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Bitclub Network and its mining earnings…

One of the downsides of having an online Bitclub Network presence is the number of questions (or complaints) I receive about Bitclub’s mining pool earnings– especially recently. Not a day goes by that I don’t get calls or emails asking me to explain the mining earnings, and in  particular, why they are so low. Despite me telling me telling them that I am merely a member (just as they are), and that I am NO Bitcoin mining expert, I find myself explaining that low mining earnings are not so much the fault of Bitclub but of the Bitcoin mining industry per se.

Not that this relieves the unhappiness and disappointment of those who are in possession of Bitclub mining shares. Fact is, Bitclub Network’s mining earnings ARE low and have been for a while now.

When I first joined Bitclub Network in South Africa back in 2015 (I’m a Master Builder and have been for some time), the mining earnings were very good – averaging between 3 and 5% per month. Over the last year or so, the returns have been less than 1%. This is a MAJOR drop and it’s absolutely understandable that people are upset.

The sad reality is that the $599 (almost R8 500) price of a Pool 1 share is a lot of money to a lot of people in South Africa and to reward them with a pitiful monthly return after getting their hopes up upon joining is disappointing.

Not that it’s the fault of BitClub Network. It’s not.

Bitcoin mining has just not been profitable for a while now, and all Bitcoin mining operations have been delivering sub-par returns (if indeed they are still operating). Many Bitcoin miners have shut down and the members of those mining operations subsequently lost everything. At least Bitclub Network is still around, and still mining!

It’s latest update (posted earlier this month) explains the current situation. (I have removed sections of the update as the update is really for the eyes of Bitclub Network members only).

Bitcoin Mining Pool Update

Over the past 12 months Bitcoin mining has been very tough to earn a profit. There were several months where the profit was zero and even approached negative territory but we pressed on mining and keeping the machines running because of our power contracts and commitments to pay out (no matter how small this daily profit became). We pushed through the bottom of this market and we survived it!  However, in doing so we lost some key facilities and partners along the way. We had to renegotiate power contracts that were either expiring or just not profitable to keep running. This put us in a really tough position overall and we are doing everything we can right now to keep machines running and our pool growing. During the last 90 days we have actually added a lot of new power the pool, however we’ve been forced to shut down some machines that are no longer profitable and we have stopped some of the replacement maintenance on machines that are dying on us. The net effect has been very minimal on the pool but it has allowed us to make more profit by shifting things around. At this time we still have around 600 PH that is either sitting cold or has never been deployed due to poor market conditions. We are hoping we can get these back into good situations over the next few months and continue expanding up from there. Also, with the BTC price moving up it should increase the per share value of each mining share and increase the daily payouts. This will be seen in a few weeks after we pay the June power bills and begin mining in a better situation. We have to pay all of our bills up front to secure power for the month so there will be a lag, plus the normal 10 day lag that we have on the share payouts…..We have always said form the beginning that once mining is no longer profitable we will stop selling new mining contracts and all the existing contracts would continue on as long as there was profit to be made. Don’t worry we are not at this point, but we wanted to let you know that turning over these machines for the newer chips may push us to the edge and require us to stop selling…we wanted to let you know the situation because we are all in the same boat. Our members have proven to be resilient and we faced this same issue in late 2015 when mining was declared dead and our contracts were very unprofitable. We don’t know what will happen this time around but it seems very familiar and just know that all of us on the corporate side will do everything we can to keep mining for as long as we can….

What comes through for me though is the honesty of this company. It has always been honest and this is an attribute that I’ve always appreciated about Bitclub Network. Of course, honesty doesn’t pay the bills and the explanation will not make the “complainers” happy. (Believe me, I’m one of them!).

As I’ve mentioned in previous blog articles I’ve written, I cannot recommend the purchasing of a Bitclub Network mining pool to anyone whilst the mining earnings are as they are. It just does not make sense of an investment. Not to me anyway.

The only instance in which I would advise people to join Bitclub currently is IF they are fully aware of, and OK with, the low mining earnings as they are and IF they intend to introduce others and build a big team, so as to take advantage of Bitclub Network’s generous compensation plan. Anyone wanting to just MINE Bitcoin would be better advised to put their money elsewhere….and look at buying a mining pool share in the future when HOPEFULLY the Bitcoin price is a lot higher and the Bitcoin mining share payouts have increased to a point where they make sense.

When that may be, nobody can say…

In the meantime, I’m focused on a totally different (and extremely exciting) cryptocurrency project…one that fortunately DOESN’T involve the mining of Bitcoin!

