Cheapest Bitcoin Mining Hardware 2014 - Hashlet

Cheapest Bitcoin Mining Hardware 2014 - Hashlet
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I have just been a Hashlet's owner from GAWMiners / ZenCloud for less than a week and I'm liking what I am seeing thus far. My initial investment was an only 24.99 USD for a 1MH/s Hashlet and honestly, the purchase itself was the most rocky scenario. Appears with the start of the Hashlets, GAWMiners were capable to accidentally crash Shopify. I think that is the reason that my credit card firm believed my purchase may be fraudulent and I had to jump through the fraud protection hoops before being able to purchase. I understand that may scare a lot of people off, but this was for the science! Additionally, that is why I use a credit card online and not a debit card;)

I received an e-mail with my redemption code and a link to ZenCloud / ZenMiner, after buying my Hashlet from GAWMiners. I set up my account, redeemed my code and managed to set up my Hashlet all within a few minutes. The ZenCloud website is professional and really clean and easy to use. They also offer two-factor authentication which I feel is an absolute must have attribute when coping with cryptocurrency, or anything of any value.

Setup was a breeze, you decide whether you want to mine Altcoin (Scrypt) or Bitcoin (SHA256) and you select your pool. There are other pool choices and you'll be able to switch at any time. After going through the options, ZenPool was undoubtedly paying more than the rest by like a third. I elected for mining Altcoins as I figured the issue would be lower than trying to mine BTC. Also, the ZenPool is currently only for Altcoin.

I will be up front about this, I was fairly skeptical that this was anything under a ponzi scheme and I'd probably not see any gains or at best only getting enough to insure maintenance fees. To my surprise, the next day when I logged in, I had earned a very tiny bit, 0.00004107 BTC to be exact. I was amazed, particularly considering that I set the Hashlet up fairly late in the day, that payout was a prorated partial payment and I wasn't hit with any maintenance fees for the partial day. The next few days the payouts grew to an average of 0.00067 BTC per day. With the fluctuating BTC prices, the payouts fluctuate too. The recent drop in BTC value hasn't helped matters, but the payouts are fairly stable.

After the inital 24.99$ investment, there is a 0.08 USD maintenance fee per 1MH you've in your account. If you have 1MH it is 8 cents, 15MH it is a buck twenty, et cetera. Your fees will go up as BTC drops because the fee is in USD and not BTC. Fees are taken from your BTC balance so it is not like you are paying out of pocket, merely out of your earnings. It's been published the maintenance fee should go down over time, by how much, I am unsure.

In theory, if Bitcoin's price were to drop low enough afterward your day-to-day maintenance fees would exceed your gains. Thus far that hasn't been the case and in 3 complete days of mining I've had a gain of approximately 0.0005 per day. If the BTC cost should happen to remain at 500$, it'd take about 64 days to break even on the first investment. Not that awful in my opinion, particularly considering the growing difficulty of mining, the price of entry on dedicated hardware and the cost to power said gear.

A few upgrades have been received by the ZenCloud site / service, since I've purchased my Hashlet. Most notable is the ability to purchase Hashlets directly from the website with a credit card before it was just with BTC and you would have to return to the GAWMiners site to purchase another Hashlet with a credit card. You could also bankroll your earnings into buying added Hashlets mechanically when your BTC balance reaches the price of the Hashlet you have set up to automatically buy. One of my favorite attributes that are new even though I only have a single Hashlet is the ability to combine the processing power of your Hashlets by stacking them up. You can buy 1MH Hashlets over time and simply pile them to combine their computing ability, instead of investing in the 5MH Hashlet. This really saves you a couple of pennies in the long run, if you do the math.

It hasn't happened yet, but the Hashlets will be able to mine other cryptocurrencies directly instead of converting to BTC. If I'd to suppose that could easily lend itself to ZenCloud becoming a full fledged exchange in the foreseeable future.

So do I think GAWMiners Hashlets are worth it? I believe so, although I wouldn't go sinking my life savings into it. It's been a fun way for me to earn some satoshis without much of an initial investment or any attempt. At the moment I'm assured that I should be able to break even on my investment and achieve profitability but the volatility of the BTC prices right now means it may wind up taking longer than expected (or shorter if there is an enormous rally ;). Will this stay the case in the foreseeable future?

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