History of ZeusHash
In the beginning, there was Zeus Integrated Systems, also known as ZeusMiner. They started off by designing SHA-256 chips, and eventually designed Scrypt chips. They sold quite a bit of Bitcoin and Litecoin mining hardware through their partnership with GAW Miners before shifting their business model. ZeusMiner launched their new cloud mining service, “ZeusHash” on September 30, 2014. In October 2014, they announced a partnership with fellow ASIC developers ROCKMINER, ASICMiner and XBTec. Although not as large as their rivals KNC Miner and Bitmain, they already power as much as 5% of the global Bitcoin hash rate, and 10% of the global Litecoin hash rate. They recently set themselves apart from other cloud mining companies by launching a “transparency push” along with ASICMiner, Rockminer, XBTec and Gridseed. Their goal is to demonstrate the mining source of the coins they distribute to their cloud mining users. They also came under fire due to their decision to abandon development of the Volcano scrypt mining chip.
As of March 17 2015, they announced that they experienced a major electrical failure that has essentially knocked an entire mining farm of Batch 1 and 2 GHS offline, with a plan to only partially compensate customers. I’ll get into more details in the next section.
As mentioned above, ZeusHash has had a solid reputation due to their long history selling SHA-256 and Scrypt mining hardware, and the fact that they are backed by a physical mining farm. They are also leaders in the movement to promote corporate transparency and are working to eliminate cloud mining ponzi schemes. They recently partnered with some of the other Chinese hardware manufacturers (ASICMiner, Rockminer, XBTec and Gridseed) to publicly challenge other cloud mining companies to prove their mining capacity. They are even asking other members of the cloud mining industry to account for the source of Bitcoin and Litecoin payments to their customers.
However, their recent (March 17, 2015) electrical failure has really brought their legitimacy into question. By March 24, all Batch I and Batch II GHS customers must choose between:
1. Converting contracts from Batch 1 or 2 GHS to Batch III GHS, and receiving only 50% of your contracted hash rate. I will likely take this option, because at least the value is just slightly less than I had paid for my initial contract.
2. Converting contracts from Batch 1 or 2 to Batch III GHS, and receiving the same hash rate as contracted, but for a fee of 0.0008/GHS (apparently half price).
3. Default to a buy-back program (paying 0.00035BTC/GHS), which is only 20% of the amount I originally invested.
Based on this news, I have no choice but to cut ZeusHash’s trust rating in half.
At the time of this review, ZeusHash’s cloud mining contracts are priced at the upper end of the spectrum in terms of cost per GHS. Since ZeusHash uses a tiered pricing system, they do offer some lower prices, but only if you’re willing to purchase 100 TH/S of contracts. We expect the average user will purchase contracts in the 100GH – 10TH range, at a median price of $0.459 or 0.002 BTC/GHS, which is just mediocre for a lifetime contract. Compare that to HashNest for example, which is offering contracts at less than half that price.
Maintenance Fee Rating
ZeusHash’s maintenance fee of $0.048/GH/month is third best amongst hardware-based Bitcoin mining companies, with HashNest and Genesis Mining taking the top 2 spots.
ZeusHash has one of the nicest user dashboards and slickest user interfaces for purchasing contracts of any cloud mining service to date. It is straightforward, visually appealing, and your hash rate and earning chart are visible at a glance. ZeusHash has earned their dashboard rating of 9.
Payment Reliability Rating
Overall, their payments have been on reliably on time, and in the amount expected. Payouts are deposited into your ZeusHash account daily, and can take up to 24 hours to withdraw. I’m happy with their daily payout cycle, as I’m too impatient to wait for weekly payouts!
ZeusHash Referral Bonus
ZeusHash’s referral bonus is a tiered system much like Amazon or others. I think it’s a fair system, although I just signed up, so I can’t rate the system’s reliability yet. Here are their referral payout tiers:
|Less than 5||6% of their first purchases|
|5 to 30||8% of their first purchases|
|More than 30||10% of their first purchases|
In conclusion, ZeusHash receives a solid score, but not enough to place them in the top 3 companies. Their excellent dashboard design, and competitive maintenance fees help to compensate for their mediocre pricing and sketchy trust rating. Plus there is that lucrative referral bonus. I can definitely recommend ZeusHash based on my experience to date.