Hello,
Hope you are doing fine. So I had this same issue. I did all the test you mentioned in your post, and nothing worked. I assume the m.2 were dead on arrival, so decided to buy 2 more, still same issue. My next test was to plug the m.2 into another MOBO, nothing worked. I tested in the following build:
Rig 1
I7 7700k
8gb RAM
SSD 120gb
Gigabyte z270xp-sli
EVGA supernova 750 gold G1
Rig 2
Asus prime H270 plus
Celeron G3930
4gb ram
OCZ 1250 gold
SSD 120
Rig 3
Asus prime z270 P
Celeron G3900
4gb ram
Corsair 850 gold
SSD 120gb
All the test were run with multiple GPU and with 1 GPU only, still m.2 didn’t worked.
So I continue my research online, all I can get from forums and people from youtube is “Oh you just have to move the adapter around until your system recognizes the adapter” others said “whatever problem you may have with this adapter is related to the molex to fan pwr cord”. So I when ahead started conducting test again this time with a direct cord from the psu to the M.2 adapter. Still nothing, at this point I stopped trying, after a few days I decided to give another try and started a researching once again. This time I stumbled with a Video in youtube of a person explaining the issue with the m.2, so apparently the pins of the m.2 don’t a line very well with every motherboard. Apparently production quality is not very concise. You either need to wiggle it around, or fix it as the person in the video did
https://www.youtube.com/watch?v=bk0twcPaaTI&t=4s
just Be careful with this adapter because I’ve seen people on amazon who had issues were the adapter that damaged their GPU.
https://www.amazon.com/SUNKEE-NGFF-Express-Converter-Adapter/product-reviews/B071WF954K/ref=cm_cr_dp_d_hist_1?ie=UTF8&filterByStar=one_star&reviewerType=avp_only_reviews#reviews-filter-bar
As a solution I bought the PCIE expansion to 3 PCIE slot and forgot about the m.2 adapter.
https://www.amazon.com/Qjoy-PCI-E-Expansion-Switch-Multiplier/dp/B072XG65Z5/ref=sr_1_2?s=electronics&ie=UTF8&qid=1500568495&sr=1-2&keywords=PCI-e+Express+1X+to+3+Port+1X+Switch+Multiplier
Happy mining!