BitClub Network Frequently Asked Questions.
Get most of your BitClub Network frequently asked questions answered right here on this page.
Let’s get started…
Question – How to Join BitClub Network?
In order to join BitClub Network, you must get Bitcoins to pay with!
We do not accept anything other than Bitcoin so depending on the country you live in you must convert your currency into Bitcoin and then use the Bitcoin to sign up for BitClub Network.
We price everything in USD so that we have a standard price for our products (but we do not accept USD or any other fiat currency).
- To Sign Up you will need pay a one-time $99 USD membership fee that will give you lifetime access to our platform and allow you to participate in our mining pool shares and any other opportunity we provide in the future.
- You must pay this first to activate your account before purchasing any other products.
Question – How Do I Buy Bitcoin?
There are many ways you can do this and they all depend on where you are located.
With the growing worldwide market and demand for Bitcoin, it’s becoming easier every day to find reliable sources to purchase Bitcoin.
The first thing you want to do is set up a Bitcoin wallet.
If you can find one that offers an ATM network in your local area that is usually the fastest way to get Bitcoin.
You will purchase Bitcoin at the market price being offered and you may want to load your account all at once so that you minimize your fees. (for instance, if you plan to purchase mining pool shares then it’s a good idea to get enough Bitcoin to make all purchases).
A few good resources include…
- Luno – Luno is the easiest way to Buy, Sell, Send and Receive Bitcoins in South Africa.
- LocalBitcoins.com – You can meet someone face to face or use another form of payment to exchange for Bitcoin.
– A large network of ATM’s worldwide (also search any local Bitcoin ATM’s)
- SpectroCoin – Instant exchange, use your funds immediately. 150+ countries and 30+ currencies supported.
20+ deposit and withdrawal methods are available. Including credit or debit cards, bank transfers, and cash.
- CoinBase – With Coinbase you can send bitcoin to anyone in the world. Because I referred you, when you sign up and buy $100 of bitcoin or more, we’ll both earn $10 of free bitcoin!
Or any exchange located in your country… There are now hundreds of them, just search locally.
You want to make sure you select an exchange or a wallet that will allow you to convert easily back to your local currency.
Question – How Do I Set Up a Bitcoin Account / Wallet?
There are many different options available for you to set up your own wallet.
This is like deciding which bank you want to use, most wallets offer the same services and they are free to use so you just need to pick one that you like and feel comfortable with.
There are also options to have wallets stored on your computer or even offline in the form of paper wallets.
Security is the most important thing when choosing a wallet and here are some popular 3rd party wallets
- BlockChain – Global Solution – THE BEST and our Favorite!
- Luno – BitX is the easiest way to buy, sell, send and receive Bitcoin in South Africa.
- LocalBitcoins.com – You can meet someone face to face or use another form of payment to exchange for Bitcoin.
- Cryptopay – Best for using Credit or Debit Cards to buy Bitcoin.
- SpectroCoin – Instant exchange, use your funds immediately.
- Coinbase – The biggest wallet and great for US bank wires.
- Coins.ph – Very cutting edge wallet with ATM network (Philippines).
- BitStamp – Best for EU bank wires and EU customers.
Do a search locally for a good wallet, something that gives you liquidity to buy and sell easily.
Here is another good resource for choosing a wallet – Bitcoin.org
Question – How Much is Bitcoin Worth?
Question: – What is BitClub Network’s Refund Policy?
We have a very strict refund policy due to the speed at which our compensation structure and mining pool earnings are paid out. In most cases you cannot get a refund for any reason unless there is a clear mistake or very good reason for it. Also, this refund request must happen within the first 72 hours of payment or before 3 full pay cycles are paid out. If a refund request is made after this time we will not honor it, however we do offer another option.
If you would like to buy out of your mining pool you have an option to do so at anytime during the first full year of your membership. This is NOT a refund, rather this you requesting to take possession of the mining equipment that you have purchased with your share of the pool. In this case you will automatically forfeit all future mining pool earnings in all pools, including earning any commissions from the compensation structure. With this buy out option you will be shipped the sum of all your hashing power at the time you request the buyout. You will take full possession of these miners and will still be eligible for any remaining warranty on the machines. When exercising this option, its final! You will own the mining equipment and be fully responsible for it. If you are interested please open a support ticket and request a valuation of your account. You will be responsible for all shipping and handling charges.
