Bit Talk Edition 82

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Subject: Bit Talk Edition 82

Bit-Talk Newsletter Edition 82
We're All About Bitcoin

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Two Recent Bitclub Updates About Mining.

There's some bad news in the most recent Bitclub updates but also some very good news. Both the April 12th and April 14th updates are shared below in case you haven't seen them.

In summary though, there was a wee cock-up with the last batch of GPU mining shares - basically we were being paid too much and now they are adjusting it all starting from now. It did look overly generous to be fair when we were collecting a whole ETHER pretty much every 3.7 days but sadly, the Valhalla moment has passed and we're getting a more modest payment of ETHER.

However, do remember that these GPU mining shares will go on and on, they could be mining away in 10 years or more collecting a whole range of profitable alt coins.

The other bit of bad news is the recent dip in Bitcoin payments from mining shares at Bitclub, BUT and it is a very big BUT, the mining pool hashing power is going to double between now and June if all goes well and increase more from there. We are still managing around 3% of the total being mined on just over 100 petahash, at 250 petahash, where we are heading in the summer, we should see a rapid increase in mining pool payments again.

One thing you can bet on is that Bitclub Network is THE place to be to make money over the next few years. Updates below:

The Bitclub News Feed,

14th April.

BITCLUB NEWS
Mining Earnings Update...
Date: April 14th

Included in this update...

• Bitcoin Mining Earnings (temporary dip)
• Ethereum/GPU Mining Adjustments

Bitcoin Mining Earnings - Temporary Dip

You may have noticed the recent dip in our daily mining earnings. Unfortunately, these numbers are accurate but they are only temporary.

Over the past 30-60 days BitClub Network has been growing faster than any time in our history. This is a great thing; however, it's also been the longest stretch we have gone without adding additional power to our pool and the result has been a big dip in the payments per share.

The reason is simple... We recently structured a long-term deal for ramping up our power and during this time frame we saw a huge influx of new shares.

The result is one of our lowest 10 day stretches in history that started a few days ago. But the good news is we have 60 PH coming online in 5 days from now, plus another 50 PH coming online May 16th and then another 40 PH coming online June 7th. All of this power was paid for months ago as part of the biggest deal we have ever done with BitFury.

Also, we have an additional 20 PH coming online sometime in May from Bitmain and another 20-30 PH in June (assuming we don't make any additional purchases as it could be more).

This means the combined total power will be an additional 200 PH added from April 19th through June and this will put our pool above 330 PH total!!

So please don't panic... We just got caught up in a small dip because of the large scale deal we made and we will make it up quickly.

One thing you will always get from us is honest numbers. It may not be great news at times but we ONLY pay what we are mining and we will never put the company in jeopardy by paying out more just to keep you "happy"

We see competitors doing this all the time and it's very easy to see they are just lying and paying out ridiculous returns that are not sustainable.

Our mission is to stay on track and build long term sustainable mining solutions that will pay for many years to come. We are also leveraging our membership in many ways beyond mining to help you really cash-in on this digital currency boom.

So be patient because you will see a huge boost when our new power comes online.

Ethereum/GPU Mining Adjustments

With the addition of 10,000 new shares that will begin paying tomorrow we did a full audit on our Ethereum payments and found we were paying out way too much.

There were a few reasons for this over payment...

First, we had a majority of our shares mining Zcash when we launched the Zcash pool back in October. During this time, we constantly had to adjust the earnings per share because we kept finding new improvements in the hashing algorithm that would increase the efficiency of each GPU.

You may recall we kept doing adjustments and doing audits to pay more as we improved the algorithm. You can even go back to some of our updates below to see these announcements. Our main focus was on Zcash and optimizing this pool until Ethereum exploded in price going from around $12 USD up to $50 USD almost overnight.

When this happened, we saw thousands of shares moving from ZEC to ETH and this meant manually having to switch and reboot machines to mine Ethereum. At the same time the overall hashing power on the Ethereum mining network jumped from around 8 TH/s up to around 18 TH/s.

This is more than doubling the difficulty in ETH and we did not properly adjust for this and allocate the shares correctly.

So the result was a large over-payment for about 30-45 days. Recently, we ran a full audit on our numbers and we have adjusted the pay-out to what is actually being mined with our power.

The good news... WE ARE NOT going to claw-back any of this overpayment because it was our mistake and we are going to allow you to be paid around 3-4 times more during this stretch, you can keep it all.

Starting today you will see accurate numbers and the new 10,000 shares will begin paying the correct amount. We will also keep a much closer eye on this growing network and adjust as needed.

