Tag Archive: gaw miners

Show Me The Josh! Garza Lays Out His Blueprint For Paycoin

Fast growing cloud mining site zen miners have been hit by a number of issues over the past 30 days.

All was looking hunky dory in August when Gaw took an $8 million stake in the cloud mining company. It looked like a match made in heaven – the most successful asic mining hardware company jumping into bed with a progressive cloud hashing operation. Coupled with the $1 million purchase of the coveted BTC.com domain it was no wonder that CEO Josh Garza was being touted in some quarters as the next Steve Jobs!.

Josh Garza
Garza has been making all the right noises. Almost evangelical and philanthropic (not unlike Jobs) with his public announcements of new features and a customer first policy.

Customers lapped it up, and why wouldn’t they. The company were innovating cloud mining with ‘Hashlets’ – virtual miners that you could buy through Gaw or Zen and instantly activate into pools that were paying handsome daily amounts of BTC.

Then things started to go ever so slightly wrong. Just after announcing a ton of new features Josh and the team went to a BTC conference in Vegas. At around the same time – the platform (and new features) were hit with a host of new bugs. It was unfortunate for many reasons. Being short staffed back at base, the zen support team were struggling to cope with an increasing number of support tickets and the lack of any ‘announcements’ or updates was causing a PR meltdown.

As soon as the Vegas trip ended, Garza continued with the compulsively premature announcements. Seemingly following the Mark Zuckerberg mantra of ‘move fast, break things’ the CEO made apologies for ongoing bugs at the same time as announcing a raft of new features under his own self titled slogan ‘ignore them and innovate’.

The hashlet marketplace, new prime hashlet features, double dipping all sounded like adventurous but welcome features to the zen cloud. Then the world fell in. Zen suffered a double wammy.

First the market leading mining pool Zenpool was hit by falling daily payouts. This was rationalized by Garza as an issue concerning contract negotiations with a large company leasing hashing power from them. Speculation on some bitcoin forums alleged that Zen/Gaw may have lost a large contract. Miners on the zencloud were less than impressed with a daily reward that almost overnight fell from 0.0006 BTC per MH to 0.0003 BTC per MH.

A few days later the company was hit by an even bigger issue. Resellers of the flagship Prime Hashlets were selling 1MH prime hashlets at around the $50 mark. When buyers activated some of these prime hashlet codes they actually received 25MH instead of 1MH (around $1250 worth). Some users were successful in exploiting the issue by buying more primes and/or splitting the prime into 1MH chunks and quickly selling on the marketplace.

It is unclear how much money Zen lost during the exploit but we can safely assume it was ‘significant’ if the reply and explanation that Garza posted on the hashtalk forum is anything to go by.

Legal action was announced against any miners that had taken part in the exploit unless all monies/hashlets were returned. It is unclear how much of the missing BTC was recovered although Garza claimed that over half the people involved had been traced in his statement.

It was a difficult period for innocent users as the site went offline and withdrawals were frozen for a short time.

In true Maverick spirit, Garza and Zen continued with their plans for Project Prime and Hashbase. A Hashpool was introduced where users could mine Hashpoints instead of Bitcoins. Garza promised that these hashpoints would more than make up for the drop in the Zenpool payouts. A new ‘Hashcoin’ was mooted and speculation began to grow that Gaw’s new coin would be the foundation of Project Prime and Hashbase.

hashcoin.com
The Hashcoin (latterly Paycoin XPY) ICO was finally announced after widespread rumours that companies like Amazon and Walmart were already on board as partners and that the coin would be the biggest crypto coin launch of all time. A coin that would be relatively immune to severe price fluctuations and would have ‘near instant’ transaction confirmations.

So let’s have a look at the details that were included in the launch

Partners

Conspicuous by their absence in the announcement, the rumoured big hitters were not named. it’s possible that negotiations are ongoing and the ‘why hashcoin’ section has a statement reading ‘HashCoin launches with more merchant acceptance than any other cryptocurrency in history.

Transactional Immutability

Yeah, i had to look that up too! This is the explanation behind the near instant confirmation of transactions. The mathematical formulae behind this innovation are beyond the scope of this blog but i’m sure it will be dissected in the coming days. If it does indeed work then it will be a major breakthrough for Gaw’s mission to bring crypto transactions into the realm of widespread adoption. For now if you are brave you could read the white paper here.

Price Fluctuation Protection

This was the claim that interested me the most and I was eager to see the detail. It turned out to be the least interesting section of the launch. The currency will have a Coin Adoption Fund (CAF) with a ‘sole mandate to promote mass adoption for merchants, miners, and the general public’.

In practice this ‘fund’ is likely to be used to control ‘buy’ and ‘sell’ orders to stabilise the price.

Existing miners at Zen and the ICO (initial coin offering)

Here’s the good news for existing Gaw/Zen customers and a delivery on a promise made by Garza a couple of weeks ago. Zen users will get first dibs on the coin along with institutional investors. All the ‘Hashpoints’ mined will be eligible for exchange against paycoins at the rate of 400 points to 1 coin. This second stage of the ICO will enable miners to purchase the coins at a discounted rate (similar to a conventional share option scheme). The public ICO will see the coins priced at around $20 each and (with the help of CAF) the price should be sustainable in the short to medium term.

This represents a very good deal for loyal Gaw/Zen customers and could prove to be a masterstroke by Garza. The plans for the coin are very ambitious and Garza has been forging an almost cult like status amongst zen cloud users. The next few months are going to be incredibly interesting to see if Gaw/Zen can pull off one of the most ambitious projects the crypto currency world has ever seen.

