NEWS Mining Pool Updates Date: October 22nd Since launching our mining pools on October 15th we have seen a very steady payout through the first 8 days, but this is about to change! The reason our payout has been consistent is because nothing has changed during this time. The total amount of shares being paid out is the same, the total hashing power allocated to mining Bitcoin vs other ALT coins stayed the same, and the difficulty level for Bitcoin also stayed the same. In fact, even the price of Bitcoin has been less volatile hovering around $380 for the entire week. These factors have resulted in a very steady first week of payouts, but we believe this is about to change for a few reasons... 1. The difficulty level should increase within the next 12 hours or so. 2. All partial shares from the first day of re-purchases are eligible for payouts on Oct 25th 3. All new shares purchased after Oct. 15th are also eligible for entry. 4. Other factors related to ALT coin mining profitability and efficiency. Overall, we expect the payouts to drop by about 3-4% per share until more power is added. Once we add new machines and power you will see payouts jump up and then gradually decline until more power is added again. This will be an ongoing cycle forever! (especially in the beginning as our operation grows). Another factor is mining variance... For instance if we have the power to mine 1 block of coins every day (1 Block = 25 Bitcoins) it doesnt mean we will actually get 1 block per day. We may get 2 blocks within a few hours and zero blocks for a few days. This variance is also called mining luck and it will average out over time but it will result in some inconsistent payouts. Why are we sharing this with you? Because mining is very complex and you will see your daily payouts jumping all over the place as we expand and adapt to real market conditions. Our top priority is to keep you updated with as much information as possible so you can understand what is happening and why its happening. For this reason we are putting together a detailed mining document for you. New Mining FAQ Document... We are writing up a very detailed document that will go in depth about how our mining operation works. This document will be similar to a white paper that details everything we are doing and we are even disclosing our future plans for expansion. The first version of this document will be live in a few days and we will continue to update it with relevant information as the market dictates. Our plan is to make this document widely available for everyone to share and collaborate on. We believe this will help identify potential partners who can add value to what we are doing and help make our mining operations even more efficient. Mining and the Future of Bitcoin... The most exciting thing about Bitcoin right now is the potential all of us have to build the ecosystem. Mining is just one piece of what BitClub is planning to do in this industry. Right now its the only profit model we are sharing with our members but we believe the future is very bright for a community of members like we are building to have a big impact as Bitcoin goes mainstream. In other words... We are all in the right place at the right time! Our main goal is to help you accumulate as much Bitcoin as you can right now because we are very optimistic on the future of Bitcoin. In fact, many experts believe the value of Bitcoin will go through the roof over the next 12 months and beyond. Just imagine if the value doubles, triples or goes even higher and you have been accumulating this asset on a daily basis. So do yourself a favor... Look at the future of Bitcoin and the potential it has in the long term. Dont get caught up in the daily price swings or news headlines in the short term because if you are long on this market (like we are) you will see just how amazing an opportunity like this can be. Bitcoin is going to create many millionaires over the next few years and we hope to contribute to this in a big way. Sincerely, -BitClub Network Support PS... Stay tuned for more updates this week with some new features, increased security, translation updates, and much more!
Posted on: Thu, 23 Oct 2014 07:38:26 +0000
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