BitClub News Jan 30th Update

BITCLUB NEWS

IMPORTANT UPDATE - Bitcoin Cash, GPU Repurchases, and Mining...
Date: January 30th

• Bitcoin Cash LIVE February 1st
• NEW Internal Conversion Tool
• Bitcoin Gold wallets are LIVE
• GPU Expansion Plan and Repurchases
• Ethereum Payments - Paid up to date
• New Mining Power Update

BitClub moving to Bitcoin Cash starting February 1st

As mentioned in our last update BitClub is moving exclusively to accept Bitcoin Cash (BCH) for all invoices starting February 1st. We are also moving all commission payments to BCH and will no longer be accepting Bitcoin Core (BTC) for any mining packages or other products. 

Before making this transition the current invoicing platform will go offline for about 12-24 hours. During this time you will not be able to pay for any new invoices (including pay it forward) until the new platform launches.

Once the new platform goes live we will ONLY be accepting Bitcoin Cash, which means any Bitcoin (BTC) you send to a BCH address will be lost forever. This is very important so please remember not to do this!

To make the process easier we have created our own internal conversion tool so that you can easily convert your BTC to BCH with no fees. All you have to do is click on the new conversion link under your wallet page and decide how much you want to convert. 

This works both ways BTC --> BCH and also BCH --> BTC.

IMPORTANT NOTE: You can still deposit Bitcoin (BTC) into your BitClub Credit Wallet by using the Deposit tab under your wallet page. This will allow you to send any amount of BTC into your BitClub Credit Wallet and then convert the BTC to BCH and pay for mining packages or any other invoices. 

New Internal Conversion Tool

We have built a very robust backend conversion tool that will allow you to swap your tokens from one to another based on the current market rate at the time. Right now we are only going live with the BTC/BCH pair but we will soon offer more tokens for you to convert. 

This feature will allow you to take advantage of your own balances to get whatever tokens you would like to hold or withdrawal. 

For example if you are mining Monero and Ethereum Classic you don't have to set up external wallets in order to withdrawal, instead you could just convert them internally to Ethereum (ETH) or BCH, or whatever you wanted and then make a single withdrawal to your wallet.

We are really excited about this new feature however, we also want to be very clear that we are not becoming an exchange. This is not intended for any trading or high volume swaps. In fact there will be strict limits on how you can use this and if you are found to be abusing this feature we will disable it from your account without warning.

Also, important to know that we are not charging any fees for this service, it's purely for your convenience and to help you maximize liquidity in whatever token you desire to hold. 

Bitcoin Gold Wallets

Bitcoin Gold wallets will go live right after the new invoice platform goes live with Bitcoin Cash. You will be able to add your BTG withdrawal address and request your funds just like all of the other tokens we currently support. 

We are planning to add the option to mine Bitcoin Gold using your GPU shares within the next 30-60 days, so if you want to start accumulating more BTG you will have the option to do this very soon with our mining pool. 

GPU Expansion Plan and Repurchases

Starting February 2nd we will be adding partial share repurchases to all of our GPU mining contracts. All new shares purchased will default to a 30% repurchase rate and you can change this to go higher or lower from 0% up to 100% just like our Bitcoin mining contracts. 

The repurchases work based on whatever coin you are mining and this will pay commissions to your upline in that same token when you make a purchase. 

For example if you are mining Monero and you set repurchases at 50% then each day 50% of your daily earnings will be held for a future repurchase. The repurchase will happen on the 1st day of each month no matter what your balance is you will see a repurchase happen for whatever token you mined during the month.

So lets say you had 5 shares of the GPU pool and you had 1 share of each set at 50% (ETH, ETC, XMR, ZEC, and soon to be BTG). At the end of the month whatever balance you have in your held commissions will be used to purchase a partial share for each token. These repurchases would all create upline commissions that would be paid in each token that is used. 

This is different from BTC repurchases and we think its even better. We are not relying on a certain amount before doing a repurchase, instead we are doing 1 partial share repurchase per month for each token no matter the balance in the wallet.

