No one will deny that Bitcoin mining went through extremely difficult times.
Very high global network difficulty levels made it impossible for the vast majority companies to cover their maintenance and electricity fees with older mining equipment.
Since our last webinar, the company has been diligently searching for ways to add value for each of our members and the physical mining hardware that own.
The good news is that things are looking up for mining and we are mildly optimistic.
We’re extremely committed to finding any solid, realistic ways to help members who purchased Bitmain S9 mining hardware to generate more coins beyond any costings. We’ve never claimed we’d be able to do this, but we are cautiously optimistic about the future.
Due to recent developments, the future looks brighter.
There are three ways that the company has been working to serve our members in this way:
- Keeping an eye on S9 profitability for Bitcoin mining
- Researching alternative coins which can be profitably mined by Bitmain S9 equipment
- Sale of Equipment
Keeping an eye on S9 profitability for Bitcoin mining
S9s seem to be getting closer to being profitable again although the market is highly volatile. Some members who turned off their S9 miners during the time they were not profitable have asked us if they should turn on their S9 miners again.
We have never given advice and we never will. We never advised people what coins they should mine, how to set their back-office settings or when they should turn their miners on or off. The markets are highly volatile at this time, but the good news is we are getting closer to seeing profitability for S9s although the market is continually fluctuating between the global network hash-rate and BTC price each moment.
The good news is that we’re noting improvements in the marketplace and our level of cautious optimism has increased.
The company will keep a lookout in regards to S9 profitability and release a company update if we feel that S9s may be profitable again at that time. We are carefully monitoring the situation in order to serve our members in the best way possible.
Researching alternative coins which can be profitably mined by Bitmain S9 equipment
The company has spent a lot of time and continues to spend resources on this research.
We’ve also had coins recommended by our members.
A critical part of the process is to make certain that any coin that we mine is honest, legitimate and has a reasonable exchange volume. Many new coins simply do not meet this criteria.
If we choose the wrong coin it could really hurt us and our members, so we are required to be cautious.
You should understand that if we put mining in the back office but we can’t sell enough coin for fiat to cover our power costings each month (because the price suddenly goes down or the exchange volume is too low to sell) then power could get turned off and that would hurt everyone. We will not allow this to ever happen.
So mining very tiny unknown coins that could be scams is a very dangerous game which is why we’ve never done it.
At the same time we continue to put lots of research into finding small coins that are profitable for Bitmain S9 equipment to mine and legitimate and have the trading volume and market stability required.
Sale of Equipment
Remember that every member who purchased physical computer mining hardware owns the hardware and may request their equipment to be shipped to their home address at any time.
However, if we are able to sell the equipment on your behalf that would probably be much more profitable and save on shipping expenses.
It should be understood that finding buyers for old equipment which was dumped on the market by the equipments own manufacture is difficult but we are actively pursuing many leads.
If we are able to sell the equipment and a member agrees to sell their equipment for the amount offered then the profits of the sale of the equipment would be given to the member who owns the equipment. It is our plan to consult with our members on the option of selling older equipment once we have additional information. There is nothing to do at this time. We will provide our members with updates on this process when there are further developments.
We’re still here.
We’re working every day on our member’s behalf.
We’re not going anywhere.
We will release more good news as soon as we have it.
We wish you good health and safety during this challenging time.