GAW ZenCloud ZenPool Hashlet - does it really exist? ALWAYS MAKE MONEY :-)

[suchmoon]

ZenCloud only support multipools?  I cant mine doges etc?!

That's right, you can't mine anything else except a handful of pools they have in their list.

[demme]

ZenCloud only support multipools?  I cant mine doges etc?!

That's right, you can't mine anything else except a handful of pools they have in their list.

And how can one actually tell how much you are mining per day? What stops them from taking 0.0001% extra from everybody? Since multipools jumps in profits it's easy to blame that but......

At the moment im using profithash and they are at 0.44 BTC / GH / DAY... But I will most likely not earn 0.44 per gh, I will earn less no matter if I mine with my own hardware or using ZenCloud.

So Zencloud could easily take some extra % + that maintenance-cost

[suchmoon]

ZenCloud only support multipools?  I cant mine doges etc?!

That's right, you can't mine anything else except a handful of pools they have in their list.

And how can one actually tell how much you are mining per day? What stops them from taking 0.0001% extra from everybody? Since multipools jumps in profits it's easy to blame that but......

There is no way to tell that. However they charge a maintenance fee, so skimming on top of that would be pointless, just as a multipool skimming on top of their 2-3% fee.

[bathrobehero]

Can anybody prove that hashlet is indeed mining on one of the multipools?

[dquancey]

I'm not certain we've seen any proof so far of any kind of hashrate, be it at "Zenpool" or any other multipool?

Now, I understand that you can rent hashrate from these guys and they "payout" each day, but is there anything ACTUALLY mining?

Apologies for sounding all FUD'y on here, but it without any actual proof, it might just be one big ponzi scheme?

Again, apologies, especially if the above has been mentioned before.

[suchmoon]

if the above has been mentioned before.

Numerous times. The closest we have to an explanation AFAIK is this one:

https://hashtalk.org/t/questions-you-have/6487/67

there is X amount of hash mining to all pools, all the time

It's not known however what the X is and if it does indeed exist.

[bathrobehero]

I invested a small amount into hashlet and the only thing that is holding me back from investing some more is the lack proof of actual mining.

[s1gs3gv]

Actual 24 hour return of Hashlet is 2.17% at bitcoin price of $470. That would extrapolate to a weekly return of 15% and ROI in 6-7 weeks if returns stay about the same. Not bad!

I don't know nuthin about "cloud mining" -- so I've got a dumb question.

How do you know that when you send money to a cloud mining place they are actually dedicating hardware to hashing for you? What stops them from practicing "fractional reserve mining" -- reselling the same hardware to eleven different people, and using the money coming in to pay Fantabulous Weekly Returns With Profitability Guaranteed?

Good question Gavin.

[suchmoon]

Actual 24 hour return of Hashlet is 2.17% at bitcoin price of $470. That would extrapolate to a weekly return of 15% and ROI in 6-7 weeks if returns stay about the same. Not bad!

I don't know nuthin about "cloud mining" -- so I've got a dumb question.

How do you know that when you send money to a cloud mining place they are actually dedicating hardware to hashing for you? What stops them from practicing "fractional reserve mining" -- reselling the same hardware to eleven different people, and using the money coming in to pay Fantabulous Weekly Returns With Profitability Guaranteed?

Good question Gavin.

Except that "no mining" is easier to implement and probably more profitable than "fractional reserve mining" 

I'm somewhat disappointed that GAW/Zen don't even fake this thing seriously. You'd think they could have at least 10 GH/s pointed somehwere and provide some kind of proof of that to buy themselves some time. But I guess they know their customer base well enough and can rely on PR alone.

[spiceminer15]

I really don't see how anyone who has bought anything from gaw, especially a scrytp asic... has ROI...

[MOB]

I gambled a small amount into hashlet and the only thing that is holding me back from gambling some more is the lack proof of actual mining.

FTFY

[bathrobehero]

I gambled a small amount into hashlet and the only thing that is holding me back from gambling some more is the lack proof of actual mining.

