Cloud Mining Questions II

[eternalgloom]

Do they have actual proof that they are in fact mining?
I always thought that most cloud mining providers are basically just running ponzi schemes and looking at IQ mining's website, I don't actually see substantial proof that they're mining.

Also, if they are mining, wouldn't it be more profitable to just buy cryptocurrency directly instead of relying on these daily mining payouts?
What's the benefit of cloud mining VS just buying cryptocurrency?

[Zoltan Almighty]

@badykvik

The website address of the company is the following:
https://iqmining.com/
Probably you misunderstanding me.so let me try to explain myself.
My complaint(I believe the right world should be to it more like a problem as I see it)at the moment.
That I don't know why the amount of btc which I receive everyday is keep decreasing
What I really like to know is how can I confirm that I'm receiving the right amount of BTC.
Also I'm curious why the amount I'm receiving is substantially different from the forecast at the moment of the purchasing.
I think in order to explain that.I need to know how are they calculating the daily payouts
About the BTC transaction.I'm not comfortable to reveal that.
It is  entirely possible my thread is confusing and I did not explain my reasons properly,in that case let me know please which part of it is not clear.
Will try my best,to correct it or make it much more understandable.

@eternal gloom

I don't have any proof.I did received a good idea from here how is it possible to get a proof.
If I'm asking information about the mining pools involved and the address of the freshly mined blocks.
Which I believe they are sharing with me in a way.
Unfortunately the company decided not to provide this info to me.
The benefit of cloud mining based on their calculator when I did purchased the contracts was that roughly 1/3 of the price of the BTC at that time.
I will going to receive 1 BTC.
There is a growing negative difference between this calculation and the original forecast,which I don't know if it's caused for example the changing of mining difficulty or hashrate or something else.Especially that based on the description on their site.They are mining altcoins and they converting it to btc.
About profitability cloud mining vs holding crypto.
Yes buying crypto of course could be really profitable with the right circumstances.What was interesting me in cloud mining that I receive 3X more btc in a year,and from the other hand the capital which I put into it in USD value,should come back to me quite fast.(in 2,5 months)
I was speculating here that the price of the BTC is going to increase(Which I was right till now)
Plus the fact that after I sent the funds in I don't need to do anything.
Also in my plan I was thinking on it that I put the mined coins into a low level margin long.Which I'm doing it now to balance out somewhat the decreasing payouts.

[asyakashi]

It's very difficult to get Bitcoin at the moment, but cloudmining is not a good way after several cases of scam and engaging in ponzi schemes.
Proof of transfer (WD) is only valid for 2 months and after that scam. this is terrible.

[Zoltan Almighty]

I’m curious about this proof of transfer thingy?What do you mean?

It's very difficult to get Bitcoin at the moment, but cloudmining is not a good way after several cases of scam and engaging in ponzi schemes.
Proof of transfer (WD) is only valid for 2 months and after that scam. this is terrible.

[Steamtyme]

I’m curious about this proof of transfer thingy?What do you mean?

I believe they are just generalizing many of the past cloud mining and other scams that "prove" they are legitimate by paying out some rewards for a while to attract new investors before shutting down and running away. This could still be the case but at least for now they are still paying out a partial reward so your losses may not be complete if they do exit. This review here lays out all the concerns for each point and echoes a lot of the suspicion people have brought up. https://cloudminingz.com/iqmining-com-review.html

Just hope for the best and plan for the worst. Hold onto and get as much information as possible about them, and definitely don't refer any friends to their site. Side note I went to read up on them again and they are having a big sale with a 25% bonus to their already lowish fees; kinds lends to the bring in as many customers as they can theory.

[Zoltan Almighty]

That link is a great find Steamtyme.Also not a bad site generally.
It's the first comprehensive review I read about the company.
Yeah they still keep paying.Less and lees tough with every passing day.
I got this 25% summer sale hashrate popup everyday when I'm logging in:)
They also have an other ongoing campaign,where the "mined" btc is automatically gets back into hashrate again.
Called the income booster,there is a promised increase of 250% of a year
Will do exactly as you sad,speaking about the rest.
I really appreciate your advices.

I was also scouring the net and I just recently find this review on trustpilot(I also did a review)
So this guy(johnarasag) he have the egzakt same experiences I had.
Check this:

Scam for sure
Hello guys,

The company appears to be ok ad they will give you some payouts.
I am also using other cloud mining providers like bitdeer and genesis.
I have compare their payouts with the other guys and expected outcome from btc.com and they are around 17% less with no reasonable explanation. I have already opened a ticket but nobody has replied yet.
I fully recommend to use one of the many other cloud mining providers.
it does not really make sense to give you reinvest policy if they are taking you 17% of your daily income. if someone wants, I can send him/her data.
My hasrate is 63 TH/s.

[Zoltan Almighty]

Today I received slightly more btc than yesterday.
Also my forecast went a bit up
My only explanation for this is that only the price course of btc involving the amount of payment.
Like there is an inverse correlation between the two.
Whatever they say about mining difficulty and hash rate,I just can't confirm it cause the lack of information.
Even if that should make sense,at the case when they are indeed mining.

