BitClub Network is the largest mining company in the world outside of rental pools. This is verifiable on the blockchains, including the entire mining history of the company and the current real time day-to-day mining which is now well over $22 million per month. Mining is the root of cryptocurrency. To be born, cryptocurrency has to be mined out of the blockchain. Mining is the smart way to acquire cryptocurrency, because after your equipment is paid, your currency is free. This puts you in the highest leverage position. This document addressees the concerns that people have when looking into this business. We have covered a lot of ground here for both beginners and professionals.
1. What is a blockchain?
A blockchain is a DECENTRALIZED system independent from banks and governments, a transaction system without buildings or employees. Everyone can open an account and does not require identification and is completely free. The blockchain is an incorruptible, decentralized and distributed digital ledger of transactions. It is used to record transactions in the same ledger and distributed across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. Your transactions are listed in the same ledger, called a “Block”, which is tied to a “Chain” or previous transactions and simultaneously recorded on thousands, if not millions, of computers and protected with secret uncompromising cryptographic codes, called keys (public and private).
2. Who uses blockchain technology?
Blockchain technology was launched in 2009 by the Bitcoin digital currency network. This technology is more advanced, faster, less costly and safer than the current monolithic databases that run our banks, industries and governments. As of 2017 blockchain technology extended to a new multifunctional model that not only can create digital currency, but can also run thousands of applications capable of managing large enterprises in virtually all sectors: Technology, Banking, Government, Healthcare, Energy, Pharmaceuticals, Marketing, Insurance and more. EEA (Ethereum Enterprise Alliance) includes the biggest names in business, like Microsoft, Intel, Amazon, JP Morgan, Citibank, Bank of America, IBM, MasterCard, Toyota and 200 other blue chip companies, along with several Governments which are now running on the Ethereum blockchain model.
3. What is Bitcoin, Ethereum and cryptocurrency mining?
Mining is the process of providing verification services to the currency transaction network of a particular blockchain. It is essentially a 24/7 computer accounting, called 'verifying and logging transactions' into ledgers, called blocks. Anyone with the right equipment, data center and knowledge can participate in transaction verification and earn cryptocurrency reward.
For example, our mining company earns over $22 million worth of Bitcoins and $8 million worth of Ethereum every month. Miners are the equivalent of employees in banks. The difference is that mining is totally automated:
- Finding transactions
- Verifying validity of transactions
- Confirm legitimacy of transaction
- Confirm ownership
- Confirm nonduplication
Submit to the network for consensus and produce a block(s) based on the miner hash computing power. The calculations are made difficult on purpose and they become more difficult with time. This is why the best mining companies constantly upgrade their equipment to produce more hash power. The stronger miners with the higher computing power produce more blocks and earn more cryptocurrency rewards.
NOTE: In terms of computing capacity, it was estimated earlier this year that the Bitcoin network is 43,000 times more powerful than the world's top 500 supercomputers combined.
4. How is blockchain technology and digital currency stopping funding of criminals, money launders and fraudulent operators?
Over the past three years, the bitcoin industry and exchange market have significantly matured. Billions of dollars worth of Bitcoin and other leading cryptocurrencies, such as Ethereum, are being traded on a daily basis. The global cryptocurrency market has been controlled to the extent wherein it is not possible for criminals and fraudsters to cash-in or sell their Bitcoin or Ethers without triggering existing Know Your Customer (KYC) and Anti-Money Laundering (AML) systems. Today, the AML and KYC systems incorporated by exchanges and trading platforms are on par with the systems integrated by conventional banking and financial service provider.
Through the usage of strict AML and KYC systems, Jonathan Levin, the co-founder of Chainanalysis, told MIT Technology Review in an interview that it has become significantly easier for researchers and government officials to investigate and analyze blockchain data. More to that, through sophisticated technologies and advanced transaction untangling, blockchain analysis and transaction tracking tools, Levin explained it has become possible to trace transactions given that important conditions are met.
