Mining Pool Terms of Use

A. Mining Pool 

1. By using the Mining Pool Service, you acknowledge that you have read, understood and accepted all of the terms and conditions in these Mining Pool Terms, and you acknowledge and agree that you will be bound by and will comply with these Mining Pool Terms. If you do not understand and accept these Mining Pool Terms in their entirety, you should not use the Mining Pool Service.

B. How to participate in Mining Pool

2. The Mining Pool Service enables you to access the Mining Pool and use your computational power to help validate blocks and earn rewards. 

3. When using the Mining Pool Service, you need to:

   1. select which Mining Pool that you will to contribute your computational power;

   2. use Mining Hardware and install third party mining software, connecting your Mining Hardware to the Mining Pool; 

   3. follow all of Binance’s directions in relation to any technical (such as recommended hardware or software), rules procedures, or other requirements published on the Website, which may be updated from time to time; and

   4. create a Mining Pool Account, or sub-accounts to your Mining Pool Accounts, as directed by Binance.

4. Binance may refuse to provide the Mining Pool Service to you at any time, for any reason. 

C. Mining Account 

5. Your Mining Pool Account is used to record the computational power that you have contributed to Mining Pools. 

6. You may also create a sub-account to your Mining Pool Account. Sub-accounts may be required to record the computational power you have contributed to a particular proof of work protocol or Mining Pool.

D. Calculation methods

7. Binance uses the following methods to determine the quantity of Digital Assets you will be awarded for the computational power that you provide (Mining Pool Rewards):

   1. the Full Pay Per Share Methodology (FPPS). Pursuant to the FPPS methodology, you are awarded Digital Assets for computational power you provide Binance, whether or not the contribution of your computational power results in the Mining Pool generating any Block Rewards or Transaction Fees on a relevant proof of work protocol.

      The number of Digital Assets you are awarded is calculated by reference to the computational power you provide, as follows:

      Digital Assets awarded = Theoretical Average Daily Settlement Earnings (1 + Transaction Fee Rate) (1 - Mining Pool Fee Rate)

   2. the Pay Per Share Methodology (PPS). Pursuant to the PPS methodology, you are awarded Digital Assets for each Mining Share you contribute to the Mining Pool. You are awarded Digital Assets for each Mining Share, whether or not the contribution of your computational power results in the Mining Pool generating any Block Rewards on a relevant proof of work protocol. You will not be awarded any Transaction Fees if this methodology is used.

      The number of Digital Assets you are awarded is calculated by reference to the number of Mining Share you contributed, as follows:

      Digital Assets awarded = (1 / Difficulty * Block Reward)

   3. the Pay Per Share + Methodology (PPS+). You are awarded Digital Assets in the same manner as PPS. However, you will also be awarded Transaction Fees. Transaction Fees are awarded based on the number of Mining Pool Shares you contributed to the Mining Pool relative to other users, between the two most recent Last N Shares.

   4. Pay Per Last N Shares Methodology (PPLNS). Pursuant to the PPLNS methodology, you are awarded Digital Assets based on the number of Mining Pool Shares you contributed to the Mining Pool relative to other users, between the two most recent Last N Shares.

      The number of Digital Assets you are awarded is calculated as follows:

      Digital Assets awarded = Block Reward * (Mining Shares that the you contributed / total number of Mining Shares contributed by all users in the Mining Pool between the two most recent Last N Shares)

8. The Theoretical Average Daily Settlement Earnings and Transaction Fee can be found on a Block Explorer. The Mining Pool Fee Rate is published on the Binance Website, and may change from time to time. Mining Pool Fees are deducted from Digital Assets awarded to you before they are distributed to your Mining Pool Account. 

E. Settlement cycle and payment

9. The Settlement Cycle starts at 00:00 (UTC) and ends at  00:00 (UTC) the next day; and

10. At the end of the Settlement Cycle, Digital Assets will be credited to your Mining Pool Account at or before 10:00 (UTC). 

11. Digital Assets credit to your Mining Pool Account will be in the same digital currency awarded by the proof of work protocol that your computational power was used to mine, unless stated otherwise

F. Binance Pool Savings 

12. Binance Pool Savings is a Savings Offer that you may Subscribe with using Digital Assets credited to your Mining Pool Account as a result of computational power provided by you under these Mining Pool Terms.

13. Binance Pool Savings is only available for:

    1. selected digital currencies, that Binance may change from time to time;

    2. for Digital Assets credited to your Mining Pool Account as a result of computational power provided by you under these Mining Pool Terms;  

    3. to Eligible Mining Users; and

    4. in accordance with any applicable Subscription Limits.

14. Binance may cease offering Binance Pool Savings at any time, for any reason.

E. Specific liability, warranty limitation and declarations 

15. Binance will not be liable for any Loss  arising out of, or connected with these Mining Terms, including, but not limited to:

    1. the  the failure, in part or in full, by you to provide computational power to Binance as a result of loss of power to hardware operated by you, network interruptions, network operator outages, or other malfunctions; and

    2. any loss of data or damage to  any hardware or software. 

16. You acknowledge that:

    1. the mining process is very demanding on the computing power of your hardware, which can cause an increase in electricity consumption, for which you are responsible, and accelerate wear on some hardware; and

    2. it is your responsibility set up your software and hardware, including any individual components. Binance is not responsible for any Losses arising from or in connection with incorrect or incomplete setup, or your failure to follow any guidelines prescribed by Binance on its Website.

17. You confirm that your Mining Hardware has been acquired using your own legitimate funds in accordance with Applicable Laws.

F. General Terms

18. All terms and references used in these Mining Pool Terms and which are defined and construed in the Binance Terms of Use (the “Terms of Use”), but are not defined or construed in these Terms, shall have the same meaning and construction in these Terms.

19. The Mining Pool Terms are to be read together with the Terms of Use. In the event of any conflict or inconsistency between the Mining Pool Terms or Terms of Use, the order of precedence in which the documents are to be read is first the Mining Pool Terms and then the Terms of Use.

G. Definitions

Binance Pool Savings has the meaning given to it in clause 10

Block Explorer means software for visualizing blocks, transactions, and blockchain network metrics (as the theoretical average daily settlement earnings or transaction fee rate).  

Block Reward means the Digital Assets awarded to a miner or mining pool for solving a block on a proof or work network

Difficulty means  the measure of how difficult it is to generate a  Mining Share, in terms of how much computational power is required. This value can be found on a Block Explorer.

Eligible Mining User means users who use the Mining Pool Service. 

FPPS has the meaning given to it in clause 7. 

Last N Share means a Mining Share that results in a Block Reward.

Mining Hardware means the equipment required to participate in the Mining Pool Service.

Mining Pool means a mining pool operated by Binance.

Mining Pool Fee Rate means the mining fees charged by Binance to participate to Mining Pool.

Mining Pool Service has the meaning given to it in clause 2.

Mining Share means a proof of work that you submit to a Mining Pool when you provide computational power.

Mining Pool Terms means these terms & conditions.

Savings Offer has the meaning given to it in the Binance Savings Terms & Conditions

Settlement Cycle means the period during which the earnings are calculated and at the end of which, they are distributed.

Subscribe has the same meaning given to it in the Binance Savings Terms & Conditions

Subscriptions Limits means the maximum amount of your earning from Mining Pool, users, or the quantity of any other matter that Binance may determine its sole discretion from time to time, that may be used to subscribe to a Savings Offer.

Theoretical Average Daily Settlement Earnings means the estimated Digital Assets awarded for the computational power provided to a proof of work network.

Transaction Fees means fees users of a proof of work network are charged, as published on a Block Explorer.