Included in this update…
– Commissions Corrected
– Bitcoin Mining Update
– GPU Mining Update
When we launched BC Trader we experienced a few issues within the Level up and Binary that was recently updated. All commissions have now been paid and everything should be up to date for all invoices.
We also released all held commissions from any accounts that were blocked or being held, and we ran a check on all invoices to account for the payments. So now everything you see in your wallets is fully accounted for.
Bitcoin Mining Update
Bitcoin mining has become a survival of the fittest industry where only the strong will survive. Luckily, we’ve built some of the most efficient mining operations in the world and we plan to make it through this bear market.
We understand the mining earnings on a per share basis are really bad right now (by far the worst they’ve been). But we also believe this is only temporary and as we see more miners and more power come off the network we are stabilizing and we will be just fine!
NEW FEATURE… Since the mining earnings have become low we are now offering a way for you to pause your mining days, and un-pause them whenever you want. This will take your shares out of the daily payment and save your days for the future.
We want to make sure you are able to maximize the 1,000 days on your contract and since we are not looking at this in the short term it makes sense if you want to sit out the downswing. For us, this is a long term play that will help you accumulate a steady stream of Bitcoin that we all hope will become more valuable in the future.
Short term gains in mining are over! This is a war for newly minted blocks and once the price jumps back up it will become a frenzy for new Bitcoin. Anyone who claims they have quick ROI in mining is probably not using real machines or just flat out lying. We will continue to watch them fall by the wayside as they try and enter the market.
If you want short term gains then don’t chase them in mining, instead, check out BC Trader for that! There’s a good update below about BC Trader and it can help you earn great daily returns.
Mining Pool Chart
You may have noticed our mining power has been jumping up and down the past few months. This is due to a few factors…
First, we are shutting down some of our facilities that are no longer profitable and moving the power to other locations that are much better. We are also power cycling some of the machines in order to keep our existing contracts active while we look to move out and figure the best deals forward.
Second, we are swapping out all Bitfury equipment right now in favor of the S9 and we are preparing for the next generation of miners that we expect to be deployed later this year. We even have a big surprise that we hope to announce around the 3rd quarter of this year that will be a complete game changer for our mining.
And the last factor has been moving some of the power over to the BCH chain to take advantage of some good conditions. We have always supported and mined BCH and we are now using it as our back up pool as well as allocating more power to the chain.
Overall it’s been a tough year of consolidation but we believe we are now lean and the worst is behind us so it’s only up from here. We are very confident in the future of mining and the future of crypto in general and we are doing everything we can right now to boost profits and keep our machines running through this downswing.
We really appreciate those who have stuck with us through the crypto winter! Our team is not sitting still, we are working hard daily to survive and we will continue to do so for all of our members.
GPU Mining Pool
Unfortunately, the GPU market for mining is not good right now. Ethereum has slashed its mining rewards and the difficulty is just too high to be profitable right now. A lot of other coins are starting to see ASIC chips like Dash, Zcash, and more.
Just like everyone else we are hoping for a big rebound in Ethereum price so we can turn everything back on, but realistically this must happen soon because all ETH mining rewards will be short term as the developers are getting closer to eliminating all POW (proof of work) mining as they move toward POS (proof of stake).
*Be careful of scams or other companies claiming they are mining ETH profitably because it’s just not realistic. We have been mining for almost 5 years and there is a reason why our machines are sitting cold right now.
Some good news… We are working on re-purposing many of these machines and have already begun testing with some partners to use GPU power for other services. In fact, over the last month, we have successfully completed some rendering projects and have identified a few really solid uses for these machines.
Now we are building up the software and specialized cloud infrastructure that will allow you to point your unused GPU power. Our plan is to provide all members with some new options in the future, and in the meantime, we are on standby ready for a big rebound so we can turn these GPU’s back to mining or whatever else.
More details will become available as the product comes together but we are now heavily focused on making this happen so we can turn on the GPU power ASAP.
-BCN Support Team