This is a question being asked by many members of Bitclub Network currently I’m sure. Why so? Because whereas the mining earnings were really good a few years back (between 3 and 5% return per month on average), they have not been good of late (less than 1% per month).
This has of course elicited a lot of questions – and complaints.
Whilst Russ, the co-founder of Bitclub Network, has on numerous occasions tried to explain the reasons behind the low mining earnings over the last year or so (by way of webinars, interviews and updates in member’s back offices), people either do not understand, or choose not to understand. I guess that it’s hard for people who have grown accustomed to high mining earnings to accept periods of low earnings!
What do they do instead? They start looking for other opportunities that might keep them in the style to which they have become accustomed..
The result is that a number of members have jumped ship over the last few months, and joined newcomers to the crypto space promising greater returns – Leo Coin, for instance. Many people seem to be trying at their hand at forex trading as well, and are joining FX Trading.
Whilst Bitclub Network has over the years proven itself to be a solid and ethical operator, paying its members what they are due, when they are due, the same – in my opinion – cannot be said for Leocoin or FX Trading yet.
Whilst members of these organisations are currently being paid, how sustainable are these businesses? And will they still be around in a year or two? The jury is still out on this….
Now I’m not overly familiar with either Leo Coin, or FX Trading – and to be perfectly honest, I have no interest in either – I just hope that people don’t lose their hard earned money. This is my only concern. As I mentioned in a previous blog article, Leocoin may prove to be an excellent and solid business opportunity, but until such time as it’s proven to be so over a period of years, it’s just another opportunity that people are latching onto in the hope of riches.
But I digress, and back to the burgeoning Bitcoin price and its impact on Bitclub Network mining shares:
Whilst one would expect that mining earnings would show an immediate increase, a higher Bitcoin price is not the only variable affecting Bitcoin mining earnings. There is also the hashrate and the mining difficulty that needs to come into the equation – as well as the cost of electricity and the mining operation’s overheads.
With a higher bitcoin price, Bitclub Network’s mining pools will clearly benefit, and its mining earnings WILL increase – but only in time.
I just don’t expect to see any immediate uptick (although I hope I’m wrong on this!).
In Bitclub’s favour is the fact that it now has its own enormous mining facility (in Montana, USA) where the electricity is apparently inexpensive and it now manufactures its own mining equipment.
This is HUGE as it makes the organisation less dependent on outsiders and external suppliers, which has until fairly recently been the case.
So I’m excited over the medium and long term.
In the short term – and until such time as we see a decent and signifcant improvement in mining earnings – I’m encouraging people to look at another proven cryptocurrency opportunity. (Unless of course they are looking to build a team within Bitclub Network).
The facts are these: Bitclub Network’s compensation plan is brilliant. Practically unbeatable in the network marketing, affiliate marketing or multilevel marketing industry. So those joining Bitclub with the intention of building a team, and a big one at that, will be well rewarded.
Those who intend to join Bitclub purely to mine Bitcoin? I’m just not convinced it will serve them well over the short term, and it is these people that I encourage to look at this other opportunity rather.
For a start, it will cost them a minimum of R2800 to join. Compare this to the approximately R8 500 it will cost them to join Bitclub Network and buy a share in the entry level mining pool, Pool 1.
In South Africa today, and with the South African economy in the doldrums as it is, many people just do not have R8 500 available, whereas coming up with R2800 is a lot more manageable.
As I’ve mentioned in a previous blog, I believe in providing good, honest advice.
Right now, Bitclub’s mining pool shares are not delivering a good return and I cannot in all honesty recommend them as an investment. (Even though I am by no means an investment or financial services advisor, and do not purport to be one!). Having said this, though, IF the Bitcoin price continues its upward projectory, Bitclub Network’s mining shares COULD be worth buying in time. (In fact, I’m SURE they will be worth buying in time!)
Bitclub Network is a great business. It’s solid, it’s transparent and I will always be a loyal member.
Until its mining returns improve though, I’ll be focussing on my other crypto business, which excites me hugely. There is just so much more money to be made.
Gerard Kavonic was one of the first people to join Bitclub Network South Africa in 2015. He has the rank of Master Builder. He has two websites: www.bitclub.co.za and www.bitclubblog.com and co-administers a fast-growing team around the world with his business partner and colleague, Derek Clements. Anyone wanting to join BitClub Network as a paid member must register as a free member first. If you’ve already been introduced to BitClub Network, you should register under that person, assuming that he or she has a good understanding of the business. (This is hugely important!). If you don’t have anyone to register under, you’re welcome to join under username GERARD or on the following link: https://bitclubnetwork.com/gerard/signup.html Gerard can be reached on +27 83 444 9888 and on firstname.lastname@example.org and email@example.com