Doing this will force repurchases each month and we believe this will be a great way to accumulate all of the tokens each month. Just imagine knowing that each month you will earn a commission on whatever your team members are mining and repurchasing through the same compensation structure you have already built.

When you combine this repurchase model with our new swap feature it means you can convert your tokens into other tokens for free and have full control over your crypto portfolio. This could be very lucrative for those members with large teams who are doing repurchases and we believe it makes GPU pools even more attractive than BTC pools.

*A Big Change to GPU Contracts... Based on the current market conditions and our new repurchase model we are dropping the total amount of days in the mining contracts from 2,000 down to 1,000 starting on February 2nd. This only applies to new shares purchased after February 2nd and for all partial repurchases made.

Also, we are excited to announce a massive expansion in our GPU mining operation. We've been purchasing a lot of GPU rigs over the last 90 days in anticipation for the increased demand in the market and also the increase demand from our members with the new repurchase model.

Currently we have purchased over 14,000,000 MHs with about 5,000,000 MH still waiting to be deployed between now and the end of March. Our team is deploying rapidly in multiple locations and we have built up a very strong supply chain that will allow us to add a lot more power as we grow.

Ethereum Payments - PAID!

We had some major issues with our Ethereum payment scripts and we apologize for the delay in sending out withdrawal requests. As of today this has now been completed and by the end of the day we will be 100% caught up. 

This new system comes with an audit model for checking correct payments and it will allow us to diagnose any issues with the gas limits and any other issues that may trigger a partial payment instead of a full payment. 

Due to the backlog please give us 48 hours to be sure you received your Ethereum withdrawal. If after 48 hours you are not seeing anything please open a support ticket or respond to an existing ticket if you already have one open. 

We have been working to improve our withdrawal scripts for all tokens and soon we will have every withdrawal for every coin paid within 12-24 hours after being requested.

Thanks for your patience while we get this upgraded! 

New Bitcoin Mining Update

There have been some delays in getting our latest rounds of power. Mainly because of the Chinese new year and some other supply chain issues that have been causing unexpected delays. 

The good news is we should see the total power nearly double to around 800 PH within the next 7 days and we have a lot more power being added in February. To date we have already paid for 2,037 PH in total and we are placing another order at the end of this month for even more. 

Unfortunately, with the current market conditions anything we buy today has a target deployment date of around May. This is due to the huge demand and even with our connections with Bitmain and Bitfury it's just a crazy market right now and all we can do is keep buying more and adding power when it becomes available.

We should see all of this power hit our pool between now and April, which will give each share a nice boost!

Overall, it's a very exciting time to be a member of BitClub Network because not only do we continue to expand our Bitcoin mining and GPU mining operations but we are also expanding our corporate team and we are currently doing a complete re-brand of our website, videos, content, and all landing pages.

You will begin to see a lot of these new changes going live in February and there is much more you haven't heard about yet that we plan to announce in the coming months. It's going to be an incredible year and we are dedicated to helping you build a crypto empire!

Thanks for being a member of BitClub Network! 

Sincerely,
-BCN Support Team 

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Copy Pasted from BitClubNetwork

BitClub News

BITCLUB NEWS

Breaking News... Please Read!
Date: January 11th

• Moving to Bitcoin Cash February 1st!
• GPU Repurchases Launch February 1st
• No more ClubCoin Virtual Staking
• Hardware Wallet Sales on Hold
• Bitcoin Gold Wallet goes Live January 17th
• Ethereum Withdrawals Delayed - New System
• Monero Upgrades - New System

BitClub is Moving to Bitcoin Cash on February 1st

*This is one of the most important decisions we've ever made... Please Read and Share!

We reached a point where the Bitcoin blockchain (BTC) has become a huge burden to deal with. It's slow, it's expensive, and it's costing our business and more importantly our members (YOU) tens of thousands of dollars each day in transaction fees.

