We have been invested in the BitClub Network for over 18 months now and to be frank the writing is on the wall: it looks highly unlikely we will make our money back here so it’s time to wrap up the review.

We originally invested $500 in the scheme back in November 2017 and at the time Bitcoin was rocketing in value and cryptocurrency schemes like this were receiving massive hype.

Just to recap, the BitClub Network is a Bitcoin mining scheme where you can buy shares in their mining operation and receive a portion of the profits as a daily payout. 

In the early days it seemed to produce decent daily payouts but over time those payouts have become smaller and smaller. As we have discussed elsewhere, this is primarily due to the fact that as more people enter the mining game, the slice of the cake each one receives gets smaller. And unfortunately a huge number of new operators entered the mining game when cryptocurrency prices took off, leaving a very small slice of the pie for each one. 

So all we have to show for our investment so far is 0.00469 BTC, which at today’s prices is worth about $37.

We have received more than that in mining earnings –  0.02146 BTC (or $171) to be precise – but plowed a large portion of that back into buying more mining shares.

In hindsight that was clearly a mistake and we would have been better served just receiving the earnings and then withdrawing them rather than reinvesting.

Our current daily payout is around $0.05, so with 477 days left on our original contract, we can expect to earn around $24 at today’s prices.

Whichever way you look at it then we are due to suffer a substantial loss from this investment, probably a loss of around $450 from our original $500 investment.

If we hadn’t reinvested in more mining shares then the loss would be around $300, but either way it has been extremely disappointing to say the least. 

So there isn’t much left to say other than that this receives a big FAILED rating from us and is certainly not a scheme we could recommend (nor any other bitcoin mining scheme for that matter). 

 

 

 

 

 

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BitClub Network – Results Update

20th August 2018

Not much change for our BitClub Network investment, with just 0.01745 Bitcoin earned so far in total, which equals around $112 at current prices.

That means we have earned 0.00207 Bitcoin since our last update six weeks ago, which is the equivalent of around $13.

We are now earning less than $1 per day, which is a little disappointing really.

Also slightly worrying is the fact that we have set our account to use our mining earnings to buy more shares, but we haven’t actually repurchased any shares since January as we haven’t made enough to meet the threshold.

So we are kind of stuck in no-man’s land not able to earn enough to increase our mining earnings and not earning enough as it is to make a profit (or it will be a long time anyway until we make a profit).

The only thing left to hope for then is a big rise in the price of Bitcoin, but that seems a remote prospect at the moment. 

 

 

 

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BitClub Network – Results Update

5th July 2018

The BitClub Network is a scheme where you can buy shares in a Bitcoin mining operation and receive daily payouts in Bitcoin in return.

We invested $500 in the scheme back in November last year and so far we have earned 0.01538 Bitcoin, which is equivalent to around $102 at the time of writing.

Since our last update over two months ago we have earned 0.00485 Bitcoin, which is the equivalent of around $32.

So at the current rate of earning about $16 per month, it would take us another two years to make our money back. 

That all depends of course on the price of Bitcoin, which hopefully will start increasing at some point after a rotten first half to the year.

At the moment then this isn’t looking like a great investment but things can all change quickly in the world of cryptocurrencies. 

 

 

 

 

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BitClub Network – Results Update

23rd April 2018

Our investment in the BitClub Network continues to chug along without much fanfare. Since our last update a month ago we have mined another 0.00229 Bitcoin, which is currently the equivalent of about $21. 

That means we have now mined 0.01053 Bitcoin in total, which is the equivalent of around $94 at the time of writing.

That is from a $500 investment back in November. So it is going to take quite a while at the current rate to make back our original investment. Even though we are reinvesting our earnings into more mining shares, things still aren’t really taking off yet. 

Good to see that the price of Bitcoin has picked up over the last week or so though, which of course makes a big difference to the value of our mining earnings. Hopefully the price will continue to rise back up towards the highs we saw before Xmas of $20,000. 

