IQ Mining Review: Scam Service
Updated: Oct 12
There are many scam services that guarantee you a high profitability of contracts, then you buy such a mining plan and face the reality.
One such service will now be discussed - IQ Mining.
Legal, but what's the use?
IQmining is an online investment company owned by Tunewo Limited and located at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
The iQ mining service is officially registered, but in an offshore zone. This means that the company legally exists, but if you start having problems with them, you will not be able to complain anywhere and they can do whatever they want with your account.
Most investment frauds are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if an investment firm steal your money, you won’t be able to complain about it unless they are licensed by a serious regulator such as:
The Cyprus Securities and Exchange Commission (CySEC)
The Financial Conduct Authority (FCA)
The Australian Securities and Investments Commission (ASIC)
An unregulated company is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.
You should definitely avoid any unregulated or offshore investment companies.
What do IQ Mining offer?
IQ Mining has discounts when buying large volumes of hashpower. As I said earlier in my article "How to identify a scam project", such discounts are illogical for legal cloud mining services:
There is no reason to give discounts when purchasing large hashpower packages.
Each unit of hashpower has the same profitability.
No one will sell you hashpower at a price that would be disadvantageous to the seller. Does this mean that the price for a smaller volume is too high? Perhaps, but most likely the project is a scam. They want to take as much money as they can, counting on your greed.
IQ Mining Calculator
As with most scam services, the calculator will not include maintenance fees. And this is extremely important because this fee is $ 0.1 per TH/s per day.
But thanks to IQ Mining at least for the fact that they write on the main page about how much the maintenance fee is. For example, in the HashShiny scam project (review), this information can only be found far, far away in the FAQ section.
Real IQ Mining Calculator
I communicated with support in a live chat, and asked how much was the last charge for 1 TH/s in BTC, but they didn’t give me an answer. All I was told was to buy a contract and see. But I didn't spend my money, so let their income for 1 TH/s in my calculations be equal to the income of f2pool for the last day.
Compared to BitDeer, a platform where all contracts are standardized, and the maintenance fee is from 0.0418 to 0.0678 dollars for 1 TH/s, depending on the choice of the type of contract, the fee in IQ Mining at 0.1 dollars looks too high.
Also, the IQ Mining calculator does not take into account the growth of the difficulty of the bitcoin network, so it turns out that users will lose their money in 1 year in any scenario, except in an unreal scenario when the difficulty of the network does not grow at all.
As a conclusion, I would never buy such contracts.
But that is not all.
IQ Mining WILL NOT allow you to withdraw your profit
And I know what I'm talking about. This is not an assumption, but a fact based on a huge number of user reviews from the TrustPilot website.
Users complain that charges are falling over time (possibly due to the growth of network difficulties, which they were not warned about), but most importantly,
there are reports that when users request a withdrawal of funds, they begin to demand a huge package of documents from them, hiding behind the law money laundering.
Of course, not everyone can collect such a package of documents, and your money will remain in the wallets of the service owners.
These are the most recent reviews and are published quite often. I strongly advise you to read reviews on TrustPilot yourself before investing in IQ Mining.
This review from the user "Don Sni" seems to me the most useful. It is very long and will not fit in the image, so I will copy its text.
Interested in investing in IQMining? Read this review before. Company name: Tunewo Limited Other websites they own: stock-tradingfx . com boltmining . com My story starts like every other review here, i bought 2-year contract worth around $2500 (SHA-256), and like everyone at the beginning there are no problems, they give you your daily earnings and you can actually withdrawal your money. At one point I stopped receiving ANY earnings and every time you ask the online “customer support” they give you a copy-paste answer about the fact there are higher fees / electric fees who went up and blah blah, if you keep on asking questions 2 things might happen: 1. They ban you from the website. 2. They disconnect. If you go to the area where you can see your account activity (what they deposit and the maintenance fees) you’ll see how they are 99 out of 100 times EXACTLY the same amount, means, you will get nothing. Fast forward to today (my contract is almost up, and I have withdrawal around $700 - mind you in invested more than $2500), I have 0.067 BTC to withdrawal which today is worth around $2600 so I sent a withdrawal, you think I got the money? You guessed right, I didn’t. They denied my withdrawal request and sent me an email requesting: 1. Confirmation of your address. A notarized English translation with Apostille stamp on it of one of the following documents: - Bank statement; - Credit card statement; - Utility bill; - Rent agreement; - Insurance statement; - Tax document; - Residence certificate; 2. Proof of earnings (Source of funds). Proof of origin of your funds, that were transferred to our company. We have to request documents, that confirm your Crypto currency purchase and further transfer to our company. Following documents may be accepted: A notarized English translation with Apostille stamp for all following documents: - Bank statement with clear information of Crypto currencies purchase Now bear in mind its impossible for me to show source of funds because I paid with cryptocurrency that have been mined, so there is no bank account, and they know it, I used to withdrawal money with no problem, when it’s $10 they’ll be quiet, up until they decide to stop pay you, probably because it’s a lot of money. If I need to guess, those people are from Eastern Europe, they are probably scamming people in many other ways and I don’t think there is mining at all, if I’m honest, I think they just built the website to scam and suck money out of people. BEWARE AND NEVER INVEST A DOLLAR IN THIS COMPANY, IF YOU CAN FIND MORE INFORMATION ABOUT THIS COMPANY OR THE PROPLE BEHIND IT AND THEIR REAL NAMES PLEASE SHARE IT.
Even if the cloud mining service was created a long time ago, has registration, accepts credit cards as a normal organization, you still need to conduct an investigation.
It was very easy to review IQ mining - the service is built on lies and fraud.
The contracts you buy will never pay off and you will lose money.
And if you managed to accumulate something, you will not be allowed to get your profit, having filled up with demands to collect a bunch of documents to confirm the withdrawal of funds.
I hope you are reading this review before investing in a project like this. Please consider investing in legal, stable and world-famous projects like cloud mining service Bitdeer, which has a close relationship with BitMain, mining pools and cooperates with major hashrate providers around the world.
Exclusive Cloud Mining plan for 30days of 50 TH/s cloud mining
a 50% discount coupon for further purchases
The ability to monitor the operation of cloud mining on the 3d-party mining pool website of your choice (ViaBTC, BTC.com, f2pool)
Feeling the security of your investment, since Bitdeer is a highly trusted sharing service platform of digital asset mining machines, news publications about which can be found on such websites as: Bloomberg, Yahoo, Cointelegraph, Forbes, Nasdaq, CNN and even Bitcoin.com
I hope you read this review before investing money in IQ Mining. I wish you the right decisions and profitable investments!