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Am I the only one concerned about Bitclub Network, its mining earnings – and its very future?

It really pains me to say this but I am no longer as excited about Bitclub Network as I once was – and I’ve been a hardworking member of Bitclub since 2015. In fact, I was one of the first people to have joined the organisation in South Africa.

The reason behind my disillusion? Mostly a lack of communication from the top, and a case of all talk and little action..

Over the last few days, I’ve learnt to my disappointment that the person who brought Bitclub Network to South Africa has decided to “retire” from the business and focus on her new venture – educating people on cryptocurrencies.

Now I have no issue with this at all. People come and go all the time, and that’s all well and good. But I sense that there may be more to the story, and that there is the possibility of her being let down by inaction on certain fronts. I may be wrong in this, but how do you go from being so “gung-ho” about Bitclub Network as a business opportunity one day, and making a lot of money from a business you’re absolutely passionate about, to suddenly deciding on a different course of action, the next day?

Now this person is someone of integrity, and someone I consider to be a friend.

There must be something more to this, and whilst I may be wrong – horribly wrong in fact – I believe that her disillusionment stems from leadership issues, and also, from ongoing complaints from members…which can wear even the most tolerant person down over time…

A number of new products and initiatives that Bitclub Network members have been expecting since the end of last year have not materialised, and our Bitcoin mining returns have been so low for more than a year now that they are not even worth talking about. Granted, Bitclub’s cryptocurrency trading platform was launched, but despite much fanfare about potentially good returns being made, I hear that the returns have not been good at all.

The Bitcoin merchant platform? Still in development it seems…and this after, what, two years? Bitclub Network’s punted Blockchain phone? Not a word. Yes, there are updates…but they are few and far between, and members are pretty much left in the dark….HOPING for things to happen.

At the beginning of the year, one of the highest earners within Bitclub suddenly left the business. We heard rumours as to why, but nothing definitive. When someone like that leaves, and now the person who brought Bitclub Network to Africa leaves, one has to ask: what on earth is going on?

Whilst there used to be regular videos on the internet of the founder of Bitclub presenting to thousands of people in, for example, Japan or South Korea, today we see only the odd video of him being interviewed by mostly unenthusiastic and, by all appearances, frustrated team members in Europe. Not an overly encouraging picture at all.

It seems that as members, we no longer have a good story to tell. The mining earnings remain stubbornly low – despite a rising Bitcoin price. The trading platform is disappointing. The BC Premier product has been done away with. And the new mining facility in Montana, USA, is still – by all accounts – a work in progress.

In short, we don’t have a product to sell.

Despite all this, I still believe in Bitclub Network – and WANT to believe in Bitclub Network.

I have given my all to this business over the last four years and believe that things WILL come right.

The latest update (the below excerpt of which was published in a previous blog) gives me hope. That whilst the days have been dark, there may be light ahead..

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….

Plus the fact that our GPU mining is coming back is excellent news. I’m also hopeful that with a rising Bitcoin price, Bitclub Network’s mining pool earnings will increase in time…even if only next year.

Whilst I honestly cannot recommend the buying of a Bitclub Network mining pool to anyone whilst the mining earnings are as they are, joining Bitclub Network with an eye on the future could make sense in time.

Personally, as a Master Builder in the business, I’d like to see a lot more activity, and more communication. I’m sure I’m not the only member of Bitclub Network member wanting this!

In the meantime, I’m focussing totally on my other VERY EXCITING cryptocurrency business..earning euros, accumulating 24 karat gold and two cryptocurrencies backed by ie KBC coins and KCB coins….and showing people how to do the same…

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 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. 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

 

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