5. What cryptocurrency is Bitclub mining?
Bitcoin, Ethereum, Ethereum Classic, Zcash and Monero.
6. What is the total computing power of Bitclub data centers?
375 PH/s for Bitcoin mining and 4TH/s for GPU mining and growing at 1TH/s per month.
7. How many data centers does Bitclub have?
Several in Iceland and 12 more going up in Asia. Bitclub has 100% ownership of their data centers.
8. How much Cryptocurrency is Bitclub mining?
Currently over $22 million a month in Bitcoin and $8 million a month in Ethereum and Alternative (Alt) coins. In fact, to stay at pace with manufacturing, BitClub currently caps pool sales at $2.5 million per day. This cap is foreseen to be lifted in Jan 2018.
9. Can the same computer equipment mine all of them?
No. Bitcoin mining works on ASIC technology which is driven by CPU (Computer Power Unit). Ethereum and ALT coins are mined with GPU (Graphic Power Unit) technology, which is video cards technology. When you participate in BitClub mining you can buy Bitcoin pools or GPU pools for ETH and ALT coins or both. You cannot switch the mining from one to another.
10. Why should I participate in mining cryptocurrency rather just buying it?
You can buy one Bitcoin for approximately $16,000 or more by the time you read this document or you can buy a BitClub pool of equipment for a lot less and get 5 Bitcoin in a period of time over and over. Which is better? Mining offers the most leverage because once you have paid for an equipment pool one time, then your cryptocurrency is free.
11. Why should I get involved in mining rather than buying stocks, or gold or trade forex or buy real estate?
Because mining offers the best leverage of them all
1. Gold 1.9% a year
2. Stocks 5% a year to a max 10% if you are a guru with a large portfolio and spend your life at the computer.
3. Real estate 5% a year
4. Mutual funds 5% a year
5. Forex 1% to 2% per month, unless you are a super guru. However, 90% lose money at it.
Crypto mining leverages 60% to 100% a year! But with the current aggressive Bitcoin and Ethereum evaluation it could leverage over 1,000% a year. This video explains it: http://bluechipincomesystem.com
12. Is Bitcoin and all cryptocurrency taxable?
Nothing has been officially regulated yet. We cannot give you tax advice. However, reading tax websites online you will find the IRS general thinking. There are different situations.
a) If you earn commissions or a salary in Bitcoins, you pay income taxes like any other currency on the value of the day you receive it. If you hold onto it and it appreciates, you pay capital gains tax on the evaluation.
b) If you mine Bitcoin, it is considered an income. You pay income taxes on the value of the day you receive it. If you hold onto it and it evaluates, you will pay capital gains taxes.
c) If you buy Bitcoin and trade it, you either declare a loss if you lose, or if you gain, you pay capital gain taxes.
d) If you buy Bitcoin and you hold onto it and it evaluates, you pay capital gain taxes.
e) The same applies to all other cryptocurrency. https://en.bitcoin.it/wiki/Tax_compliance
13. Is Bitcoin mining considered a financial instrument? Does it require SEC licensing?
At this moment there are no regulations for cryptocurrency, just a lot of speculations. However, we do not make guarantees of earnings and we do not promise ROI. That would be a problem with any financial medium. Mining is buying computer equipment to acquire cryptocurrency. It's a physical product, not a financial paper instrument. So, this is a "purchase" not an investment. This computer provides a service to a blockchain and gets a "reward" not a return. It may sound like semantics, but it isn't. It's necessary that we put this under its own precise perspective versus other return mediums. We ask everyone to use this language in promoting BitClub Network.
14. Why should I specifically choose Bitclub to mine cryptocurrency instead of someone else?
BitClub is the largest single mining company in the world, outside of pool entities. Their name, mining history and current real-time mining amounts are visible and verifiable on the blockchain. Since April 2014 to date they have mined more than 300 million of cryptocurrency. They are 6% of the entire Bitcoin blockchain and 4.5% of Ethereum and growing rapidly. They are currently doing $100 million a month in customer acquisition. They have 100% ownership of their data centers.
