Bitclub Network (Mining)

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BITCLUB NEWS
Solutions to some bugs, Mining Power, GPU and more.
Date: March 19th

Included in this update.

Solutions coming online this week
Bitcoin and Ethereum coming back
Mining Power Update
GPU Mining Payments
ClubCoin Updates
Binary Credits Compensation

Solutions coming online this week.

Over the past month, since switching over to BCH, we've been dealing with a lot of issues in our database. Our team is working daily on the solutions and we have many of them going live this week that we believe will finally fix everything.

If you have any commission issues, mining earnings issues, or any other problems with invoices please be patient with us a little bit longer and wait for this next round of uploads to fix it.

The good thing about our system is we track EVERYTHING and we can go back to provide solutions. We may need to take the site down for some of the upgrades to happen smoothly but it's our hope that we wont need to.

However, you may see some periods this week where the website will be slow or your balances may look wrong while changes are being uploaded made. Please don't be alarmed by this we are just making some upgrades and fixes.

Bitcoin and Ethereum Coming Back!

We are going to launch Bitcoin and Ethereum payments for ALL invoices in the coming weeks. So moving forward you will be able to pay invoices with BCH, BTC, ETH, or ClubCoin.

This invoicing system will be on the latest version of CoinPay which will be the full version. Right now we are just using CoinPay in the background but with this next upgrade we will be moving fully to the platform because its A LOT more robust.

We expect to make this live around the first week of April but that is assuming we don't have any issues that require our dev team to spend all of their time on.

One of the best new features is completely eliminating under payments of invoices. The way we do this is by continuing to recalculate the invoice whenever a payment is made. This also allows you to pay for a single invoice with multiple tokens.

For example if you are buying a Founder Pack for $3,500 USD and you pay $3,000 in BTC then it will recalculate the new remaining amount needed and provide an updated exchange rate for the remaining $500. You will see what is left to pay for all four tokens we accept (BTC, BCH, ETH, and CLUB).

This gives you complete flexibility over your payment method and if you accidently close the browser or have any issues then next time you login it will pick up right where you left off with a new exchange rate and countdown clock.

We are very excited about this platform and its something we have been looking to push live for quite some time. This will also give you a good look at the CoinPay platform and the features that other merchants will have.

One other cool thing. Once we start accepting BTC, BCH, ETH and CLUB you will be able to select how you want to receive your binary commissions. Each cycle is $200 USD and you can take it in either token and change it up as often as you would like. You must take the whole amount for that day in a single token but it will give you tons of flexibility.

Bitcoin Mining Power Update

As you have seen from the lack of power being added to our Mining Pool we are having some issues with deployment. There have been some major delays and now we are having an issue with the power at our new the facility. Long story short it was not ready, it was promised but needs to go through a process before being turned on.

The good news is this delay is only affecting the first set of miners being deployed in this particular facility and we are on track for the rest of the scheduled power we purchased over the next few months.

More good news. We will be receiving another large compensation from the delays thanks to our contract and of course we will be passing this on to all members in the form of another large comp.

Not having this power turned on is frustrating, however we are only missing out on our pool fees (which are extremely low right now anyway). But since we are being fully compensated on all the "missed blocks" that we should be hitting with this power it is not affecting our business or payouts at all.

So please don't worry about this short term issue because there is nothing being lost. With that said, we really hope to see the power hitting our pool starting in April and we will keep you posted on the progress.

GPU Mining Payments

We have found a bug with the GPU mining shares. The bug only existed on new GPU shares purchased with BCH. Basically it was not paying some of the invoices (again due to the blockchain detection issue and when the payment was actually marked paid) and second it will not allow users to change their shares to other coins.

We should have this issue fixed within the next 48 hours so you can control your GPU shares by switching between coins and also begin being paid. Any missed payments will be made up as well and the comp will be sent in the form of ETH tokens.

ClubCoin Updates

You may have seen the scare from Bittrex that they are planning to de list ClubCoin on March 23rd. This was part of a big overhaul going on at Bittrex that will see many coins taken off the exchange that do not comply with SEC standards and may be considered securities.

Basically this was an ICO witch hunt to weed out all of the coins that cannot comply with these standards. The good news for us is ClubCoin was created and distributed before the word ICO even existed. We also never "sold" any of our coins. We gave them away 100% free and we have our own blockchain that has history since 2015.

So just to let you know we have submitted all of the documentation required to be compliant including our ClubCoin Factual and Legal Memorandum, an updated listing application proving that we pass the Howey test (which is a set of rules that determines a security or not, which we are not!), and we also submitted our corporate docs and certificate of good standing.

While we have not been officially given the green light on this we are pretty certain they will continue to list ClubCoin on their exchange and the good news is now that we have put all of this documentation together we will be submitting to many other exchanges.

Also, during this process we have created an updated version of ClubCoin that is now running live on our seed servers and is available for download in linux. We expect to roll the windows version out in the next few weeks and we will be pushing this version hard.

If you have any concerns about ClubCoin please contact us and if for some reason Bittrex does de-list ClubCoin we think it will be very temporary before they re-list it and before we push for many new exchanges. We will keep you posted on this!

Binary Credits Compensation

The last big issue we are fixing is the binary compensation paid on March 5th. Basically, some of the credits that came in during the first two weeks were not properly recorded in our system. We had some issues with the blockchain detection on BCH and therefore the invoices were not marked as "paid."

When we fixed this and went back to mark all of the invoices properly it credited everything on a single day. This caused many accounts to have blocked credits because instead of crediting them on the day they were suppose to be credited it did them all at once.

This is a really hard issue to fix properly because it was not happening for all the credits in the binary it was only for a few types of invoices and situations that it occurred. So we have pinpointed these accounts and will be running a special compensation credit based on all of those binary credits from March 5th. This will include cycle bonuses and matching bonuses.

If you have a large account that is already being blocked on a daily basis then you will not see any new credits or additional cycles. No new credits will be added to the binary (this is too hard to track accurately). Instead you will be paid on all missed cycles and matching bonuses from those cycles.

So if you are a Monster Builder who has 1,000 missing credits during this time but you maxed out your cycles then you will not see the 1,000 credits being added to your legs. We are doing the calculation in the background to figure out how many missing cycles you were allowed during the time frame and then running the cycles for that single date only.

Example: If you would have cycled 15 more times then for March 5th you will see an additional 15 cycles and matching bonuses paid upline. This is a one time credit that will appear under the March 5th date.

We will put an alert up when this credit has been paid so you can go check it.

Thanks again for your patience, we really hit a perfect storm of bugs and issues the past two months and although the year has not started out how we intended things like this only make our system stronger and allows us to build on them for the future.

We hope to get back to adding new features and focusing on development instead of bug fixing very soon!

Sincerely,
-BCN Support