We were hopeful that a scaling solution would emerge but it has not and while Bitcoin continues to gain popularity it's no longer practical for a business like ours to accept it. 

Since the start of the year the average cost for a new member paying their $99 USD sign up has been around $17 in fees. We have seen times with $25+ and even some as high as $40 just to send Bitcoin for an invoice. Ouch! 

As a company we are mixed on this decision because Bitcoin is actually really great for miners right now. All of these high fees get passed into the blocks and end up being paid into your pocket from each one mined.

Right now each block has between 4-5 Bitcoin (currently about $60,000-$75,000) in transaction fees included included in the 12.5 reward. In some cases we've hit blocks with 10+ BTC and the highest one to date was 11.3 Bitcoin in a single block (Block #500756). 

With this much profit we will continue to mine Bitcoin and pay all mining earnings in Bitcoin. However, we will no longer be accepting Bitcoin for payments and all commissions will also be paid in Bitcoin Cash as well.

What does this mean? 

Starting on February 1st we will no longer accept Bitcoin (BTC) only Bitcoin Cash (BCH), which means you will have to purchase Bitcoin Cash from an exchange or wallet provider in order to sign up or purchase mining pools. You can also convert your existing BTC to BCH but either way its only BCH!

We are also paying ALL commissions in Bitcoin Cash! 

For example each binary cycle pays out $200 USD worth of Bitcoin (about 0.013 BTC) and starting Feb 1st it will pay the same $200 USD in Bitcoin Cash (about 0.08 BCH). Nothing will change, you will still receive the exact same USD value for everything but instead of being paid in Bitcoin it will be credited to your Bitcoin Cash wallet. 

*This includes Binary, Level Up, Matching Bonuses, Infinity Bonuses, and all other commissions. Except for mining earnings will continue to be paid in Bitcoin (BTC) because as we continue mining on the BTC chain and take advantage of the high fees.

Converting BTC to BCH... 

We are going to make it very easy to convert your BTC over to BCH and back to BTC as many times as you wish. In fact, you will be able to do this within your back office with only a few clicks.

You will be swapping your virtual balances and we will provide the current market rate for the swap so you can easily transfer any portion of your balance back and forth between BTC and BCH with ZERO fees. 

Soon after this is live we will also do it for all other coins too. So if you are mining Monero or Ethereum Classic and you would like to have Ether or BCH then you can easily use this feature to swap them in your back office before requesting a withdrawal. Think of this like an internal Shapeshift

With this feature you can maximize your commissions and wallet balances with ZERO fees. It gives you full control over your wallet balances and most importantly it will help you avoid the huge withdrawal fees being charged on Bitcoin or any other blockchain that might be expensive.

Future Outlook... 

It's our hope that a scaling solution happens on the Bitcoin network sometime this year and if it does then we may consider moving back but right now the Bitcoin blockchain is simply unusable for our business needs and we are excited to make this move over to Bitcoin Cash because its fast, cheap, and very liquid.

We believe many businesses will begin switching over to Bitcoin Cash as they begin to feel the pain and high fees of using Bitcoin. We also want to be clear that we are not picking sides in this scaling debate we are rooting hard for Bitcoin but right now BCH offers a lot more value for everyone and it's at the point where the chain is very secure to use.

Plus, we think the value of BCH will continue to go up as the adoption increases and more people support it, so the timing is very good to make this move.

It's our goal to do everything we can in order to make this transition smooth for you and we kindly ask that you spread the word about this and start becoming familiar with using Bitcoin Cash because we will be moving exclusively to it on February 1st! 

GPU Repurchases Launch February 1st

Also, starting on February 1st we will begin offering repurchases for the GPU mining pools. This has been a big feature request since we launched the pools over a year ago and there was always an issue with which coin would be repurchased. 

For example... We allow you to switch your power and mine whatever coins you wish and it was too hard to calculate an accurate repurchase if an account was constantly switching back and forth. 

