Are you considering earning through cloud mining of crypto and wondering where the best plans are?
I will compare two legit cloud mining sites (Shamining & IQ Mining) and review their annual plans/contract to help you make a decision on which is best suited for you.
• Shamining and IQ Mining are both excellent crypto mining platforms with unique features.
• IQ Mining provides investors with the privilege of mining a large number of cryptocurencies, in contrast to Shamining, which mines only bitcoin.
• IQ Mining has data facilities in Canada, Russia, Iceland, Georgia, Algeria, and China, with customer service teams in the UK and Russia.
• The profitability rates of IQ Mining and Shamining are quite favorable, with that of Shamining slightly better.
These cloud mining platforms are usually unique as they come with different features in terms of fees, profitability, and customer support, etc.
Investors seeking to utilize these platforms always love to opt for the best options, and two particular platforms that have been mentioned a good number of times are Shamining and IQ Mining.
For this reason, I am going to be doing a comparison to find out which of them comes out on top with respect to bitcoin mining.
Keep in mind that I will be comparing them based on their pros and cons, profitability, and payments, and at the end of this article, I will give a final verdict based on my observations.
Let us go into details…
Shamining is a cloud mining platform where investors can access and start mining bitcoin without any difficulty. The company, created in 2018 by experts in the IT and cryptocurrency spheres, provides cloud mining services to everyone.
It has a mining farm with powerful computers and offers miners for rent for everyone to get a profit from cryptocurrency. There are three data centers in the company, located in San Jose (California, USA), London (UK), and Capetown (South Africa).
Currently, the project has already attracted over 8,000 investors who earn their profits daily. The minimum deposit to start mining is only $150, and the average income multiplier on the platform is 1.43x.
You can add more miners as you earn more by reinvesting back to buy more miners.
Pros and Cons of Shamining
|The mining process is as simple as they come.||The platform mines only Bitcoin.|
|It has a low starting deposit of just $150.||Fluctuations in crypto prices may lead to a loss due to the risk involved in mining.|
|It offers 24/7 customer support.|
|Investors can withdraw as little as $10.|
|It has a friendly user interface.|
|It provides 24-hour access to statistics.|
|It has animated miners.|
The platform promises rather high profitability that depends on the contract selected. There are four types of contracts offered on Shamining at the moment:
- CPU miners with a power of 23,580 Gh/s
This contract guarantees the profitability of 143% and costs $0.0120 per 1 GH/s. The maintenance fee is $0.0108 per 1 GH/s a day.
- CPU miners with a power of 94,340 Gh/s
This contract guarantees the profitability of 149% and costs $0.0113 per 1 GH/s. The maintenance fee is $0.0106 per 1 GH/s a day.
- ASIC miners with a power of 235,849 Gh/s
This contract guarantees the profitability of 156% and costs $0.0109 per 1 GH/s. The maintenance fee is $0.0104 per 1 GH/s a day.
This package is a premium package that can only be gotten when you contact customer support. This, like other packages, is not available on their website regularly.
This package offers you a mining power of 471,700 GH/s with a price of $0.0106 per GH/s, although the profit percentage is not disclosed on the platform. The maintenance fee is $0.0102 for 1 GH/s per day.
Payments & Withdrawals
You can purchase or withdraw directly from your bank, debit, or credit card or via your Bitcoin wallet.
Payment options available include credit cards (Visa or MasterCard), QIWI payment system, direct bank account transfer, and bitcoin.
As for your earnings, the newly mined BTC is deposited into your wallet every day. You can withdraw funds from your wallet as soon as it has BTC worth $10 in it. Withdrawal options include bank transfer (IBAN accounts accepted), bank cards, and a bitcoin wallet.
IQ Mining is a cloud mining platform that was launched in 2016 by a team of blockchain professionals to combine mining with daily payments and Forex margin trading, options, and cryptocurrencies, allowing multiplying potential income.
It has data facilities in Canada, Russia, Iceland, Georgia, Algeria, and China, with customer service teams in the UK and Russia.
You can rent hash power from IQ Mining, meaning you do not need to invest in your hardware to mine bitcoin and other cryptocurrencies.
Pros and Cons of IQ Mining
|Flexible range of cloud mining contracts.||Profit is not guaranteed.|
|It can mine up to 150 crypto coins.||The platform does not have enough transparency like its competitors.|
|Investors have the opportunity to trade and copy successful investors.|
|It has a wide range of banking features.|
In terms of profitability, IQ mining has a 1-year contract, a 2-year contract, a 5-year contract, and a lifetime contract. These contracts all have different profitability rates depending on the interests of the investors.
For example, renting a miner with a hash rate of 5000 GH/S @ $115 has an estimated return of $0.68 to $0.85
For instance, under the 1-year contract, we have:
Under this, there exists a contract price of $0.195 per 10GH/s, a maintenance fee of 0.001$ which equates to 10 GH/s/24h, and a potential income per contract period of up to 125%.
- SHA-256 Pro
Here, there exists a contract price of $0.244 per 10 GH/s, a maintenance fee of 0.001$ which equates to 10 GH/s/24h, and a potential income per contract period of up to 145%.
- SHA-256 BCH
Here, we have a contract price of $0.244 per 10GH/s, a maintenance fee of 0.001$ which equates to 10 GH/s/24h, and a potential income per contract period of up to 145%.
Here, we have a contract price of $0.098 per 1GH/s, a maintenance fee of 0.0001$ which equates to 1 GH/s/24h, and a potential income per contract period of up to 125% per year.
Here, we have a contract price of $0.939 per 0.1MH/s, a maintenance fee of 0.00013$ which equates to 0.1 MH/s/24h, and a potential income per contract period of up to 151%.
You can check here to see the profitability rates attached to other types of contracts available on the platform.
Payments & Withdrawals
When you sign up for an account with IQ Mining, you can choose from a wide range of payment and withdrawal options.
It allows easy and convenient purchases and withdrawals without taking any commission, using Bitcoin, Litecoin, Ethereum, Dash, Zcash, TrueUSD, USD Coin, and Tether.
You can also choose from Visa, MasterCard, WebMoney, Perfect Money, QIWI, or a wire transfer.
Payouts can be made daily, and customers can make regular withdrawals for small amounts if they so desire.
From the criteria used in comparing both cloud mining platforms, it is clear that there is no clear winner between the IQ mining and Shamining platforms.
From my observations, however, Shamining may have a bit of an edge over IQ mining due to its better profitability rates despite supporting only one crypto (bitcoin).
Nonetheless, IQ mining supports the mining of more than one crypto, and its profitability rates are quite good, even though they may be slightly lower than those of Shamining.
In terms of payment options, they are quite equal as investors have more than one method of payment to choose from.
That being said, both cloud mining platforms are excellent, and at the end of the day, it all comes down to you, the investor.
If you are seeking to mine just bitcoin, then Shamining seems to be a better option for you, but if you wish to have a diversified portfolio, you may as well go for IQ mining.
Frequently Asked Questions (FAQs)
Will cloud mining be profitable in 2022?
Yes, it very well may. There will be some initial charges to rent these miners, and mining pools may take a part of your revenues, but it may be profitable.
Is cloud mining safe?
Yes, it is. However, users must exercise extreme caution because there are Ponzi scams in many firms dedicated to this, implying that they are untrustworthy. These firms do not mine cryptocurrencies, but rather employ the funds provided by their investors.
Cloud mining platforms can provide you with the opportunity to make some money off crypto. Nonetheless, you need to research before using any platform to avoid scams.
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