Hash Market is basically GAWMiners acting as broker or middleman and linking online buyers and sellers of their Hashlet bitcoin cloud mining products.
It is a lot of fun and I *think* has potential to turn a small trading profit!
You need to become a ZenCloud member, by buying a Hashlet from here, by credit card, BTC, LTC or DOGE.
These are the currently available Hashlets:
- Hashlet Genesis is the cheapest, currently $8.95. It’s the cheapest miner, but currently you can’t buy or sell them on the Hash Market.
- Hashlet Solos include MultiHashlet $14.95, Clever Hashlet $15.95, WaffleHashlet $16.95, and ZenHashlet $20.95, all of which are traded on Hash Market.
- The top of the range virtual miner is the Prime at $49.95, which again currently isn’t on the Hash Market.
Okay next step, buy a Hashlet (any of the above), wait for the activation email, set up a ZenCloud account and then transfer your trading fund in BTC into the account.
Then simply trade Hashlets just like you would trade stocks, buy low, sell high, take into account the brokerage fees to both parties.
The Hash Market really seems like a “buyers market”; the sellers can post fixed quantities and prices of Hashlets they want to sell, but the other side of the order book - like buyers entering a bid (market, limit orders etc.) -doesn’t exist.
Buyers just watch and need to be quick to click to buy. It is a bit crude - you’ll need to manually refresh the browser - there is no streamer (yet?).
Effectively GAWMiners are acting as market makers and offering a spread: the seller receives 95% of the nominal price and the buyer pays 105% of the nominal price.
Let’s take a ZenHashlet as an example.
The standard price of a new one is $20.95.
If you could buy quantities at say $17.90 (I have seen them offered at this price), you would probably be able to resell them at a profit pretty quickly, or simply mine with them for a while and then sell.
If you wanted to offer and sell for say $20.50, the nominal price would have to be $19.47 (in order that the buyer would see and pay $20.50), and you as seller would actually receive $18.50.
Here’s the input screen.
The system is confusing in that this selling price does not include the 5% fee the buyer must pay so you need to factor that into the “real” offer price; however, the total earnings does correctly show your income if the Hashlet sells.
Here is the Hash Market itself; with the net prices for buyers.
A lot of the prices are wildly optimistic, but if you spend time you can find good deals!
Note that the sellers orders cannot actually be seen by the seller on the market, but they are there.
So how can you trade?
- Well there are a lot of people on the Hash Market who simply don’t understand the process, so it is possible to pick up some really sweet deals, and then keep to mine or even just flip. There are people who are underpricing and others who are overpaying. It is a cruel world!
- There are quite a few “fat finger” mistakes, that can be taken advantage of.
- Most of the sales are low amounts. If you buy a bulk amount of MH you’ll be able to split into small lots* (maybe 1MH each) and sell at a higher price.
- One Hashlet the 9/11 Legendary Hashlet has a value of $49.95 but is a limited issue and people have been willing to pay more, so if you could pick up some cheaply they might be good investments.
- The other aspect that unlike stocks, these Hashlets are paying a kind of dividend in that they mine and generate revenue. So if you hold a Hashlet for a while and then sell at cost or higher that will also bring in profits.
Proviso - the pricing is in dollars but the payment is in BTC, so BTC volatility is a factor too.
If you buy a miner from GAWMiners website via credit card basically you’ll be changing USD to BTC, when you sell a Hashlet it is also USD to BTC, but the ZenCloud account actually holds BTC.
If you use any of the links in this post, I’ll get a small kickback that I will reinvest into even more Hashlets for myself. I am recommending a service / product that I do actually use!