BitClub Network freeze daily ROI payouts, blame GPU mining
BitClub Network is the latest cryptocurrency MLM to announce it is suspending its daily ROI payouts.
Whereas Kuvera Global blamed ethereum for their running out of money, BitClub Network’s announcement cites a “steady decline in GPU mining profitability”.
As of October 1st ALL GPU machines have been powered off and we are freezing all mining payments moving forwards.
Right now based on current market conditions the profit is negative and it looks to continue to go even more negative in the short term on just about all of the coins that we are currently mining.
We had the opportunity to hit the pause button and not lose anymore money so we took it.
On the plus side, BitClub Network affiliates who invested in the last thirty days and haven’t received a ROI payout are being offered refunds.
Everybody else is locked out from their money and unable to withdraw.
Owing to both companies operating illegally and failing to provide investors with requires disclosures, neither BitClub Network or Kuvera Global are believed to wholly rely on mining to make daily ROI payouts.
BitClub Network’s collapse coincides with a steady decline in website activity over the past eight months.
For an online Ponzi scheme, a decline in website activity corresponds with a decline in new investment.