Friday, September 5, 2014

GAW Genesis Hashlet: ROI and Analysis

In a move that should surprise pretty much nobody, GAW Miners has added a new Hashlet: the Genesis Hashlet. What might surprise you is the pricing, which is actually better than pretty much any other SHA256 ASIC right now. The cost is $9.95 per 10GH, so if you do the math that works out to less than $3000 for 3000 GH/s. Exactly how cheap is that? Well, KnC is offering pre-orders for their third batch Neptune ASICs for $5995 per Neptune, and each Neptune will do around 3000 GH. You'll also need to wait months to get that Neptune up and running, so you're basically paying half what KnC is charging and getting immediate hashing power. Wow, just wow.

That leaves you now with the choice of seven different Hashlets now: five for the Scrypt multi-pools, Hashlet Prime, and now the first SHA256 Hashlet. Interestingly, Hashlet Prime is now showing the option to mine Scrypt and SHA256. It's not enabled yet, but basically a Hashlet Prime can be switched between Scrypt and SHA256 starting next week. Which sounds nice and all, but come one: twice the price of the regular Zen Hashlet means you could buy two Genesis Hashlets and one Zen Hashlet for the cost of a Hashlet Prime.

GAW has made a few other noteworthy updates today as well: for one, you can finally merge Hashlets (which is great, because I'm tired of having five Hashlets ranging from 1MH up to 100MH). And you now get a 5% discount on purchases made through the auto-buy program. But here's where things are a bit odd again: did you know that buying a Zen Hashlet at ZenMiner actually cost $21.95 yesterday, but it was $20.95 if you bought it through GAW? Oops. At least they fixed that problem. So now you can buy Hashlets at ZenMiner, and if you use the "auto-purchase" feature you can actually get the Zen Hashlet for around $19.90 per MH.

Let's quickly end with ROI. The Genesis Hashlets will do 10GH with a cost of $0.02 per day, so at the current difficulty you're looking at around $0.07 in profit per day per 10GH. Over a month, that works out to $2.38 in profit, though of course difficulty isn't going to stay where it's at for more than two weeks. That means the ROI for a Genesis Hashlet isn't actually that great: it's over four months (probably closer to six with difficulty increases, unless BTC prices go up) to break even.

And that, my dear readers, is why no one in their right mind is gobbling up Bitcoin ASICs these days. Even the best price that you can find is still only a moderately safe investment. Certainly GAW deserves kudos for breaking the stranglehold that other ASIC manufacturers have held on the market, and they're apparently not out there mining for months on equipment that people have paid for before shipping it to the customer. Even so, the Scrypt Hashlets are still a better bet. Or really, the Zen Hashlet is the one you want, as $20.95 per 1MH (or $19.90 if you make the purchase through ZenMiner using auto-purchase) will net you $0.225 per day in profit, which means if the current returns continue you'll hit ROI in just over three months.

Of course if you want to put it another way, for your investment in a Genesis Hashlet, you will generate returns of around 0.8% per day (declining over time). How's that for crazy talk? Could you imagine someone coming up to you and saying, "I can honestly give you returns of 0.8% per day on any money you give me. You don't get the principle back, but you'll basically break even in four months, and get around a 100% increase at the end of a year." And as good as that sounds (almost "too good to be true", right?), for your investment in a Zen Hashlet you receive returns of around 1.07% per day, which means potentially a 200% return on the year. Maybe that's "pie in the sky" talk, but if I don't make ROI on my Zen Hashlets in four months I will be shocked (and dismayed).

In other news, I should also mention that not only did I not finish paying for that Alpha Technologies 250MH ASIC that may or may not ship this month, but I just bought the same amount of hashing power in Zen Hashlets for about half the total price of a Viper, and I'm already hashing away. Plus, the payout rate on ZenPool is frequently 50% higher than any other multi-pool, and I don't have to try and figure out which Scrypt coin/pool to mine all the time. It's awesome.

But there's actually a sad story to relate as well. I had given a friend 6 BTC to complete our purchase of the Viper back in late June or early July. Well, he hadn't returned the BTC yet, and then yesterday someone apparently hacked into his computer, got on Bittrex, and cashed out of both his and my BTC for the Viper. Damn hacker scum -- looks like they did it through TeamViewer, which he had running. How they got his ID and password I don't know, but I'm no longer leaving TeamViewer running 24/7 on my PCs that have access to my cryptocurrency information. Thank goodness I'm still way ahead on Bitcoin/cryptocurrencies overall, but Alpha Technologies ended up being a $10,000 loss for my friend and me. This is 100% the last time I ever do a pre-order of an ASIC.

And yes, I am a GAW Affiliate, so if you use my links to buy any Hashlets at GAW I'll get a small commission. If you're interested in Hashlets, please consider supporting me by shopping via my links!

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