FTFY

Whatever, it's not like I'd go balls deep on one investment and I obviously only invest what I can afford to lose and out of all the alternatives I've found this looks the least shady.

[danny757]

The GAW Mining Haslet is a JOKE, and a waste of Money, I got 15 MHs of scrypt thinking I would mine some odd coins and Speculate on some potcoins and such, there are only a few pools to pick from and they all convert to scrypt mining to bitcoin, its the last time I will buy stuff from them, I got 6 th/s of bitcoin mining hardware wft do I need with 15 HM/s of bitcoin its just a Bad joke, I really did expect more from them.

its more like a ponzi scheme I think

Daniel Lee

[Searing]

My apologies if this has been asked and answered before..but I'm more then a bit confused..looking at the Hashnet site I see

$15.99/MH so using say a KNC Titan as an example 400mh that comes out to be $6396.00 usd....now folks say there is a
monthly FEE

can't seem to find such a monthly fee if it exists for Hashnet? So what is the monthly or other hidden fees.....per month ..if any

thanks just a link is fine if I missed it or just plain apply such a fee to the above hypothetical 400mh unit above and post results here

(there kinda has to be a monthly fee that is the only place I can see them making the $$$)

thanks

Searing

[suchmoon]

My apologies if this has been asked and answered before..but I'm more then a bit confused..looking at the Hashnet site I see

$15.99/MH so using say a KNC Titan as an example 400mh that comes out to be $6396.00 usd....now folks say there is a
monthly FEE

can't seem to find such a monthly fee if it exists for Hashnet? So what is the monthly or other hidden fees.....per month ..if any

thanks just a link is fine if I missed it or just plain apply such a fee to the above hypothetical 400mh unit above and post results here

(there kinda has to be a monthly fee that is the only place I can see them making the $$$)

thanks

Searing

There is a daily fee $0.08 per MH/s. So for 400 MH/s you would be paying 0.08 * 400 * 31 (or 30) = $992 (or $960) per month.

The fee is well hidden: https://bitcointalk.org/index.php?topic=742559.msg8407197#msg8407197

[suchmoon]

Looking at the LTC difficulty drop got me thinking: with the amount of hashpower in the ZenPool (130+ GH/s and growing at ~20 GH/s per day) and some more in the other ZenCloud pools this should not be happening, right? Or to put it another way, if the cloud is not real this is actually a good thing. I think. Maybe. If LTC exchange rate wasn't dropping faster than its difficulty.

[crazyivan]

Looking at the LTC difficulty drop got me thinking: with the amount of hashpower in the ZenPool (130+ GH/s and growing at ~20 GH/s per day) and some more in the other ZenCloud pools this should not be happening, right? Or to put it another way, if the cloud is not real this is actually a good thing. I think. Maybe. If LTC exchange rate wasn't dropping faster than its difficulty.

That is the first think I noticed. If they ve sold so many contracts, how come LTC diff s dropping?

[Searing]

My apologies if this has been asked and answered before..but I'm more then a bit confused..looking at the Hashnet site I see

$15.99/MH so using say a KNC Titan as an example 400mh that comes out to be $6396.00 usd....now folks say there is a
monthly FEE

can't seem to find such a monthly fee if it exists for Hashnet? So what is the monthly or other hidden fees.....per month ..if any

thanks just a link is fine if I missed it or just plain apply such a fee to the above hypothetical 400mh unit above and post results here

(there kinda has to be a monthly fee that is the only place I can see them making the $$$)

thanks

Searing

There is a daily fee $0.08 per MH/s. So for 400 MH/s you would be paying 0.08 * 400 * 31 (or 30) = $992 (or $960) per month.

The fee is well hidden: https://bitcointalk.org/index.php?topic=742559.msg8407197#msg8407197

OK just for my use here (I have a KNC Titan on order (no refunds) ok stop the booing already!...Anyway say 400mh at 1250 watts
and it cost me (I'm booing now) $10,131.80 w/shipping



well...hmmmm...well lets walk through this $992-$135 elec (at 0.15kwh where I'm at) is a savings of 860 at 31 days as an example
for the first month and that $135 elec per month by me doing it a home stays at that flat rate.