15. What is the difference between BitClub and Genesis mining?
Genesis mining operation is very small. Genesis is primarily a data center assembly company that works almost exclusively for BitClub. Their mining operation is minimal. They don't have the servers, purchasing power or referral volume of BitClub. BitClub is now up to $100 million a month in new business. Genesis doesn't deliver some of the claims online. Mining calculators reveal that the cost of Genesis pools versus the reward is minimal. https://www.cryptocompare.com/mining/calculator. Also, where are they on the blockchains? How come their name doesn't appear on any public blockchain, like BitClub? Please check these links http://blockchain.info/pools and https://etherchain.org/statistics/miners The fact that they have hash power offerings online without appearing on blockchains themselves is a clear indication their server alone is not sufficient and they must pool with others. Relying on third parties to produce hash power also means higher costs and less mining to their customers.
16. Is it true that BitClub is not available to US citizens?
There is a strong statement on the website regarding this matter. However, our team has been given permission to invite to participate in the U.S. U.S. citizens have to be personally invited by an approved member with a valid user name. They cannot access the website online without this invitation. Why? Some contrarians say this is to escape SEC regulation – this is not true. The SEC does not regulate cryptocurrency. Plus, BitClub does not sell financial instruments. We sell mining computers. This is a physical product, not financial papers.
17. Why is BitClub called a scam on a few websites?
First let’s state the facts.
a) BitClub is now a 3 year old billion dollar company. They own Over $150 million of mining equipment and growing at $2.5 a day.
b) BitClub performs real mining for real customers.
c) BitClub pays daily in real time and NEVER missed a payment both on the mining to the customers and commissions to the reps.
d) No one has even lost money with BitClub.
e) BitClub doesn't to have any refund requests. Not one.
h) BitClub doesn't have any complaints filed with any BBB or regulatory body in 104 countries. Ponzies are usually short lived and don't achieve this type of success.
The scam reviews are for two reasons. Three years ago, when the wave of ponzies started in cryptocurrency, Bitclub as a cryptocurrency company was guilty by association. The second reason is because the "scam" keyword online is very popular and improvised analysts and reviewers take advantage of that traffic. Websites like behindMLM.com, 99bitcoin.com, steemit.com, kipicommunity.com, makemoneyexpert.com are contrarians of cryptocurrencies and direct marketing and masters of lies for their own gains. These are not analysis. They are salesmen with an agenda. They attract people to fake news with sensationalism and once you are on their site they sell their own products and services. NOTHING of what they say about Bitclub is factual. The facts are what you read here, right now. A billion-dollar company mining 5% of Ethereum and 6% of all Bitcoin with their name visible on the blockchains and never missed a payment or created a single complaint in their history can't be a scam. The real scams are these sites themselves that refuse to state the real facts.
18. Is BitClub an MLM company?
No. MLM companies only recruit distributors who recruit distributors. BitClub is a customer acquisition company. But, these customers are not acquired through TV or newspaper or internet advertising. It would be too expensive and time consuming to educate people with these mediums. Bitclub acquires customers through a person-to-person referral system made of people like you. You get to benefit from the 48% advertising budget the company has allocated for customer acquisition. Our compensation system pays globally and through unlimited depth. As you develop a marketing team who also acquires customers, it's only fair to reward your leadership by paying bonuses and commissions, not only on your personal sales, but also on the sales generated throughout your entire team as it expands globally.
19. Where can I see the Bitclub compensation system?
Click here http://BitclubRewardSystem.com
20. If I join today, do I start earning mining Bitcoins or Ethereum today or is there a waiting period?
Takes 30 days before mining starts. The company needs this time to set up your equipment.
