GAW is giving away a genesis miner with each new account With genesis 1GH going for .50 they are giving away what $5? My guess is that most of the "new" customers are "old" customers just creating "new" accounts.
I'm surprised someone hasn't written a bot to do it yet. ;P
They are actually giving away $10. $5 worth of Genesis to the new user, and 500 hashpoints to the referrer.
There is no $5 worth of Genesis because you can't sell the gift. There value of hashpoints is also debatable, besides you only get the 500 points if the new user buys something (the gift doesn't count). So the real gain here is much smaller - the tiny daily payout from the gifted Genesis, plus the ability to essentially purchase 500 hashpoints for about $0.50 (Market fees if you buy the cheapest hashlet and then resell it).
Edit: 500 hashpoints may become $25 if you believe in the PayCoin, so maybe that's what's driving the new accounts. $0.50 bet to win $25, I can see some people taking that.