Update: The coin hit the markets mid December. As of writing the coins were trading for around $10 each on Cryptsy ahead of the ‘guaranteed’ $20 per coin buyback floor at Paybase. (Due to launch Monday 22nd December)

Is the Hashlet The New Route To Mining ROI?

Gaw Miners recently introduced the scrypt mining hashlet, temporarily causing their shopify ecommerce engine to crash – such was the demand.

So what are hashlets? Billed as the worlds first digital cloud miners, it is reasonably safe to assume these are a matrix of vaultbreaker style mix & match modules. Instead of worrying about expensive hardware and electricity consumption, you simply buy hash power (a virtual machine if you will).

The big difference between the hashlet and the hashing power available on other cloud mining sites, is the claim by Gaw that each hashlet gets more efficient as more of the modules are added to the grid. This, they claim will actually reduce maintenance costs over time!

Judging by the clamour for Hashlets it seems like the public agree. Find out more at Gaw Miners.

Scrypt Mining In The Cloud – Best Bang For Buck at Gaw Miners!

With the launch of myriad asic scrypt miners the days of mining at home seem to be disappearing in favour of cloud mining. Gaw Miners offer a variety of hardware hosted through the zen cloud mining site.

There are many factors to consider and with such a wide array of hardware on offer it can be difficult to make the right choice. Gaw currently offer 1 month of free hosting with their current range but what miner is the most profitable once the daily maintenance charges kick in?

We looked at the full range and took into account the upfront cost and 3 months maintenance charge to find the best deal per Mh for each machine. As hardware is often obsolete within 4-6 months this guide effectively lets you know how much the costs will be for 4 months (including the 1 month free)

Asic Scrypt Cloud Mining Hardware - Best Deals At Gaw
Miner Hash Rate (Mh) Cost $ per Mh Maint/Day Maint/Mh (90 Days) Total $ per Mh Link
War Machine 54 $1049.99 $19.44 $4.41 $7.35 $26.79 More Info
The Boulder 43 $939.95 $21.86 $2.40 $5.02 $26.88 More Info
Silverfish 2 28 $839.95 $30 $1.18 $3.79 $33.79 More Info
The Falcon 27 $734.95 $27.22 $2.20 $7.33 $34.55 More Info
The Ratchet 19 $599.95 $31.58 $1.10 $5.21 $36.79 More Info
G Black 25 $839.95 $33.60 $1.22 $4.39 $37.99 More Info
The Cliff Jumper 9.5 $309.95 $32.63 $0.61 $5.78 $38.51 More Info
Black Widow 13 $419.95 $32.30 $0.98 $6.78 $39.09 More Info
The Fury 1.3 $44.95 $34.58 $0.11 $7.62 $42.19 More Info
Gridseed Blade 5.2 $209.95 $40.38 $0.34 $5.88 $46.26 More Info
The Bee 3.6 $154.95 $43.04 $0.24 $6.00 $49.04 More Info
A2 80 $4199.95 $52.50 $1.54 $1.73 $54.23 More Info
Silverfish 5 70 $3834.95 $54.79 $2.69 $3.46 $58.24 More Info
A2 Mini 28 $2519.95 $90 $0.49 $1.58 $91.57 More Info
Gridseed 5 Chip 0.3 $29.95 $99.83 $0.11 $33 $132.83 More Info

Key:
Column 4 $/Mh = Cost per Mh based on purchase cost only
Column 5 Maint/Day = Maintenance Charge for full Machine per day
Column 6 Maint/Mh (90 Days) = Maintenance charge per Mh for 90 days (120 days if you include first month free)
Column 7 Total $ per Mh = The total cost per Mh over 90 days including purchase cost and maintenance (120 days if you include the first month free)

Conclusion:

Best High End Stealth Machine:

The War Machine 54Mh $1049.95 – Cost Per Mh over 4 Months = $26.79

Gaw Miners War machine

Best Mid Range Buy:

Silverfish 2 28Mh $839.95 – Cost Per Mh over 4 Months = $33.79

Gaw Miners Silverfish

Best Budget Buy

The Fury 1.3Mh $44.95 – Cost Per Mh over 4 Months = $42.19

Gaw Miners Fury

We have a limited number of promotional codes for Gaw Miners.

WELCOMETOGAW – $10 off orders over $150

GAW25 – $25 off orders over $200

GAW3FOR3000 – 3% off orders over $3000

GAW4FOR4000 – 4% off orders over $4000

GAW5FOR5000 – 5% off orders over $5000

*Note – Prices correct as of 5th August 2014 and may be subject to change. Errors and omissions excepted.
 
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Review: Gaw Miners Fury (Zeus) Asic Scrypt Miner

gaw-zeus
We’ve had 3 of these entry level asic scrypt devices running for the last few weeks without any problems whatsoever.

At $60-$90 each they are certainly affordable little workhorses when you compare them to expensive high-end graphics cards. We ordered direct from Gaw, so be aware that you’ll need to pay a customs import tax levy in the UK.

The unit comes neatly packaged with USB lead and power cable (UK adaptor needed). You can be up and running in a few minutes with custom software builds for Windows, Linux and Mac available from the Gaw website. We used the excellent BFG Miner from Nate Woolls blog – instructions here.

We’ve been advised that the units can draw 48 watts. Although a little high this still compares favourably to running a PC tower and power hungry graphics card. Each unit will hash at 1-1.3 MH/s and you can also buy with hosted cloud mining at Zen Miners.

With a vast array of high powered Asic Scrypt miners hitting the market the units may have a limited life span but if you want to dabble without risking too much money, then these are the perfect fit.

Gaw Miners Website