Gerard Kavonic was amongst 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.  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, you should register under that person, assuming that he or she has a good understanding of the business.  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 gerard@kavonichone.co.za and more@bitclubnetwork.co.za

 

37 Comments

  • Cynthia Segage Posted June 14, 2019 7:47 pm

    I have 30days with bitclub network
    How do I get paid

    • Gerard Posted July 3, 2019 10:48 am

      Add me on whatsapp and I’ll see how or where I can help you. regards Gerard. +27 83 444 9888

  • Philisiwe Posted July 25, 2019 10:23 am

    Good day
    Thanks for your article. I agree 100%. Russ the founder of Bitclub also said BCN is currently not buying new machines due to space constraints and also require moere power to continue mining.
    My concern: if the mining returns are so very low, how is BCN paying so much in commisions and bonuses? Where is the money coming to pay people? Is this not money from pools of members that are joining the business. Is this not more like a pyramid scheme now and will collapse later?
    Please help me understand…..

    • Gerard Posted July 26, 2019 12:31 pm

      Thanks for this. Only a pleasure. A good point you raise, and to be honest, I really don’t know. But no, I really don’t think it will collapse. The company will look after its members and I believe that it wil honour all its commitments. A higher bitcoin price going forward should help the company’s bottom line and I believe this will happen. In the meantime, I will be focussing on my other crypto business. Regards Gerard. 083 444 9888

  • Debebe Yayehyirad Negash Posted July 26, 2019 1:51 pm

    As as an Ethiopian I was very much eager to put all my eggs in one basket thinking that it will give me 3-5 percent profit from my investment. I bought 3 founder levels and one $599. In a year u got a profit of around $ 200 which does not meet my expectations. The propogated profit is big and the return is very low. I am now worried about the future of Bitclubnetwork. I think I will never get back my invested money leave alone the profit. What is your future expectations? The company is making money forgetting it’s members.

    • Gerard Posted August 21, 2019 5:23 am

      One should never put all ones eggs in one basket. But like you, I have numerous pools, and like you, I am extremely frustrated by the returns.
      The compensation plain is very good, but the mining returns are disappointing. I would suggest you put your repurchase percentage on 0% and get your btc out, bit by bit. Gerard. 27 83 444 9888

  • Debebe Posted July 29, 2019 2:32 pm

    Unless something is done urgently the members at founder level or less will withdraw their wishes and hardwork which will kill the network in the near future. This club has been the hope of money investors in Africa. why do the founders sleep idly to killl the network. They have the money and network to seek better conditions. please save BCN

    • Gerard Posted August 5, 2019 5:50 am

      Can’t answer this, but yes, agreed…something needs to be done about the mining earnings as they are terrible. Regards, Gerard. 083 444 9888

    • Gerard Posted August 21, 2019 5:20 am

      I am just a member – as you are, so I cannot answer this. But yes, I sense your frustrations and share them. Many members have joined another mining company, or like me, have joined Karatbars. You are welcome to private message me. Gerard. 27 83 444 9888

  • Patrick Mohambi Posted July 31, 2019 6:05 pm

    Hi my questions is i don’t get emails asking me to explain the mining earnings

  • Patrick Mohambi Posted July 31, 2019 6:13 pm

    Hi i join bitclub network / 08/ 04/ 2019 up to now i don’t get any emails i don’t know what happen

    • Gerard Posted August 5, 2019 5:49 am

      Follow up with your upline sponsor ie the person you joined Bitclub Networkn under. Regards, Gerard. 083 444 9888

    • Gerard Posted August 21, 2019 5:17 am

      Which emails are you expecting? Bitclub doesn’t send emails, unless you have logged a support ticket. gerard. 083 444 9888

  • Bassie Posted August 16, 2019 6:06 pm

    Hi guys how do we calculate bitcoins I have 0.000039 how much is it?

    • Gerard Posted August 21, 2019 5:16 am

      Go to http://www.preev.com and type in the amount of btc converted to rands. Regards Gerard. 083 444 9888

  • JAY Posted August 20, 2019 4:59 pm

    Hi I joined btc in 2017 how will I no how much I earned cause wen I log in it has total earned .and some other stuff so which is my earning REGARDS JAY 0842822947

    • Gerard Posted August 21, 2019 5:14 am

      Go to Mining earnings and see how much BTC you have there. Then go to http://www.preev.com and see how much it is in rands. Regards, Gerard. 083 444 9888

  • Thomas Kaysh Posted August 29, 2019 5:30 am

    What is going on. Hashrate is down and they Generator the last block eight days ago!!

