Mining Pool participation Agreement
1. This Agreement governs User`s participation in Company`s Mining Pool. All capitalized
terms not specified in this Agreement shall have the meaning set forth in Terms of Use of
the Service.
Acceptance of this Agreement
2. Upon creation of the Account in the Service in accordance with Terms of Use. The
Company grants you an opportunity to connect your Mining equipment to the Company`s
Mining Pool. The Company provides the stratum-addresses for connection of User`s
Mining equipment to the Company`s Mining Pool. Once the User connects its Mining
equipment to Company`s Mining Pool through adding this stratum-addresses into
web-interface of User`s Mining equipment, User accepts this Mining Pool participation
Agreement, agrees to all terms and conditions contained and/or referred to in this
document, and all such terms and conditions shall be deemed to be accepted by the User.
Mining Pool operation
3. The Company endeavors to provide continuous, uninterrupted work of the Mining Pool
operation so that the User can ensure the use computing power of User`s Mining
equipment (to mine) at any time. However, the User acknowledges that due to the
maintenance, repairs, and(or) exceptional outages, the Company does not guarantee
uninterrupted (100%) availability of the Mining Pool operation.
4. If the Mining Pool is unavailable due to a planned temporary maintenance shutdown, the
Company shall inform the User not later than one (1) day before the shutdown via the
Service or in any other suitable way, if possible.
5. Neither the Company, nor any other person somehow involved in the operation of the
Mining Pool are liable for any damage incurred by the User as a consequence of planned
or unplanned shutdown or outage of the Mining Pool.
6. The User is solely responsible for setting up its Mining equipment in a way that allows
the Mining equipment to reconnect to the Mining Pool automatically when the Mining
Pool becomes available after the shutdown or outage.
7. The User acknowledges that the Mining is very demanding on the Mining equipment's
computing power, which can cause an increase in electricity consumption and accelerate
wear on some of the Mining equipment components. The Company is not liable for any
such costs, wear and tear, or damages incurred thereby.
8. The Company provides Mining Pool only in relation to certain designated
Cryptocurrencies, User shall check the Service on the information of which
Cryptocurrencies User may mine by participating in particular Mining Pool. The User
understands that the Company may alter the list of cryptocurrencies which Mining Pool
supports.
9. The User acknowledges that the User is solely responsible for setting up User`s Mining
equipment used for providing the computing power for the Mining Pool, as well as for
any possible damage of its Mining equipment components that may result from incorrect
or incomplete settings.
10.The User may cease its participation in the Mining Pool at any time by deleting his/her/it
Account or by reset User`s Mining Equipment. The Company may also stop maintain
operation of the Mining Pool or add or create new limits to the Mining Pool at any time.
11.In its absolute discretion, the Company may alter or amend any Mining Pool offered via
the Service at any time.
12.For the participation in the Mining Pool, the User receives the remuneration for Mining
using the Mining equipment connected to the Mining Pool (hereinafter the
“Remuneration”), that shall be calculated based on the following formulae:
R=(B+T)/D*(1-f), where
R means User`s Remuneration
B means Mining Pool remuneration for generated block from blockchain network
T means commission for the transactions stored in the generated block
D means difficulty of blockchain network
f means Mining Pool commission for provision access to the Mining Pool to User
13.The Remuneration is paid in a cryptocurrency, Mining of which gave rise to the
Remuneration claim unless stated otherwise in the case of a particular cryptocurrency
14.The amount of the Remuneration of the User is calculated and paid by the Company daily
to the User`s cryptocurrency wallet designated by the User in the User`s Account.
Approximate time of payment of the Remuneration is specified in the User Account.
Minimum amount of the Remuneration that may be paid to the User is 0,0001 BTC or its
amount in any other cryptocurrency which is Mined through participation in the relevant
Mining Pool.
15.The User is solely responsible for the correctness of the cryptocurrency wallet address
which User designates in the Account as the address for settlement for the Remuneration.
16.The Remuneration shall be considered duly paid when the Company sends it to the
User´s wallet address designated in the Account.
17.The User acknowledges that the result of the Mining depends mainly on luck, the result
of the Mining cannot be foreseen, and the amount of the Remuneration is therefore
variable; there may even be no Remuneration at all under some circumstances, and the
Remuneration is in no case fully or partially guaranteed by the Company.
18.In the case of the so-called fork, the mined block is not accepted by the main blockchain
of cryptocurrency (so-called orphaned block). Users are not entitled to any Remuneration
or reimbursement of any costs incurred in relation to mining the particular block. In the
case of the so-called hard fork in case the cryptocurrency blockchain is divided into two
chains to create a new cryptocurrency, the User is not entitled to any so-called forked
coins of the new cryptocurrency.
19.The User further acknowledges that although the Company constantly attempts to
improve the security of the Service against hacking and other similar attacks, these
attacks regularly occur, and possible successful attacks may lead to the loss of a certain
amount (or even all) of Mined cryptocurrency, which will be irreversible. In such a case,
the Company shall not be held liable to the User for the loss or theft of these Mined
cryptocurrency or for the related inability to pay the full Remuneration or for a reduction
of such Remuneration.
20.The Company may provide information about third-parties services on exchange of the
Remuneration (in cryptocurrencies) to another digital assets or fiat currencies in the
Service. The Users should remember that such services are provided by other service
provider and not the Company. The Company should bear no liability for the quality and
timeliness of such services. Prior to use of such exchange services the User shall
acknowledge and agree with the term of relevant deal with particular third-party service
provider.
21.The User agrees that the Company shall have the right to set-off and apply any amount of
commission or other payments that the user owe to the Company against the
Remuneration. The Company shall promptly notify the User against any set-off by
sending relevant notice to the Account.
22.The User is solely responsible for any taxes applicable to the receipt of the
Remuneration. The Company is not the tax agent of the User and shall have not
obligation to withdraw any taxes from the Remuneration. The Company recommends the
User to attract tax attorney to obtain a relevant advice on the tax consequences of User`s
participation in the Mining Pool. The Company expressly disclaims any liability for the
tax consequences of User`s participation in the Mining Pool.
User`s Liability
23.The User understands and agrees that the Company is entitled to suspend or terminate
User`s participation in the Mining Pool, if at Company`s sole discretion the User
breaches the Agreement or the Terms of Use.
24.If the User`s breach of this Agreement or the Terms of Use does not result in deletion of
User`s Account, the Company shall pay Remuneration calculated but unpaid prior to the
User`s breach within 24 hours after the suspension or termination of User`s participation
in the Mining Pool.
25.In case of deletion of the Account for any reason whether due to User`s breach of the
Terms of Use or User`s voluntarily deletion of the Account, the User waives all of User`s
claims (in particular for the Remuneration payment) against the Company. The calculated
but unpaid Remuneration shall no longer be paid after the Account's deletion. Such
calculated but unpaid Remuneration is considered a contribution to the Mining Pool.