Error #2... After we sold the new batch of 10,000 shares we found a bug where some members were being paid on the new shares before the power was ever hooked in. This also affected existing shares due to the way we allocated them in the system.

Basically from April 1st - April 12th all of the new ETH shares had to be clawed back and this was done yesterday with a notice on the ETH Wallet page.

So, to recap, if you are seeing an adjustment on your ETH wallet it's only from the April 1 - April 12th time frame that we clawed this back, but we still paid you on each share 3-4 times more than normal, so the only thing clawed back was from new shares purchased in this latest round.

We wanted to clarify this and also remind you that we do make mistakes from time to time and these mistakes will usually be fixed by an audit.

This is how REAL MINING works, we are not cloud mining or paying you on "theoretical numbers" we are actually mining with real hardware and we are constantly trying to improve the ROI and efficiency of our operations to make you more money.

Hopefully this makes sense, and just know that we will ALWAYS try and do the right thing on behalf of all members so that you understand what is going on and why.

We appreciate all your support as we continue to execute our business model in a fair and accurate way.

Sincerely,
-BCN Support

The Bitclub News Feed,

12th April.

BITCLUB NEWS

Website Downtime, Ranking Scripts, GPU and More...

Date: April 12th

Included in this update...

• Website Attacks Causing Downtime

• Ranking & Repurchase Scripts

• Founder Bonuses Paid

• GPU Mining Update

Website Attacks Causing Downtime

Over the past several days we have been experiencing large waves of DDOS attacks with combined flood attacks from our remote landing pages. Basically, we are seeing tens of thousands of fake leads flooding into the system (per second) so we have been taking the sign-up forms offline when needed and making some important upgrades.

If you signed up any new leads over the past 48 hours and they did not confirm their email or sign up immediately then it's possible they have been deleted from the system.

Several million entries have been deleted so far and it's been difficult to determine real from fake so there are likely many valid accounts being deleted as well.

This only affects new leads on their initial enrolment and all you need to do is tell your new leads to sign up again if they were deleted.

We have been mitigating attacks like these for many months but over the last 48 hours the attackers have scaled up 10-fold. For the most part these attacks are completely harmless they are just very annoying and it's been causing the site to be slow and some scripts to die.

It is also VERY expensive for attackers to continue these attempts so they should stop soon enough.

Ranking & Repurchase Scripts

The one major inconvenience these attacks have caused is they have been interrupting our commission scripts that are used to calculate Rank and Repurchases. These are now back logged in our system and we hope to catch up soon.

So, if you have not seen the repurchases or a bump in your rank this is the reason why and this will be updated soon.

You may see some additional downtime later this week as we implement a custom firewall solution that will detect attacks like this one in the future.

We actually launched this feature today and the website is currently catching about 90% of these fake enrolments now so you probably already noticed the site is running much better.

However, if you do see some downtime it’s because we are working on this piece and there is nothing to worry about.

Founder Bonuses Paid...

All Founder 1 and Founder 2 bonus pools have been paid through February and we will be paying March bonus on April 15th. You can now see the total mining numbers updated under the Founders page so you can track our progress.

We are about to see an additional 60 PH come online with a lot more behind it and this should provide a nice uptick in earnings per mining share across the board with a lot more power coming online shortly after.

GPU Mining Update...

We are on track to start paying all new shares on April 15th. Our techs have been working around the clock installing new machines and getting everything ready to go. This was the largest deployment we have done so far and we are very excited to get it hashing in our pools ASAP.

All shares will be set to mine Ethereum to start and then shortly after you will have the opportunity to switch over to whatever you want. We estimate this will be about 1-2 weeks before we have all the other wallets and pools finalized.

Once these are ready you will see 3 new wallets go live (Dash, Monero, Ethereum Classic) and then you will have full control over your shares in the future.

NOTE: If you purchased a share of Ethereum in the original first batch we offered and your share was mining before the hard fork of Ethereum Classic then your ETC coins will be available for withdrawal in the new ETC wallet.

We want to thank you for your patience on this because we know many members have been anxious to receive their ETC rewards from when the split happened.

Our goal is to continue expanding our GPU farms and as of today we own one of the largest super computers in the world when you account for all these GPU's connected together. This is a huge asset and it can be used way beyond the scope of mining in the future.

Thanks for being a BitClub member and please help us pass along this information to all members across the world.

Sincerely,

-BCN Support

CHECK OUT THE BLOG !

I recommend you keep an eye on the Bit-Talk blog as it covers a lot of ground with what is happening around the world to impact upon Bitcoin.

You can go directly to my blog by clicking the link below.

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