Bitcoin Forum

Hello everybody.
I would like to share you My experience with iqmining.com for knowledge.

I started with them on November 17th 2019 with a plan in mind to invest more and more.
But..
On January 2020 i noticed that my daily income is decreasing day after day.
I asked them WHY!?
They answered me with a lot of excuses.

On March i noticed that my income in 15 days is just 0.00041 bitcoin while the daily income is 0.00030 bitcoin and the right balance should be 0.0045 bitcoin.
I said to them you are stealing my income iqmining.com.
And as usual they said a lot of excuses.

So friends, what you have or what you think about them?

https://i.imgur.com/OrmGv77.jpg
https://i.imgur.com/WQOxDdO.jpg
https://i.imgur.com/o8g4r2b.jpg

All miners should understand this: mining revenue falls as the difficulty rises. That's how it works. Live and learn.

Cloud mining is a money loser. Most cloud mining sites are scams. A few may be "legitimate", but they will charge you enough in fees that you will never make a profit.

Cloud mining in a nutshell. You simply either:

• Lose money due to it being very unprofitable
• Get scammed

Doing research for just a few minutes would make you realize that almost instantly. If you want to do mining for profit, go buy hardware and do your research. There's no way around that.

They have stated first what sort of investment they are. You should be aware that there is always not good will happen in under circumstances.

Last few weeks the history just happened in bitcoin. Where it collapsed deliberately under $5000. The difficulty increase, so the miner's income got affected.

I don't know much about mining. AFAIK i.e if your hashrate brings you a 0.0003 BTC a day and difficulty increase 30%: your income should decreases in about 20-25%

That site is a ponzi/MLM scam. Do not put your money in it anymore than what you have already done.

Cloud mining sites are all scams. There is no doubt regarding this. Maybe Genesis is partially legit but there is still questions about it.

The only legit system is to invest in mining companies have have real mining farms being maintained properly and which are actually running. Though the profitability of such mining clusters are often just going to break even for the money used to develop it. The risk is high here and since difficulty rises with more miners joining in, the less the rewards. Comparing it to current price situation it is even worse.

However these are not justifications for why this specific site stopped paying. It is more likely they are going to exit scam and start under a new name and fool another person like the OP.

There are no legit cloud mining now, they are now a thing of the past if you calculate the difficulty and the coming halving, it will make you think that cloud mining is not profitable anymore, cloud mining is now just a Ponzi scheme, it's very obvious they will never show their right location and their mining rigs all they had are plans.

As far as I know, Genesis Mining is still(at least for now), legitimately operating. But then again, while it may be legitimate, it's still definitely not worth the money due to very obvious reasons.

Thank you all so much.
You gave me a much bigger idea than i knew about cloud mining, which will make me stop investing in.

I don't want to blame you there was a time I was a victim of these cloud minings, but your story is another eye-opener why people should stop investing and promoting cloud mining, after the halving, it will become a thing of the past, it's better too just invest in the top coins in the market and just wait for the market to become bullish.

I'm sure there are many victims right now suffering from cloud mining.
Sharing our experience will give them another vision from different angle.
Thanks.

Agree with you about Genesis Mining and also Hash Flare, but when i made some calculations it gave me a satisfaction that it's not worth it.
Thanks.

Absolutely you are right.
Thanks.

Thank you so much.
I'll never pay a penny more than what already paid on this.

In all cases they have a ready excuses they tell, they will never give a chance to blame them even if they are 100% sure you are right.
Which i think give a clear picture about the whole thing.
Thank you.

Avoid all that cloud mining crap. Most are scams and In the end after waiting for a very long time you will still make losses. You would rather use your money for something else like becoming a trader or set up a business based on crypto like money lending, etc.

Just imagine how many have been scammed till today?
It's time for wake up.
Thank you.

Okay lets say that you had put up some money on known Cloudmining companies like HF and Genesis but still its not a recommendable one.Why? Its not profitable and you'll sure lose money in the long run due to
rising difficulty.

Just like others what been commonly talking on here that most of cloud mining nowadays or even on past years are scams.They are just ripping off money to those noobs who do completely believe on easy passive income.
You'll realize this when you already gain more knowledge ahead but for now take this one as a lesson learn for you.

mining revenue falls as the difficulty rises.
From now on, it will be in mind.
Thank you.

Sorry to say this, as it's a old lessn. Note that it's mainly related to real mining, not cloud mining which will more be decreased in value by the rising difficulties if it's a real legitimite one.
This is why that cloud mining is a real waste of time. It doesn't assure anything.

That's what will happen from now on.
Thank you for your valuable advice.

Yes, it's the knowledge that make the difference, and that's why i came here.
The lesson has been taken my friend.
Thank you.

I will be surprised if people will still going to post this kind of stuff, after the halving it's the end of cloud mining, people who are in Cryptocurrency should do research before thinking of investing that will come along if you ask something like that you want to invest in Cryptocurrenncy or new in Cryptocurrency, make cloud mining don't include it in your option.

People vary in their knowledge and experience which is the true criterion that makes the difference.
Thank you.

Cloud mining is very risky because there was so many cloud mining that has been collapsed before.
Cloud mining will not be profitable, even if the cloud mining is legit.
I can recommend buy physical hardware and store it at your home or within some professional physical facility. Check the facility in person if you can.

After i shared you my experience in here, the picture became so clear to me.
Thank you.

People who are thinking of investing in cloud mining will thank you for sharing your experience and the community members as well for giving their opinion, I hope we won't see any post asking about cloud mining or those who invested and lost on cloud mining, everything information including this one is available online and people just need to do a research.