performance Indicators

Experienced miners are well aware that most of the Internet platforms of this specialization, advertising their activities, try to avoid direct answers to the question of which bodies control their activities. In this case, the official website mentions that the management company is registered in the Seychelles, it has offices in China, Russia, Algeria, Canada, Georgia and Iceland.

No regulators, either on the company’s web resource, or on other advertising sites, could not be found. There is a sufficiently large user agreement, which must necessarily be studied by a potential client, who plans to invest a decent amount in this type of activity. But apart from a good command of English, you will need the help of a lawyer.

Technical issues

I do not need the resource user to download to the IQmining application or any other programs (especially for this you need to pay money). After a simple registration and verification of the account (the site administration strongly recommends doing this so that there are no force majors at the time of withdrawal), the user can proceed to “harvest” the cryptonym.

It should be noted that on IQmining login is registered quickly, the administration requests only the most necessary personal information, and also requests one of the available tariffs:

в—Џ Gold – minimum purchase of 3 GHz / s (1 MHz / s – $ 2.6);

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в—Џ Silver – from 300 MHz / s (1 MHz / s – 2.8 dollars);

в—Џ Bronze – 1 MHz / s – 3 dollars *

* The cost depends on the situation on the crypto-currency market. Based on the above rates, the profit of the miner is calculated. But do not forget about the consumption of electricity, which is necessary for the continuous operation of equipment that allows you to earn a crypto currency.

Today, there is a huge amount of training information that allows us to understand the mechanism for creating alternative coins whose value can change drastically, influenced not only by standard economic levers of influence, but also by additional factors that often play a secondary role. Studying on any specialized resource, including the IQmining demo version of the jumps in the value of the crypto currency, you can easily see a fairly complicated graph of the change in the value of electric coins.

IQmining: an overview of the rules and conditions of work on the resource

On the considered web resource registered users can work with: BTC, Litecoin, Dash, Ethereum or ZCash. The participants of the site can use a wide variety of strategies, the effectiveness of which depends not only on how much the potential investor is willing to contribute, but also on the huge number of the above factors. As the reviews of the miners prepared on the IQmining resource show, most clients get their money, that is, there are no grounds for accusing the site administration of fraud.

How to fund your account or withdraw money

Clients of the submitted resource can use the following methods for depositing funds or withdrawing earned money:

в—Џ plastic bank cards (Visa or Mastercard);

в—Џ Internet banking;

в—Џ a wide range of wallets, crypto currency;

The minimum amount for withdrawal is 0.001 PTS. Commission administration for the withdrawal of funds, the administration of the resource does not impose. You can withdraw money only to the purse that was used to replenish the balance.

Positive sides

Having studied all the reviews available on the IQmining resource, it can be concluded that users are attracted by the following indicators:

в—Џ A convenient site, which will be understood by any user of the PC;

в—Џ The availability of a calculator will help to easily identify promising areas of work;

в—Џ A large selection of both phiatic means and crypto currency will allow you to quickly convert funds into the desired currency without losing your own money on the exchange.

Among the shortcomings of the service in question it is necessary to single out: an insufficiently high level of trust in the resource, as well as high competition.

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CRYPTO MINING REVOLUTION

WHAT IS CRYPTO?

Crypto currency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.

Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralised control as opposed to centralised electronic money/centralised banking systems. The decentralised control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.

Within cryptocurrency systems the safety, integrity and balance of ledgers is maintained by a network of people referred to as miners. These are people using servers to help validate and timestamp transactions adding them to the ledger in accordance with a particular timestamping scheme.

MINING EXPLAINED

CLOUD BASED MINING

With our cloud solution you don’t need to own or setup any hardware or additional equipment. Simply buy a contract and we will allocate the hardware for you to manage via your own control panel.

Principally everybody can be a miner. Since a decentralised network has no authority to delegate this task, a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. This is achieved by having a massive network of independent machines compete to solve a cryptographic algorithm each time a block of transactions need processing.

The algorithm rewards those who successfully use their hardware for mining the cryptocurrency with a new unit or coin. As more cryptocurrency is mined and released the harder it becomes to solve the cryptographic algorithm. This means that miners need to be using servers with an every increasing amount of processing power and that comes at a high cost.

Crown Mining seek to solve this issue by creating large clusters of servers which intelligently pool resources. Once set up the processing power can be rented by miners who would rather not invest in their own hardware.

WE HOST THE HARDWARE

We host the hardware in our datacenter which means that you don’t need to worry about provisioning servers, additional equipment, electricity costs, cooling systems or security.

INVEST IN OUR PLATFORM

Crown Mining is a crypto currency fintech startup that is seeking investment in our next project phase. Contact us today to discuss this opportunity and gain early access.

We are building a next generation mining cloud platform that will enable you to harness hashpower like never before.

Bitcoin Cloud Mining

Want to find the best Bitcoin cloud mining contracts? This post has you covered.

Most Bitcoin Cloud Mining Companies are Scams

Like the heading says, most cloud mining contracts are scams. Why?