Going Further $15.99 * 400mh is $6396.00 cost on the Hashnet w/o hosting.....so lets say it is 1k first month and drops 20% a month
so $1000 to 800 to 640 to $512 to $409.60 to $327.68 ..so 6 month plan? so total of $3689.28 hosting add that to the $6396 for the
actual Hashnet MH purchase so total in for Hashnet on the above guess (6 month hosting) is $10085.28

So my costs for those same 6 months for the KNC titan including electric is $135*6 months = $810 plus the miner $10,131.80 is
my total for the at home at 0.15kwh equip again at home is $10941.8

Again as we knew already I have the worse deal on the KNC Titan. so... $10,941.80 minus 10,085.28 is a diff between Hashnet and a Titan 400mh
batch one pre-order of $856.52 more cost to me

BUT

I have a physical miner (that I can sell ...potentially someday to recoup most of this) ..I have a physical miner I can pick the pools I want (unlimited choice)
and or alts/combo or any other thing I may want to point the beast at...and of course it further depends on what kind of $$$ Hashnet will charge you month to month
in the 6 months (example above) of your Hashnet contract and of course if they really will give you 20% off costs as months go by or
more maybe ..or less maybe ...uncertain

Actually with 20/20 hindsight I should never have gotten the KNC Titan (esp with bitcoin and alts tanking NOW) but as of right now it don't
look like that great a deal either to do the HashNet ..my KNC Titan purchase was a hope/prayer/guess last March...in that Hashnet is NOW I can say it likely
is not that much better a deal then buying a Titan 1st batch for the prices listed above etc NOW at the orig price (kinda silly to do that imho)
 
We all probably should just buy coin if we are into alts or bitcoin or whatever..but would be hard imho at this point in time to get either
product the  KNC Titans at their current price and expected pre-order ship date or any Hashnet in equiv MH NOW with hosting fees.

both choices seem pretty weak ...but anyway I feel better on being stuck with the Titan now....bit behind the curve..but not as far
back as I thought.with the proper sale (used) of the KNC Titan Physical miner I could even be ahead (not likely) but still..

(although with the Vaultminers being able to hash at the end of this month till shipping likely still 'screwed' from a different direction )

so it goes .you make your bets .win some/lose some.. but we all knew their had to be a catch on HashNet the above seems to show it.

Searing
 

[dquancey]

This doesn't sit well with me at all, we still need proof of hashing power somewhere.

Not only that, but this is also going to be multi-algorithm? How?

What is the hardware powering these and where is it located? Plenty of questions need to be answered, there are a few GAW employees on these forums, so would like to see them get involved in the discussion. All I'm asking, as well as others probably, is take a couple of pictures, given that we live in a day and age of camera phones, pictures of things in the BTC world are very hard to come by when it comes to new equipment.

All GAW are, are resellers of equipment already on the market, or re-badged Gridseed stuff, I'm not sure how they are supposed to be powering all this.

I'll be giving this a side-step for now, I urge others to do so also.

[manfred87]

one "proof" is: they no longer sell gaw / zeus hardware: http://gawminers.com/collections/all-miners

so either they are not producing hardware any more.. but then it is unlikely that they ran out of stock for fury as well as falcon as well as war machine as well as ... ( X6 Generation ) on the same day!

or they put all their miners in the zencloud. they even had those 88 Mhash Miners, wo probably nobody bought for 4000 usd.. they have to be somewhere! nobody will buy them nowadays with this low ltc value! the same counts for the original zeusminer hardware.. zeusminer sells it massively overpriced.. only hashra is real distrubutor now.. so where has all these zeusminer hardware gone produced in the last months? i think it is in zeushash und zenminer!

so i think 130 Ghash is possible! Maybe not in this very moment.. and they are now paying some weeks off the own pocket.. but i am really sure that they will use the 2.000.000 USD from this weekend to buy new miners.. so that they will have 500 Ghash in one month.. and then everything will be fine!