Hashnest with New Lower Price and Our First Impressions

2 Sep
2014

hashnest-current-price-hashrate

Yesterday we’ve told you about the new announcement coming from Bitmain about their acquisition of the Snowbal.io service that is now called Hashnest and about their plan to start selling cloud mining hashrate via the new platform. They have already started selling the initial offering of 4 Petahashes worth of hashrate powered by AntMiner Bitcoin ASIC miners today and we have already purchased 100 GHS to try out the service. Initially the price per GHS was supposed to be 0.0016 BTC, but it has apparently been lowered to 0.00135 BTC making the offer more attractive even though the maintenance fee is still at about 37 percent which is a bit higher than we would want to see it. But since the maintenance fee is quoted in USD per GHS with increase of the Bitcoin price the fee percentage should get down to a more acceptable level. With the new price per GHS and the current maintenance fee with a more moderate 10% average increase of the Bitcoin network hashrate you can expect to see a ROI in less than 8 months, not that great, but not too bad either, especially compared to some other recently launched alternatives that we’ve covered. So while not great profitability wise, that offer does not seem that bad either compared to many of the available alternatives and even compared to the initially announced higher price per GHS. The hashrate you purchase will be valid and mining for as long as the mined coins are more than the fees collected by the service, so the downside could be if the hashrate you purchase becomes unprofitable in less than 8 months.

hashnest-100-ghs-status-table

We have purchased 100 GHS for 0.135 BTC just to test out the service and to give out some firsthand experience. It seems that Hashnest does need to do some more translation in English and improve the translation of some of the already translated in English texts. Also the statistics you get is not very detailed and the graphs for the hashrate are not for your own hashrate, but for the overall hashrate of the cloud mining contracts offered through the platform from the provider UMISOO. So currently the Miner Status page is not very informative apart from the data in the table you get about your purchased hashrate and the “Unassigned Earnings” which apparently is the amount you have mined so far. Other than that you should know that in order to purchase Bitcoin mining hashrate from Hashnest you should first deposit Bitcoins in your account and then you can pay with them for hashrate. The confirmation of the transaction and the availability of the Bitcoins in your account is pretty fast and after you have them in your balance the purchase and allocation of the paid hashrate apparently happens instantly. We’ll see how the service will continue to evolve, but it seems that it needs some work on the user stats for the new cloud mining functionality and the rest is apparently already working quite well.



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6 Responses to Hashnest with New Lower Price and Our First Impressions

uwhtp

September 3rd, 2014 at 04:59

How long did you depost take, I’m on 7 Conf and still waiting
TXID 7dc956ea224ecbe180ad9cb99df3099f2b2d151f2e709c1b89401cd591dbe91a

admin

September 3rd, 2014 at 13:20

In about 15 minutes the sent BTC were available in the Hashnest balance and we could complete the hashrate purchase.

scott

September 4th, 2014 at 23:38

hi all, if the GHS becomes unprofitable can we redeem the hard ware like you can on CEX.io or do we just lose the GHS we have. Also what happens if the BTC price goes up and difficulty goes down and the GHS become profitable again after being taken of line, will they put the miners back on line and give us are GHS back??????????

admin

September 5th, 2014 at 12:17

“UMISOO will stop mining if the earning are equal to the electricity + maintenance fee. The miner will then be kept for 10 days. UMISOO will process the miner if the earning is still less-than or equal to the electricity + maintenance fee. The UMISOO market will close.”

scott

September 5th, 2014 at 18:32

I know this already, what I wont to know is will I lose my GHS?
, can I redeem the hard ware?
, what happens if the miner becomes profitable again?

admin

September 5th, 2014 at 18:39

No hardware redeem option is available and you have 10 days for the miner to become profitable again, and if it does it will be restored to mining otherwise you loose the GHS.

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