Because it’s easy for companies to take peoples’ money, and then not pay out. A company can claim to be a cloud mining company without any proof of actually owning any hardware.

So remember: 99% of cloud mining companies are scams.

Quick Tip

Mining is not the fastest way to buy bitcoins.

Which Companies Are Not Scams?

We can’t recommend any cloud mining companies at this time.

Note: If you do find one, you’ll need a wallet to receive payouts to. A secure hardware wallet like the Ledger Nano X is a good option.

Is Cloud Mining Profitable?

It depends what your goals are with cloud mining. If your goal is to obtain bitcoins, then there is really no reason to cloud mine or even mine at all.

You will get more bitcoins for your buck if you just buy bitcoins!

If you think mining is cool and want to try, then cloud mining still is not a good option. Grab a cheap USB miner and run it at home.

VPNs for Mining

As a Bitcoin miner, you may also want to look into getting a VPN.

You can never have enough security when it comes to bitcoin. Using a VPN adds an extra layer of security.

Bitcoin Cloud Mining Comparison

There is not much to compare, because we personally do not recommend buying any cloud mining contracts so we will not spend the time to compare the two companies above.

But check back in to see if we find any new, legit cloud mining companies.

Bitcoin Cloud Mining Scams History

The reason there are so many cloud mining scams is because it is very easy for anyone in the world to setup a website.

Once the website is setup it can claim that the company has a large mining facility.

The company can act legit by sending initial payments to its customers. But after that it can just keep the already received payments for hash power and then make no further payments.

In just the last few months, two cloud mining scams were uncovered: HashOcean and Bitcoin Cloud Services.

What Payment Methods do Cloud Mining Companies Accept?

Most cloud mining companies accept Bitcoin, PayPal, and credit cards. If a cloud mining company accepts bitcoins then there is a good chance it is a scam.

This is because Bitcoin payments cannot be reversed. Once the scam company receives your bitcoin payment you have no way to get your coins back.

Are there Free Cloud Mining Trials?

No company would give away free cloud mining; this is basically giving away free money.

Any company offering free trials, especially if they require payment information, is most likely a scam.

Quick Tip

Mining or buying bitcoins? You can’t do either without a Bitcoin wallet.

Our guide on the best bitcoin wallets will help you pick one. Read it here!

How does Bitcoin Cloud Mining Work?

Cloud mining means a host company owns Bitcoin mining hardware and runs it at a warehouse.

You pay the company and rent out some of the hardware. Based on the amount of hash power you rent, you will earn a share of payments from the cloud mining company for any revenue generated by the hash power you purchased.

Cloud Mining Viruses

There have been viruses that land on computers and then use the computers’ power to mine bitcoins.

Run a malware detector on your computer if you think you may have come under attack.

Is Mining Software the Same as Cloud Mining?

Mining software is something you download on your computer. It is required when you OWN mining hardware. Software connects your hardware to the internet so that it can make hashes and communicate with the network.

Just buy Bitcoins!

If you just want bitcoins, don’t bother with cloud mining. Just find an exchange in your country and buy some bitcoins.

Learn More

Best Bitcoin Mining Software

Best Bitcoin Mining Hardware

Best Bitcoin Mining Pools

Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. Buy Bitcoin Worldwide is for educational purposes only. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices. Buy Bitcoin Worldwide, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisors, or hold any relevant distinction or title with respect to investing. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading.

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Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites.

Wallabit Media LLC and/or its owner/writers own Bitcoin.

IQmining – overview of the cloud-based crypto currency mining platform

Bitcoin mining is the process through new bitcoins get created while the transactions on the blockchain are being verified by the miners. The mining machines are solving complex mathematical problems in order to decide the validity of a transaction which requires either GPU, CPU or ASIC hardware to run continuously.

If somebody wants to join the cryptocurrency mining business but does not necessarily want to deal with the noise and heat the mining hardware can cause. If they want to forget all the maintenance involved with the mining rigs, cloud mining is the best opportunity to still enjoy the benefits of participating in mining. During the cloud mining activity, clients can purchase hashing power from a provider in exchange for certain daily or monthly fees. After the contract is started, the earnings from the mining – that is running on the mining rigs of the cloud mining provider – benefits directly the client’s account.

About Cloud Mining Companies

There are many cloud mining providers on the market who offer wide range of services. Prospective clients however must be very careful when choosing the right provider as there are several scammer working on the market whose only goal is to build a ponzi scheme or directly steal bitcoins.

When looking for possible cloud mining providers it is advisable to always check their ‘About’ section on the website. This page can tell a lot about the company, especially if there is no information on the site. If somebody is trying to hide themselves from the public on a market where trust is one of the main principle of the industry, it should be a warning sign that the company might not be providing legitimate services. Many providers just list general mission statements and nothing specific about the background of the firm, such as owners, founders or executive officers. It also worth doing a quick search whether the cloud mining names are coming up on and forums as unsatisfied customers are usually very loud in terms of complaining.

