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.
If you are a US citizen or living within a US-controlled jurisdiction then we will take action to suspend your account indefinitely. While your account is suspended you will no longer be able to participate in our compensation plan or earn any future commissions from the sales of our products.
However, you will continue to earn all daily mining earnings until your contract expires. Your account will remain open to login and request any outstanding funds.
If you purchased a BC Trader package you will have full access to the trader for 1 year after your original purchase date. You will also earn all GPU pool earnings for as long as the pool is profitable. See update below for more details on the GPU pool.
Bottom line is you will continue to receive what you paid for but you will no longer be able to earn commissions from the network marketing side.
We will likely be doing this same structure for the Philippines market before the end of the year so please be prepared for this.
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. Don’t just let your crypto sit around being lazy, put it to work and start growing it.
The more accounts we have linked to our trader the more data we have to trade on and the better the software gets. In fact, we are so excited about this new version that we want to make sure everyone starts using it so we have a special limited time 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. If you do this you must convert all of your mining pool shares over from your entire account. So if you own a $500 USD Mining Pool 1 then you can convert it to a $500 USD Trading Option 1.
If you own Mining Pool 1 and 2 you MUST convert to Trading Option 1 and 2 (you cannot just convert one or the other). If you are a Founder with Mining Pool 1, 2 and 3 then you can convert to Trading Option 1, 2 and 3
The only catch is you need to have more than 100 days remaining on your mining contract in order to make switch. Also, if you already purchased a Trading Package then you are not eligible for this offer.
When making the switch you will instantly be given access to the trading platform for 1 full year to use it as you wish. By doing this it will automatically cancel your remaining mining days and move you to the trading platform.
At this time we believe the trading software is more valuable than current mining conditions and we recommend you make the switch, especially if you have a lot of crypto to trade with.
How to Switch?
All you have to do is go here… BC Trader Upgrade and follow the instructions (or you can see this on top of the BC Trader page)
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. If there is a problem with your KYC documents you will be notified to resubmit them.
Thanks for your patience as we work through this process.
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.
If you do not complete the KYC approval between now and the end of the year then your account will be shut down and all earnings will be forfeited. You have plenty of time to get this done and we will continue to remind you about this.
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 10 TH worth of power with big expansion plans. However, we ran into multiple situations where it was not profitable to mine and we started running at a loss. This was compounded with unfavorable power contracts that forced us to consume the electricity even though it was not profitable to mine.
So we kept facilities running at a loss because we had to pay the power bill anyway whether we consumed it or not. This was not sustainable for very long so we quickly made the decision to shut down and freeze the number of days remaining on all GPU contracts until the market rebounded and was profitable to mine.
As the market struggled to bounce back some of these situations became worse and worse forcing us to liquidate machines and consolidate as best we could to stay alive and keep the power companies happy so that we could eventually return.
Today we are still fighting with our largest facility in China to get our miners online or to get them shipped to another facility so we can turn them on. We are getting closer to a resolution on this and hope to have them hashing again soon, but this is a huge chunk of our overall operation that we are not able to bring online.
One of the facilities in Iceland has become very favorable and we have more units coming online in other facilities as we find profitable situations again. We will continue to deploy these machines as we work back to full strength.
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.
NOTE: You may see the GPU pool paused from time to time depending on market conditions so please be aware of this. The thing about mining is once something is profitable many others rush in and the difficulty can skyrocket within a few short weeks. Then if the price falls, the difficulty will not adjust as fast because of these power obligations so these swings really put miners in a bad position.
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 1,000 PH sitting cold in various facilities around the world that we cannot turn on (or chose not to because the situation is not profitable). It has been very frustrating getting these online because it seems once we get the momentum going we shut down another facility and we are fighting just to keep as much power online as we can.
For instance, in June we got 180 new PH online in one of our Russian facilities but had to take nearly 300 offline in China and Georgia due to unfavorable conditions.
Back when we only had a few facilities to manage it was easy to expand, but with our hyper-growth, in the last quarter of 2017 we had massive deployment obligations in 2018 that really hurt us when the market turned south. We have been fighting to get out of this hole ever since
We have solutions to get more power online and continue to expand, but we need the market to stay strong because if we get into another situation where the difficulty goes up too fast, and the price crashes then we may not be able to sustain another loss as we took in 2018.
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 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 a completely different set of rules, regulations, and business plan.
If we had launched CoinPay 2 years ago when intended we believe it would have failed by now or fizzled out and died. Bit Pay, who has now raised over 72.5 million to build their platform is the largest merchant provider in the industry and they are currently struggling in the payments space.
We don’t like Bit Pay and believe there is a much better solution out there. Our plan was to fill this void and become the go-to payment processor in the industry. But in doing this we kept running into roadblocks and without the proper funding support, jurisdiction, banking relationships, etc. It was too much for BitClub to handle.
To date, CoinPay has raised NO MONEY to build this platform. BitClub has rolled some of the early company profits into doing it on the side but this was not enough to get the product to market.
We hired multiple teams and did everything we could on the budget we had but we couldn’t seem to make it work. So now we are letting it go and the team is going to revamp the project and launch it outside of BitClub Network.
Our goal is to let them get it live and BCN members will become affiliates in a very beneficial way once it’s launched. We will continue to make announcements on CoinPay as the project moves forward and we hope the website and product are available soon so we can offer it to all members.
It’s an incredible concept, it’s working very well for the 5 or so large enterprise merchants that are using it (including ourself) and we know with the proper funding and attention CoinPay will be able to take on Bit Pay and become the premier merchant service provider in the space.
Thanks for being part of BitClub we will keep you posted on all news updates.