 

 

 

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BitClub Network – Results Update

22nd March 2018

The BitClub Network is a scheme where you can invest in shares in their Bitcoin mining operation and then receive daily payouts in Bitcoin in return.

We invested $500 in the scheme back in November last year and so far we have earned 0.00824 Bitcoin, which is equivalent to around $72 at the time of writing.

We have reinvested those earnings back into more mining shares, to increase our return over the long term.

It remains to be seen however how long it will take to recoup our initial investment, which may rest to a large extent on what happens to the Bitcoin price over the coming months and years. We will just have to wait and see on that front. 

 

 

 

 

 

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BitClub Network – Results Update

22nd February 2018

Our BitClub Network investment continues to move along slowly and steadily.

Just to recap, the BitClub Network is a Bitcoin mining scheme where you can buy shares in their mining operation and receive a portion of the profits. 

Since our last update we have earned another 0.00282 Bitcoin from our mining contract, meaning we have now earned 0.00704 Bitcoin in total, which is the equivalent of around $71 at the time of writing. That is from an investment of $500 back in November.

We have reinvested all of our earnings back into new mining shares, although as stated previously that is a slow process because you have to wait 30 days for your new shares to start mining.

Eventually we hope this investment will make some profit, it may take a year or so but with reinvestment it could become quite lucrative in the long term, particularly if the Bitcoin price started increasing again. 

 

 

 

 

 

 

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BitClub Network – Results Update

23rd January 2018

Our mining earnings from the BitClub Network continue to move along fairly slowly, with a further 0.00274 in Bitcoin mined since our last update.

That means we have now mined 0.00422 Bitcoin in total, which equates to about $43 at the time of writing. That is from an initial investment of $500 worth of mining shares on 14th November 2017. 

So in over two months we have earned less than 10% of our investment back, which is pretty slow going if we’re honest.

Unfortunately the BitClub Network have stopped showing the daily updates for how much we’ve mined, so we can’t do an update to our results spreadsheet.

In terms of our efforts to grow our earnings, so far we have made two reinvestments in further mining shares, equivalent to around 5% each of a full share. Just like the main purchases however, you don’t start earning anything from those shares until 30 days has elapsed.

So the whole thing is rather slow going. Hopefully though over time these reinvestments will start piling up and our mining earnings will increase.

Plus of course the Bitcoin price might start moving upwards again and we are still waiting to hear if the BitClub Network are going to be increasing their mining power.

For the time being though, our earnings from the BitClub Network have been pretty unspectacular.

 

 

 

 

 

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BitClub Network – Results Update

27th December 2017

There has been a bit of a delay in updating the results for the BitClub Network, a Bitcoin mining scheme.

This is because after you purchase a share in one of their mining pools, you have to wait 30 days for them to set up the mining equipment before you start earning any Bitcoin.

So after purchasing a share for $500 on 14th November, nothing happened on our account until 15th December.

We therefore only have 12 days of earnings to report. 

For those 12 days, we have earned 0.00148 bitcoin, which equates to around $24 at the time of writing.

You can view full results here.

Please note that the amount of Bitcoin we have earned is double that on the spreadsheet, as half of our earnings have been reinvested in more mining shares.

At current rates, we would end up with about $750 worth of Bitcoin after a year of mining if we just withdrew all our earnings. Obviously it would be better to just buy Bitcoin and hold it in that scenario.

The $500 of Bitcoin we invested on 14th November would already be worth $1230 if we had just held it rather than investing in the BitClub Network.

That would be more than we will have earned in a year though mining at current rates, so on that basis you could say the BitClub Network hasn’t been a great investment so far.

However, where it can really pay off is if you reinvest all of your earnings for an extended period and allow your mining shares to build up. This can enable your earnings to grow exponentially over time, so that is what we will do.

We have also heard that the BitClub Network will be increasing their mining power and have some other exciting developments planned for 2018, so hopefully we will see things pick up in the near future and some improved earnings.

 

 

 

 

 

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BitClub Network – Re-Review

14th November 2017