The BitClub Network (bitclub.network / bitclubnetwork.com / bitclubpool.com) is a mining pool service which allows people to invest into Bitcoin and altcoins mining by renting mining power from a physical operation allegedly located in Iceland and running off 100% renewable, green energy. There are several problems with BitClub though. First of all, it belongs to a crypto industry category which is frankly very disreputable. The vast majority of services offering similar “opportunities” to investors turn out to be Ponzi schemes and end up kicking the bucket, taking the monies of their investors with them.
On top of that, the BitClub network’s promises are just way to good to be true. A few red flags are indeed raised in regards to this operation, even at first glance. If it is the scam we believe it is though, it has to be granted that it is a professionally set up one indeed. It has quite a few aggressive pushers on various forums (like bitcointalk, where proper wars of words have been fought over the legitimacy of the service). These promoters are much better prepared than most of their ilk, and they are quite skilled at addressing the concerns of those who know what Bitcoin is and how it works, but are less versed in the ways of mining service-based Ponzi-schemes. Fortunately, the same forums host quite a few people knowledgeable enough in this regard too, some of whom did indeed take the time to dig deep and come up with what can indeed be accepted as proper proof to the fraud claims they have made.
Actually proving that BitClub is a Ponzi setup is nearly impossible in technical terms, as it would involve proving that it has no revenue-generating mechanism. While definitive proof in this regard cannot be produced, there are indeed several signs (like the steadfast refusal of delivering a public mining address) that seem to point in this direction.
At a truly close look, such red flags begin to pile up though. Let us start with the claims: the BitClub network claims to control some 1% of the total Bitcoin mining power (or at least, that used to be the case at one point. Nowadays they say they mostly mine altcoins and use them to buy bitcoins). They promise a 1000% increase in the value of their memberships within 6 months and they are promising networked Bitcoin ATMs and debit cards.
All that is fine and dandy, if a bit too good to be true for our taste. Problems begin popping up left and right soon though. There’s the membership fee, the 1,000-day ROI, the “referral based pay plan” – which is indeed an element found at the core of every Ponzi scheme ever invented – and the presence of ClubCoin, the crypto coin which experts see as a way out for the perpetrators, once the scheme inevitably expires. This is what they might use to “pay out” their investors.
The website itself used to be (and still is) riddled with scammy elements. Their testimonials section is quite cringe-worthy in fact. For Amy Albescu, from Romania, they used a picture lifted off a jericko.net profile. The picture has been removed now. There’s an empty spot left, probably for whatever picture they will find next for this “person.” Mike Jones’ picture is a stolen and faked one as well, and for a while there, they even had the picture of a convicted Indian rapist up – which they have also removed some time ago.
Who is Behind BitClub Network?
We were not surprised that no contact information, such as an address and a telephone number, can be found on the BitClub Network website. According to whois.com, the domain bitclub.network was registered in December 2014 by BitClub Network from 13 Banul Andronache St Sector 1, Bucharest, Romania 011663. Their telephone number is +40.212319481 and email [email protected]
Support is said to be available 24/7 via email ([email protected]) and live chat in English or Chinese.
The BitClub Network service apparently is not available in the United States, including the minor outlying islands, Guam, Puerto Rico and American Samoa.
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At the time of posting this review, bitclub.network had a global Alexa rank of 110,967. BitClubPool.com’s was 183,142. But their most popular domain seems to be bitclubnetwork.com with an amazing rank of 10,556, a score which indicates this is a highly popular website. Most of the visitors to these sites are from Japan, Germany, US and South Africa. Almost 40% of this site’s traffic arrives via a referral from bitclub.network mostly.
Bitclub.network is most visited by people from the United States, Russia, South Africa, Turkey and Spain. Almost 25% of the traffic here comes from referrals, apparently at least some of these come from porn sites.
Bitclubpool.com gets most of its traffic from Germany, South Africa and the US. Almost 70% of the visits are referrals made mostly by BitClubNetwork.com.
BitClub Network Review Conclusion
While it does seem to be backed up by blockchain records, the BitClub Network is little more than a classic MLM scam. As long as the new money keeps flowing through the pyramid, they will probably be around. Expect them to fold like a lawn chair though, as soon as enough people learn about their crooked ways.