Edit at 2.07.2019:

So today the btc price plunged even more.And also my forecast went down.
I think it's possible that in one or two month I'll receive zero payout if this going on like this.-
The original forecast when I bought the contract was 3,2 BTC
Today it is 1,9.
That is around 30%

[Zoltan Almighty]

Alright,today my forecast magically bounced back to 3,2 btc a year.
Let me know please if you have the same SHA 256 PRO contract and if it's happened with yours too.
I still don't know what the hell is going on.
The only thing I was able to deduct that somehow the bitcoin price and my daily payout.
Is in inverse relation,but not entirely

[Zoltan Almighty]

@hiukiny

Yes it’s the same to me to.
This is the first day when I did not get any daily payout.
I’m curious what’s gonna happen.
It could be really interesting to know if this is something,that has happened
earlier?

Let me answer to your other reply too.
Of course the payouts are vary.I never had any problem with that.
My problem is with the fact that there is no way to know that you get the right amount or not.
Also no way to know that they are actually mining or not.

This 24 hour delay is normal if you want to withdraw over their daily withdrawal limit.
I withdraw every day to avoid that limit,it is safer too.

Update:

Allright,I was just spoken with the support.I got kinda inconsistent answers.
They say they have technical difficulties which will be sorted out in two days.
When I was asked them about more details about their difficulties they told me that sometimes
a daily payout could take more than 24 hours to credit.
Because....of the global market situation world's market......

Second update:

Daily payout just arrived.Did you received it too?
@ Hiukiny

[xilopupoma]

Today the daily payment has also arrived to me with a few hours of delay, no problem with the withdrawal I made today

[dunfida]

You want to calculate your profitability? try this https://www.cryptocompare.com/mining/calculator/btc?HashingPower=14&HashingUnit=TH%2Fs&PowerConsumption=1500&CostPerkWh=0.12&MiningPoolFee=1

but you should know on how much is the electricity cost been using.This is what makes hard on trying to seek out for further proofs or justification of your invested money.
Remember that its still excluded with companies deduction like fees,maintenance cost etc.

[Saisher]

This is my second thread(the first one is deleted) about how to calculate profitability on a cloud mining site.

As they strictly avoiding to answer for any questions about profitability,and they are providing super vague answers.
I purchased a few contracts there to see how things are going before I send more btc in.

Now I'd like to conclude it somehow,that this  cloud mining company is a decent one,just they have a very bad and rude customer support.
Or this cloud mining company is a Ponzi scheme
All of this without to name them first,just to keep the biasses as neutral as possible

As a beginning here is the original thread salvaged and uploaded in PDF:

https://www.scribd.com/document/413987132/Cloud-Mining-Questions-Page-1
https://www.scribd.com/document/413987329/Cloud-Mining-Questions-Page-2

and here is the thread about my deleted original thread:

https://bitcointalk.org/index.php?topic=5156596.0

Looking forward to all the great discussions:)
@bones261 @Primenumber7

You hunch is correct it is indeed a Ponzi scheme and you've invested in a Ponzi scheme you should have done a research about cloud mining before investing in a cloud mining, the majority here voted that cloud mining are purely Ponzi scheme.

[Zoltan Almighty]

Yes,I totally agree with you:)

[Red-Apple]

something else that is always forgotten by most people who are looking into cloud mining services is that even if they were not a Ponzi scheme today, they could turn into one very soon in the near future.
the problem with this business model is that it is not really profitable for anybody even the owners. so to make profit they have to do other things such as turning into a scam.
all they need to fail is a little price drop, some taxation, an electricity cost increase, a simple equipment failure and then they start seeing big losses and have to become a scam.

[Zoltan Almighty]

That’s a good point.
I always wondered tough,why mining(or cloud mining)
Is not that lucrative anymore.
I mean it should be logical that mining have good incentives.
Cause it’s the base of any POW cryptocurrency.
Or am I missing something here?

[Zoltan Almighty]

Here is a new development.
I'm hearing IQ Minig begun to freeze the bigger accounts.Or the least making the withdrawal extremely hard.
They are asking plenty of additional KYC details from the owners of the account.
For example where the funds came from.
Even if those accounts are already KYCd at the opening.

[examplens]

OP is it iqmining.com your service? It looks like you shilling for them.

Also, you never answer to this question:

I have 262281 GH/s hashrate for one year

You gave them about $6000 then, when did you do that?
How much of that have you got back so far?

[Zoltan Almighty]

Not at all my service.How did you get this impression I’m shilling them?
Something like reverse psychology?
I bought the contracts.

[TeslaWatt.com]

something else that is always forgotten by most people who are looking into cloud mining services is that even if they were not a Ponzi scheme today, they could turn into one very soon in the near future.
the problem with this business model is that it is not really profitable for anybody even the owners. so to make profit they have to do other things such as turning into a scam.
all they need to fail is a little price drop, some taxation, an electricity cost increase, a simple equipment failure and then they start seeing big losses and have to become a scam.

I would completely agree here. Its proven many times through mining history that cloud mining is most likely scam. Cloud mining will not be profitable, even if the cloud mining is legit. People who are in cryptocurrency should do research before thinking of investing. I would vote for holding physical machines in some professional facility. Of course, check the facility in person if you can.