Question – Can BitClub Network Verify Mining?
YES! We have a public mining pool where you can track our hashing power in real time – www.BitClubPool.com
As our membership base grows bigger, so does our mining pool and you will see more hashing power being added to our pool website, which you can track in real time. Having more hashing power allows us to hit more blocks on a daily/weekly basis. You can also verify our pool with the following third party resources.
Question – How Does BitClub’s Mining Pool Work?
If you are not familiar with bitcoin mining here is a very basic overview… Every 10 minutes a new block of 12.5 Bitcoin is found by someone in the network who is hashing. In order to find a block you must attempt to solve a simple math problem using a cryptographic hashing function. To see an example of this go to our pool website and under Pool Stats you will see a column showing Total Shares in the Round. This is showing how many times we have attempted to solve the math problem since the last Block that we solved.
You will also see the column right above showing Current Block Difficulty. This difficulty is the entire network difficulty which is basically showing how many times on average it would take to guess the correct answer and be awarded the block of 12.5 Bitcoin. The more hashing power you have the higher the probability is to guess the correct answer and solve the problem. When the total shares in the round are equal to the difficulty it means a block should hit (in theory).
But there is also luck involved and this can be tracked by how many times it actually takes before the block is found. So if you look in the table on this same page at the bottom you will see a list of each block that has been found by our pool. You will see under the column labeled Diff how many actual hashes our machines performed before guessing the answer and hitting a block.
Sometimes we get lucky and sometimes we get unlucky and go way over 100% difficulty before a block is found. This will constantly vary because of many factors but it also averages out over the long term and the more hashing power our pool has, the smaller the variance will be between blocks. You can now track everything on our page in real time!
Question – How Are Mining Earnings Paid?
We pay mining earnings everyday! However, because of the variance described above we pay out earnings based on the average of the previous 10 days and then adjust it accordingly for the next 10 days.
When you first purchase a share of any pool you will not start earning bitcoin for 10 days. This is how we stabilize the payout and it also allows us a nice 10 day window to purchase and install new equipment. After these initial 10 days you begin earning bitcoin daily for 1,000 days.
Maintenance Fees & Repurchases:
Each day you will earn a percentage of bitcoin mined that will be instantly available for you to withdrawal, you also see another percentage automatically held to cover electricity, maintenance, hosting, and for purchasing new mining equipment. There is a minimum percentage for each pool and these holdover amounts are redeemed in the form of additional shares when they reach a set threshold. Each pool will automatically re-purchase a partial share when it reaches 0.5% of the total share cost of that pool. You will see your total shares increase for 1,000 days as you pay back a percentage every few days.
There is a minimum percentage for each pool and these holdover amounts are redeemed in the form of additional shares when they reach a set threshold. Each pool will automatically re-purchase a partial share when it reaches 0.5% of the total share cost of that pool. You will see your total shares increase for 1,000 days as you pay back a percentage every few days.
Question – Who Owns BitClub Network?
BitClub Network is not owned in a traditional structure, it’s run by a group of programmers, bitcoin mining experts, and investors who have come together with Network Marketing leaders to offer a simple referral based mining pool.
You could say we have created a decentralized corporate structure that has no single point of failure.
Everyone knows their role and we really do have an incredible team assembled here. However, we prefer to let the technology and our business model do all the talking and we like think EVERYONE who owns a share of our pools owns a piece of BitClub Network too!
Question – Where is BitClub Network located?
Everywhere! BitClub operates from all over the world, and this structure is intentional so there is no single point of failure or compliance issue that will hold us back or get us shut down. We have multiple mining locations across Europe and a brand new facility in Iceland (that you can take a tour of).
Our main hosting servers and mining pool servers are located in the Netherlands with redundancies in Hong Kong and Switzerland. Our programmers work remotely, our support staff works from their homes and we do not have a need for a physical location.
How cool is that!
We can fully operate this company virtually and thanks to BlockChain technology and other decentralized and distributed networks we also don’t need a traditional corporate structure. This limits our overhead and allows us to pass these profits to our members.
Question – Is BitClub a Ponzi Scheme?
NO! A ponzi scheme has no product, it’s just a money game set up to pay people with other people’s money and eventually it will crash and burn because there is no real money being earned from any outside sources.
