Saturday, September 13, 2014

ZenMiner Changes: Buying and Selling Hashlets

I have a couple updates on the ZenMiner/GAW Hashlet situation, but rather than combining them into one post I wanted to take them in turn. The first and potentially biggest news is that ZenMiner now supports the buying and selling of Hashlets. Along with this change is the ability to split a Hashlet in two (e.g. so you don't have to sell all of your Hashlets at once, assuming you have one big Hashlet). It's a nice feature to have, but there are many elements to discuss.

First, it obviously wouldn't make much sense for someone to pay more for a Hashlet than the going rate on GAWMiners (or the ZenMiner Cloud), so that's effectively the highest price anyone would want to pay. But if you could sell at any price it might be bad for GAW's business. The result is that if you want to sell a Hashlet (at least through the ZenMiner Cloud), you don't actually get to name your price: it's 80% of the going rate as far as I can tell. GAW_CEO has a post on the subject if you're interested.

Now one of the points I want to make is that there's a suggestion from Josh (CEO of GAW) that they're taking a hit to their bottom line by offering this feature. Well, that's only sort of true. You see, as far as I can tell you can't actually buy Hashlets at the lower prices -- that or there's just no one selling? It's not like you can open up the Hashlet Exchange and see buy/sell offers, since there's apparently only one price. Thus, if you sell a Hashlet for 80% of the current price -- which you can apparently do at any time -- when someone actually buys that Hashlet they would be paying the normal price and GAW would get 20%.

I'm not saying this is bad, but unless I'm missing something this doesn't appear to be the normal trading service people might think it should be. Again, it's entirely possible that the problem is no one is selling Hashlets right now (I know I'm not!), but maybe that will change in a few weeks. Right now the rate of returns is about 30% ROI per month, so potentially you can just go buy a Hashlet, mine for a month, then sell it and you've pulled in 10% earnings in a "safe" manner. Of course if you hold the Hashlet and mine for another month (assuming the price doesn't tank), you'd earn ~40% in two months, ~70% in three months, or ~100% in four months....

You're also free to sell your Hashlets through other means I believe -- worst-case you'd have to give someone your ZenMiner account for this to work, but you could certainly do so. Maybe there's a way to assign a Hashlet to another user, but if so I don't know where that feature is. If you've bought into Hashlets, though, I'm not sure what would cause you to suddenly change your outlooks so drastically that you decide to "cut your losses" right now.

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