Bitclub network (is it worth investing in?)
Table of Contents
Bitclub network (is it worth investing in?)
In this blog post, am going to be writing about all you will need to know about the Bitclub network.
Bitclub network is one of the top 10 bitcoin mining pool in the world, it started operation in 2014.
Bitclub network enables it’s investors to mine bitcoin by helping them purchase the necessary hardware needed to mine bitcoin.
Bitclub network enables investors to not just mine only bitcoin, but other cryptocurrency of their choice.
Bitclub network also offers it’s members incentives and referral bonus for every new member that they bring in.
Table of contents
1. What is bitcoin mining
2. Bitclub network
3. How to register on the Bitclub network
4. How to make money from the Bitclub network
5. Flaws of the Bitclub network
6. Conclusion
What is bitcoin mining?
The Bitcoin protocol stipulates that 21 million Bitcoin will exist at some point. What Bitcoin miners do is bring them out into the light, a few at a time.
Bitcoin mining is performed by high powered computers that solve complex mathematical computations, these computations are impossible to solve by hand. When computers solve these computations, they add transactions to the blockchain and as a reward, they get a new Bitcoin.
How does it work?
What these computers are actually doing is trying to come up with a 64 digit hexadecimal number called a “hash”, basically a miner’s computer spits out hashes at different rates, the computers try to guess all 64 digit numbers. The chances of this is usually one in 7 trillion.
Arriving at the right answer before another miner depends a little bit on how fast your computer can produce hashes. The more the number of miners increase, the more difficult getting this hash is, the reverse is also the case.
What type of computers can be used for mining?
Miners realized that graphics card commonly used for video games were more effective at mining than desktops. Computers specifically for mining cryptocurrencies are called ASIC (Application specific integrated circuits). Faster bitcoin mining hardware is able to attempt more tries per second.
What is a mining pool?
A mining pool is a group of miners who combine their computing power & split the mined Bitcoin between participants, the profit from each block any pool member generates is divided up among the members of the pool according to the amount of hashes they contributed.
Bitclub network
Bitclub network is one of the top 10 bitcoin mining pool in the world, it started operation in 2014.
Bitclub network enables it’s investors to mine bitcoin by helping them purchase the necessary hardware needed to mine bitcoin.
Bitclub network enables investors to not just mine only bitcoin, but other cryptocurrency of their choice.
Bitclub network also offers it’s members incentives and referral bonus for every new member that they bring in.
According to the Bitclub network website, it is run by a group of programmers, bitcoin mining experts and investors.
How to register on the Bitclub network
To register/join the Bitclub network is by referral only, this means that you can’t directly join without being invited by someone else, although there is the option of contacting support to find you a referrer.
Once you have signed up by providing your name, email address, username and password, you will be required to upgrade with a one time fee of $99.
It is only after this that you can fully become a member and start buying a mining plan and using your affiliate link.
How to make money from the Bitclub network
The ways you can make money from the Bitclub network are:
1. Mining pool
2. Referral program
3. Clubcoin
Mining pool
The mining pool can either be the Bitcoin mining pool or the GPU mining pool.
The Bitcoin mining pool is divided into three:
Bitcoin mining pool 1
Bitcoin mining pool 2
Bitcoin mining pool 3
Bitcoin mining pool 1:
This pool cost $500 in bitcoins to purchase. You will be paid 50% of bitcoin generated by your hardware in this pool while the remaining 50% takes care of expenses and purchase of additional shared hardware.
Bitcoin mining pool 2:
This cost $1000 in Bitcoin to purchase. It pays 60% of what is mined while 40% is used for expenses and purchase of additional share.
Bitcoin mining pool 3:
This cost $2000 per share in bitcoin. It pays 70% of whatever the generated income is while the other 30% services expenses and purchase of additional share and hardware.
GPU mining pool
GPU mining is the mining of other cryptocurrencies that is not bitcoin e.g dash, ethereum, litecoin e.t.c There are two pool to purchase from in the GPU mining pool.
There is that of $1000 and that of $5000 worth of bitcoins.
The GPU shares pay daily for 2000 days.
Referral program
Aside from granting members access to their mining pool, the BitClub Network also provides an incentive to those who effectively share and convince others to also purchase a share in the pool or mining equipment, through recurring commissions of all bitcoins mined from the referral’s purchase.
Clubcoin
Clubcoin is a Cryptocurrency that was launched by Bitclub network. Clubcoin is currently ranked at 983 in the coin market cap. It is also available for trade on bittrex.
Flaws of the Bitclub network
Because of it’s system in which referrals are necessary, this has made many people to call Bitclub network a Ponzi scheme.
Another problem also is the fact that the founders and operators of Bitclub network are not known. The domain name of their website is registered anonymously, this has made many people to question if Bitclub network is really legit.
Fake reviews that were once used on the Bitclub network website, even though it has now been taken down was also another red flag raised.
Conclusion
I personally will not invest my money on the Bitclub network. Anyone who knows anything about bitcoin and bitcoin mining will know that there is no guarantee that you will make profit.
Although this is not to say that the Bitclub network is scam. They have after all been in operation since 2014.
It is even written on their website that there is no guarantee that you will make good profit.
That being said, Bitclub network is probably a legit business venture, but that doesn’t necessarily mean you have to invest your money on it.
Thank you for reading this post, leave your comments below.
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