The mining facility is the heart of a cloud mining company. This is where they can buy the client’s trust or loose it forever. Due to security reasons, the cloud mining providers never disclose the exact location of the farms, to protect the equipment from damages and theft. However if the company doesn’t even provide the city where the mining rigs are located, that should be again a red flag, that the hardware, which should provide the cloud hashing power, doesn’t even exist .

As proof, providers often post pictures of the facility, these images worth careful examination. The pictures can tell a lot about the environment of the farm, like whether the heating is adjusted regularly and the electricity supply is sufficient. They can also provide information on the overall scale of the cloud mining business as the more machines they have, the more hashing power they can sell over the cloud. If the rigs are not organized and cables are hanging everywhere, it is not certain the provider can guarantee 100% uptime. As when a mining rig goes wrong, it can take a lot of time to fix it, if the rig is not even reachable.

Causion: The term cloud mining company is often abused by bitcoin high yield investment programs, which are nothing more than online scam sites. Those website interfaces trick peole into thinking they’d be serious investment companies, making their money basically with cloud mining or crypto trading. But that’s mostly not true as they use to be ponzi schemes which only live from user deposits and only as long as new users make new deposits, so the older users can get parts of those new deposits as their “return on investment”. Those Bitcoin HYIP sites mostly only last for a couple of weeks till they are again offline. Here is an overview about such investment sites running at the moment. So stay away from them – those are no real cloud mining firms.

Services Provided by Cloud Mining Companies

Cloud mining providers are usually specified for bitcoin mining under SHA256 algorithm. However there are some company on the market who offers services for other altcoins under scrypt and X11 algorithms as well.

Depending whether the provider has it’s own pool, they can restrict the free selection of mining pools to their own pool only. This can significantly reduce the earnings from the mining activity if their pool is not profitable enough. The pool fees are around 1-2% and the payouts can be share based (PPS) or pay par last N share based (PPLNS).

It also worth checking the security level of the platform, since significant amount on money can be stored on the website, in terms of the mined coins. Using CloudFlare to protect the site from DDoS attacks is the minimum. It is advisable to use two factor authentication whenever it is possible and try to reduce the amount of mined coins in the wallet on the platform. Have them stored rather in cold bitcoin wallets. The registration process gives a first impression about the security measures of the site. If no captcha is asked for and the email confirmation includes the password given are strong signs that the service provider probably doesn’t care much about safety and security.

Beside cloud mining at some platforms users can also sign up for special features

  • Eobot offers cloud SETI program to run the PC power to find aliens in the space.
  • Genesis Mining and Minergate are running automining option which means, the miners are automatically adjusted to always mine the most profitable altcoin available in order to maximize earnings.
  • At Nicehash clients can buy and sell hashpowers.
  • At Gigahash there is a possibility to buy old mining rigs for bargains.
  • OxBTC and Bitminers pays interest on bitcoin deposits.

Another option is to rent a VPS (Virtual Private Server) or a real server at a webhosting company and start to mine specific coins on your own real or virtual machine. Of course this requires a lot of knowledge and you need to have the latest knowledge about which hardware to choose and which webhoster allows you to use their machines for crypto mining. This is nothing for beginners or technically uneducated people. If you want to learn more about VPS Mining, check out this website.

Fees and Pricing Schedule

The pricing of the cloud mining contracts consist of two elements. One is the regular charge for the contract to obtain the cloud mining service. This fee can be one time fee or paid regularly. The other element of the pricing is the maintenance fee that should cover the electricity and cooling costs of the mining rigs and deducted daily from the earnings. Hashnest and Bitsrapid on the other hand opted to remove maintenance fees and they have built it intp the contract prices.

The pricing range of cloud mining is very wide. The cheapest bitcoin cloud mining contract on the market costs 0.99 USD per GH/s at OxBTC. The average price of the contracts are around 5-15 USD per GH/s. Some provider offers better unit prices if more hashing power is purchased, others just price bigger contracts just like small ones.

It is important to understand that the higher price does not necessarily mean better service, so prospective clients should always examine thoroughly the services of the providers as a whole, not just their prices. Also you should take a look into other options to get your crypto currency – you can just buy it online or you can trade bitcoin and other crypto currencies.

User Experience

Understanding the bitcoin mining process can be a difficult job due to the process’s technical nature. However the providers can ease the decision making of their prospective clients by offering detailed guides on their services.
Many providers does not disclose the price of the contracts before registration on their landing page. In case users does not want to sign up right away, it worth checking the FAQ section and the Terms and Conditions pages to see whether it has information on the prices and fees.

A transparent, easy to use platform can build trust and direct many future clients to the cloud mining providers.

Overall Conclusion

Participating in cloud mining is a great way to earn some side income as well as a fun way to obtain cryptocurrencies. Prospective clients however must pay attention to where they sign up to cloud mining services as there are many scammers and ponzi scheme available online. For those wanting to invest in hyip or ponzi schemes: Think twice if its worth the risk, all hyips / ponzis are scams where only the early adopters win and all others lose. If you enjoy the thrill, try the best bitcoin broker instead and test-drive your trading skills.

How to decide for a cloud mining company?

We gathered some cloud miners based on the most important criterias.

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