    • Gerard Posted September 1, 2019 7:06 am

      Yes, quite concerning. Message me on whatsapp. Regards, Gerard. 083 444 9888

  • zanda Posted August 31, 2019 10:13 pm

    Good day
    Why all of a sudden are we required to send our IDs and proof of addresses. I really don’t understand the KYC thing. May you kindly explain that sir.

    • Gerard Posted September 1, 2019 7:03 am

      KYC is Know Your Customer. It’s not only a Bitclub thing. I’m involved in Karatbars and we also have to do KYC. Essential you go through the process. regards Gerard. 083 444 9888

  • Daniel BARNARD Posted September 1, 2019 2:33 pm

    [16:23, 9/1/2019] danielcell777: Hi Gerard
    I found your number on a BitClub Network BLOG.
    Please help me? I can’t LOGIN on the site anymore – https://bitclubnetwork.com/login.html?CSRFGuard_Name=413503972&CSRFGuard_Token=5e7efa6115cfe6ca41ebfa3116c3dcf4da87ca16dbed14307e4b28f3439ea56ffecbd8f48c67790b773343dbc1573169a13e607aeef6a78095fefb93e0c035e1
    It gives me this ERROR MESSAGE

    • Gerard Posted September 2, 2019 9:03 am

      The site has been down for a number of days now. We are all in the same boat. Totally in the dark. regards Gerard. 083 444 9888

    • Gerard Posted September 3, 2019 7:55 am

      Daniel, the website is down but should be back up in a few days. Apparently the server crashed. If you add me on whatsapp, I could send you the info I have. Regards, Gerard. 083 444 9888

  • Gawane Fatlana Posted September 1, 2019 3:07 pm

    Good day. I was required to fill up my KYC and done it but sadenly I can not log in to my account anymore. What is going on with Bitclub networks apparently?, is it also a scam?

    • Gerard Posted September 2, 2019 9:02 am

      It’s definitely not a scam, otherwise I wouldn’t have joined when I did in 2015! But the fact that the site has been down for a number of days now is a concern for sure. Thee is ZERO communication from Bitclub itself so we are all totally in the dark. Let’s hope for ALL our sakes that the site will be back sooner rather than later! regards, Gerard. 083 444 9888

    • Gerard Posted September 3, 2019 7:54 am

      Gawane the website is down but should be back up in a few days. Apparently the server crashed. If you add me on whatsapp, I could send you the info I have. Regards, Gerard. 083 444 9888

  • Sigezekile Posted September 18, 2019 11:08 am

    I have a problem with logging my KYC they tell me that they sent my code but I don’t receive it in my emails or massages

    • Gerard Posted September 26, 2019 5:55 am

      Check your spam or junk folder. Can’t help with this as I am just another member. Gerard. 083 444 9888

  • Edwin Posted September 21, 2019 5:51 am

    I have been trying to complete KYC and have been unsuccessful all the time. Setting mining on 0, how doe this help. What happens to my initial founders pool investment.
    Thanks Edwin

    • Gerard Posted September 26, 2019 5:54 am

      Edwin. Many members have been battling with their KYC. Some people have had success by getting up really early in the morning when not many others arenot doing theirs. You are welcome to add me on whatsapp so I can answer your other questions. Regards, Gerard. 083 444 9888

  • Mishack Posted September 21, 2019 12:09 pm

    Hello
    I have joined BTC with pool 1, I wanna know how much is monthly dividend since I get less money than i thought.

    • Gerard Posted September 26, 2019 5:52 am

      Impossible to answer. All I can tell you is that the mining earnings are not good, and have not been good for some time now. Hopefully, Bitclub can get them back to what they used to be back in 2015 and 2016! Gerard. 083 444 9888

  • Phillip Posted October 19, 2019 8:18 am

    I want check my balance

    • Gerard Posted November 13, 2019 11:15 am

      Can’t help you with this as I am just another member. Gerard. 083 444 9888

  • Zakhele Ndlovu Posted October 24, 2019 9:35 am

    Plz help I’m trying to upload my kyc it unsuccessful always and the due date is at the conner please help.

    • Gerard Posted November 13, 2019 11:14 am

      Pse message me on whatsapp. My colleague Derek could help you but will charge for his time. Gerard 083 444 9888

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