But the good news is we have fixed this and starting Feb 1st you will begin to see held balances for each coin that you are paid on. Once the coin reaches the required threshold it will automatically force a repurchase for that coin, which pays commissions upline on each sale just like the BTC partial shares.

All existing shares have the option to set the repurchase percentage to whatever is desired. However, starting on Feb 1st all new shares purchased will default to 30% repurchase and you can change to go higher or lower all the way up to 100% or down to 0% just like our Bitcoin mining shares.

We are also expanding big into the GPU mining market and we believe the GPU pools will have a much improved ROI as we expand the operations. So be ready for a nice upgrade starting February 1st. 

No More ClubCoin Virtual Staking

We are getting ready to push ClubCoin out to the marketplace but before we can do this we need more nodes to stake on their own. Virtual staking was a good way to earn more CLUB but we now want to grow our nodes. 

So starting immediately we will no longer be accepting new ClubCoin virtual staking contracts and we strongly encourage you to download a full node to support the decentralization of the ledger. 

We are planning to have a new version of ClubCoin in the first or second week of February and will be pushing this hard for adoption. Stay tuned for this announcement. 

Hardware Wallet Sales Suspended

We've had some issues on getting Hardware wallets delivered so we have decided to put all new orders on hold until we can fulfill them. In many cases we are months behind in some countries and we apologize for not getting this out. We were waiting on a firmware update to be added and this has not happened yet. 

Once the new firmware is available you will be able to get your Bitcoin Cash and the updated security features and we will resume selling the wallets. 

If you have not received your wallet yet and you would like a refund please contact support and we will be happy to refund you.

Sorry for the delay on this we have been focused on other aspects of our business. 

Bitcoin Gold Wallets go LIVE January 17th

Starting on January 17th you will see a Bitcoin Gold wallet just like you see Bitcoin and Bitcoin Cash. The Bitcoin Gold wallet will give you matching coins based on whatever Bitcoin you had in your wallet when the BTG fork happened. 

All you can do with these coins is withdrawal them when the wallet goes live, so make sure you get an external Bitcoin Gold wallet set up to request them. 

Please Note: There are many new forks being proposed this year and we will NOT be supporting anymore of them. So if you want to make sure you get credit for your coins when a new fork happens you must withdrawal them from your BitClub wallet. 

This policy is subject to change if we see something we want to support, but unless we come out and say something you should assume we will not support any new forks!

Ethereum Withdrawals Delayed...

We are working on a new withdrawal system for Ethereum that has been taking longer than expected. This new system will really help boost the accuracy of the payments and allow us to pay much faster. However, right now there are many pending ETH withdrawals that keep piling up daily and we will not be processing these until this new process is in place. 

Our goal is to have this fixed within 1 week and we will catch up very fast on all pending withdrawals. If your withdrawal is pending we really apologize for this delay but don't worry you will receive your tokens very soon. This also goes for ETC (Ethereum Classic). 

Monero Upgrades - A New System

Another token that is hard to manage on a large scale is Monero. This is not just from our side we are seeing many exchanges who are having trouble crediting transactions so we are upgrading our system to include a unique payment ID for each withdrawal. 

You will receive more details about this on the Monero wallet page when it's ready but basically you will need to generate a payment ID from your Monero wallet or exchange wallet anytime you would like to withdrawal. You will be required to put this payment ID into the withdrawal request for it to be processed. 

We are holding all Monero pending withdrawals until this system is ready and beware that we will be cancelling all of them once its ready because there is no accurate way right now to pay Monero without a unique payment ID for each transactions. 

Again, thanks for your patience on this and all of the other little things that we are constantly needing to upgrade and fix. We are working hard behind the scenes and as we mentioned in the last update before this we have made some BIG changes to our corporate team and processes to ensure that we can keep up with demand in 2018. 

We appreciate all of you being so great and helping us get to this point and we will continue to do our best to make BitClub a company you can be proud to be associate with. 

Here's to an incredible 2018 and beyond!

Sincerely,
-BitClub Support Team
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