21. What are the levels that I can join Bitclub? Bitclub makes available 5 pools of equipment.
1. $500 Bitcoin Pool (50% commissionable and 50% repurchase)
2. $1,000 Bitcoin Pool (60% commissionable and 40% repurchase)
3. $2,000 Bitcoin Pool (70% commissionable and 30% repurchase)
4. $3,500 Bitcoin Pool (combination of all three pools plus 2,000 shares of CoinPay and 50 Club coins)
5. 1,000 GPU pool (Ethereum and ATL coins) - 100% commissionable, no repurchase
6. 5,000 GPU pool (Ethereum and ATL coins) - 100% commissionable, no repurchase
Each of these pools will produce its relative amount of cryptocurrency according to the shares rules. Download the Bitclub Fact Sheet for more information on pools shares and examples.
21. What is the repurchase in pool 1, 2 and 3?
The repurchase is the percentage of mining the company retains daily in your behalf to purchase more equipment and make your pool compound daily so it grows. This is a very successful way for the company to keep equipment updated. Mining is very rough on computers because of the heat. Also, it is a successful way to compound your income.
22. What income can I expect from each pool?
By law we cannot promise a set amount of mining. And, we cannot promise the evaluation of cryptocurrency. We can only give you historical examples. Bitclub Fact Sheet. We also know Bitcoin has never reduced - has always grown. Many, many reliable analysts online, including billionaire investors, predict Bitcoin will be worth $55,000 to $100,000 within the next few years. Even minor amounts of Bitcoins can be worth a lot.
23. What happens if I don't renew my pools after 1,000 days?
The purpose of the daily repurchase is to ensure that members accumulate additional new equipment, which compounds their pools. The compounding effect is important. When the 1,000 days expire, even if you don't renew the original pools you will have accumulated enough for mining to continue indefinitely. Many times members accumulate more than their original purchase, depending on how they set the repurchase.
24. I understand I can set my repurchase higher than, 50%/40%/30% for my pools, even all the way to 100%? What does this mean exactly and how does it benefit me?
If you set your pools at 100% repurchase, it means you won't receive any mining profits because you are reinvesting your earning right back into your pools to compound even faster. When you feel that it's time to start drawing Bitcoins daily, you simply reset the repurchase to its base level. But now, you will earn from a much bigger pool.
25. I hear that with time mining gets harder because of the level of difficulty on the block chain. How does this affect my income?
Mining amounts can go down a bit as difficulty increases. However, Bitclub is known to upgrade to faster machines in a speedy way and stay at pace. In three years they already went through 6 upgrades. So, they are good. Also as the difficulty increases, so does the value of Bitcoin. The evaluation is always much bigger than mining loss due to difficulty.
26. I read that in 2020 Bitcoin will increase difficulty, there will be another halving and block rewards will scale down. How will this affect my income?
Historical data reveal that miners will experience a minor decrease (around 10%) which is not proportional to the halving. Faster equipment will compensate just fine. We offer this article of what happened in 2016 for your information. https://www.coindesk.com/bitcoin-halving-2016-what-to-expect-traders-miners
27. After I purchase pools do I have to pay any additional fees every month?
None. There is nothing to buy, there are no fees.
28. After Bitcoins are mined when are they paid to me?
Daily in real time. Your referral commissions are also paid daily in real time. This is a block chain algorithm that calculates everything and performs in real time. It never makes a mistake and there are never delays.
29. What is the minimum amount of BTC one must earn before it can be withdrawn?
30. What are the fees for withdrawing BTC?
None. However, there could be a little tiny insignificant fee from your private wallet provider. Very small, if you use blockchain.info.
31. How long does it take to get funds once I place a request to withdrawal BTC?
BitClub pays you daily in Bitcoins deposited into you Bitclub wallet. Once your request a withdraw, it takes 24-48 hours for your Bitcoins to be transferred o your personal wallet. We recommend blockchain.info because they do not store your private key. They also rate excellent online. For larger amounts we recommend buying a USB hardware wallet. Then you can use your preferred method to convert your Bitcoins into cash. We provide this information in our training.
32. What are the steps for withdrawing BTC from the company?
One simple step from their wallet to your wallet.
33. In which countries can I market BitClub Network?
Any country. Anyone with a computer can sign up and buy Bitclub pool from anywhere in the world. This is a global centralized system.