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Bitclub Network’s latest update. No more bitcoin mining pools to be sold?

Posted in the back offices of Bitclub Network members websites this week was the update below (amended due to it being for the eyes of members only, obviously) but it will be interesting to see the response from members, as not all the news is positive…There are way too many issues/problems for it to be so…

Having been a member since 2015, and one of the first people in South Africa to join, I must confess to a number of frustrations, which are, I’m sure, shared by many others. Not that Bitclub Network is totally at fault.

I’ve always believed in the company, the fact that’s its heart is in the right place and that it acts in the best interests of its members. But there comes a time when people who joined Bitclub in the hope and expectation of decent returns start to despair. It’s only natural, and to be expected.

The fact is that Bitcoin mining has not been profitable for some time now. Not just for Bitclub Network, but for all Bitcoin mining operations. This, and other things, are mentioned in the (slightly edited) update below:

BitClub News

July 22nd, 2019 – Big Updates  

Included in this update…

 US Members Update

BC Trader Upgrade – Limited Offer

KYC Process – Very Important

GPU Mining Pool Update

BTC Mining Pool Status

CoinPay Update

 US Members Update

There has been some confusion about our policy regarding members within the United States, so please allow us to clarify how we are treating US accounts moving forward. (Edited…)

BC Trader Upgrade – Limited Offer

After months of playing around with the trading software we have made some big improvements. This includes new algorithms and a simplified trading process that makes it easy for you to see results. You will notice some differences in the overall look and feel, however the real power is the trading behind it and being able to execute your own trading strategy. The more accounts we have linked to our trader the more data we have to trade on and the better the software gets. 

Limited Offer…

 Starting today we are offering a one time upgrade option for anyone who wants to switch their mining pool shares over to the trading platform. Maybe you are not happy with your current mining earnings, or maybe you would just rather be trading than mining? Either way you have a one-time option to convert your mining pool shares in favor of the BT Trader (edited…). 

 KYC Progress

Our support team has been working 24/7 to push through the KYC requests and we have cut down the approval time to within 72 hours. We are being flooded with these requests so please be patient as we work to approve them as fast as we can. Please do not open a support ticket asking about your KYC approval as it will not help the process go any faster and may put you further down the queue. 

Deadline for KYC…

 It’s very important that you complete KYC on your account. We are taking a very strict policy on this to make sure we avoid all Anti Money Laundering and Know Your Customer requirements. (edited)

GPU Mining Pool Update

 We are excited to announce our GPU mining pool has started paying as of July 15th. As we explained in some previous updates the market for GPU mining was REALLY bad over the past 12 months. At one point we had over (edited) worth of power with big expansion plans. However, we ran into multiple situations where it was not profitable to mine (edited). This was compounded with unfavorable power contracts that forced us to consume the electricity even though it was not profitable to mine.  This was not sustainable for very long so we quickly made the decision to shut down and freeze the amount of days remaining on all GPU contracts until the market rebounded and was profitable to mine. (edited..) We are getting closer to a resolution on this and hope to have them hashing again soon (edited…) As of right now the pool will remain closed to new sign ups but we will turn the clock on and start paying whatever profit there is. Please keep in mind the profits are still pretty slim on a per share basis so the earnings will be low to start. We hope to improve them over time as we expand. (edited…)

Bitcoin Mining Pool

Bitcoin Mining is also difficult right now because of the same power situation. Over the past few months we have seen numerous energy contracts expire and the renewals are at a much higher rate, which forces us to either shut them down and wait or move them. To date there is over (edited) PH sitting cold in various facilities around the world that we cannot turn on (or chose not to because the situation is not profitable). (edited…) When we started we only had a few facilities to manage it was easy to expand, but with our hypergrowth in the last quarter of 2017 we had massive deployment obligations in 2018 that really hurt us when the market turned south. We have solutions to get more power online and continue to expand (edited..). If we don’t see some resolution within the next few months we may have to stop selling new mining contracts and just focus on expanding what we have and paying out all the contracts for the remainder of their days. We will continue to work at this and do whatever we can to fulfill our obligations. We wish there was better news to report but this is the reality of where we sit right now.

CoinPay Update

CoinPay will be launched as its own company sometime in the near future. When we first started working with the CoinPay developers we were very excited about the potential of bringing this product to market. However, what we realized over the course of the last few years is CoinPay will require a completely different structure, and completely different set of rules, regulations, and business plan. (edited…) .We will continue to make announcements on CoinPay as the project moves forward (edited…)

Again, you’ll see the honesty of this company. It tells it as it is. I like that. Although as mentioned in a previous blog, honesty doesn’t pay the bills!

In this update, there is clearly some good news amongst the bad (The GPU mining pools coming back on stream, for example, but will this be enough to keep members happy? I don’t think it will. Maybe once the Bitcoin price starts to increase, and increase significantly, (as I’m confident it will), Bitclub will have a happier story to tell…

Until it does, I’ll be focussed on my gold-backed cryptocurrency business, which is looking extremely good…and growing fast!

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. 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

2 Comments

  • Thado Posted August 15, 2019 5:15 am

    How to login to BC trader

    • Gerard Posted August 15, 2019 6:13 am

      A good question, and one I don’t know the answer to as I am not trading with Bitclub. Perhaps your upline sponsor would be able to assist you. Alternatively, open a Support ticket and ask them. regards, Gerard. 083 444 9888

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