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!
-BCN Support Team