BitClub Network has a REAL opportunity for anyone to purchase mining equipment and earn profits from what is being mined. We strive to be very transparent about our mining and you are able to track everything on the blockchain and see our Mining pool running live.
This is what we love most about Bitcoin… You can’t trick or fake it, everything is recorded in a public ledger for everyone to see.
Question – Does BitClub Network Guarantee a Return on Investment (ROI)?
NO! Very important to understand that we DO NOT guarantee a mining share will have a set return. In fact, you will never hear us make any claims about how much you will earn from having a share in our mining pool because the truth is we don’t know.
Bitcoin mining is very complex and with the difficulty level constantly moving up every 10 days and new hashing power always entering the space there is no way anyone can predict accurately an ROI. Especially with our business model that requires re-purchases or more simply daily maintenance fees.
- If you find a company offering you a set return (especially if they claim to be Cloud Mining and offer 100% or more) there is a high probability they are a Ponzi scheme. Some Cloud Miners are actually backed by real hardware but their power is virtual and therefore very hard to track.
- In fact, the sad reality is you will never know if a could mining company is actually mining, so we recommend you steer clear unless they are very transparent.
- We are NOT a Cloud Mining company, everything we have can be verified!
Question – What is Bitcoin Mining Equipment?
Mining equipment is the term used for specialized computer hardware that has been customized to run hashing functions. These machines can be strung together and plugged into the Bitcoin Network (we have a live chart of the total power hashing power here). The mining equipment is basically an ASIC chip that is designed to handle hashing functions. The rest of the “equipment” is used to cool the chip and provide power to it.
We are constantly buying new equipment to leverage our purchasing power on behalf of all BitClub Members. Most of the miners we purchase are from Bitmain (which is the #1 seller of mining gear worldwide). We have built a relationship with them that allows us to get preferred pricing and deploy racks of new servers. In addition, we are able to liquidate some of the older mining equipment with Bitmain through their secondary market and this allows us to maximize profits.
Anytime we sell off older equipment, we give our members a chance to buy-out of their mining contracts and take possession of the equipment they purchased. This is based on the total hashing power and value of the existing shares. You can choose to take possession of your miners and cancel your contract at any time. NOTE… This is not a refund, you are simply giving up your future earnings to take possession of this equipment so you can mine for yourself or re-sell it. You must contact us individually to get a quote for this.
Question – Why is my invoice showing Pending Confirmation?
When you send Bitcoin from your Bitcoin Wallet to the BTC address provided on the invoice it has to be verified by the network 6 times before it will be marked as confirmed and accepted. This process typically takes anywhere from 10 min up to 1 hour. Once we receive the 6th confirmation your invoice will be mark as paid and commissions will follow. In some cases it might take longer to get 6 confirmations if you are using a wallet that allows you to set a mining fee and this fee is zero it can take 3-4 hours. If you set the mining fee high (standard is .0001 BTC) you will get confirmations quickly.
We also have a redundancy system in place that will check the blockchain for transactions 3 times. So if you send Bitcoin to the address and it does not show up immediately we will try it again within the first 12 hours and then two more times within a 72 hour period. In 99% of cases the redundancy will catch the transaction and mark it paid so we will not investigate a transaction until the 72 hour window has passed. In this case please contact us and we will manually look through the blockchain to determine what happened.
Question – If BitClub is already successful mining Bitcoin then why share profits?
Because of how mining actually works it is always getting harder for smaller mines to make profits. This is actually why mining pools were created in the first place. In the early days anyone could mine with their home computer and hit a block. Now, even if you have millions worth of equipment you still might be too small to solo mine and be profitable, so the entire industry has quickly turned to mining in pools and sharing profits.
In order to be profitable today you need to have massive purchasing power and this is where you come in! With our business model instead of rasing millions of dollars from a VC firm or private investor we are allowing members to pool their money together and make large purchases. This means bigger discounts on hardware, less electricity costs and a much more efficient mining operation.
Plus, we have a very strategic way that members can pay for the daily electricity, maintenance, and other costs that come with running a large scale mining operation like this. This is where our real power and profits come in! By taking a percentage of all the Bitcoin mined and putting it toward a re-purchase we have basically created an automatic “autoship” that members NEVER have to pay out of their pocket. And for chipping in daily you are rewarded with a larger share of the pool. With a structure like this everyone wins! And this is why we believe we can become one of the largest pools in the world!