A. Mining Pool
By using the Cloud Mining Service, you acknowledge that you have read, understood, and accepted all of the terms and conditions in these Cloud Mining Terms, and you acknowledge and agree that you will be bound by and will comply with these Cloud Mining Terms. If you do not understand and accept these Cloud Mining Terms in their entirety, you should not use the Cloud Mining Service.
B. How to participate in Cloud Mining
The Cloud Mining Service is a service that enables you to purchase computational power from Binance, and then use that computational power as part of the Mining Pool Service.
When using the Cloud Mining Service, you need to agree to:
the Clouding Mining Days;
the Total Hashrate;
the Electricity Fee;
the Hashrate Fee; and
the Mining Pool that you will contribute your Purchased Computational Power (Relevant Mining Pool).
Binance may refuse to provide the Cloud Mining Services to you at any time, for any reason, including but not limited to any Subscription Limits being reached.
C. Payment & Cancellatiom
You will transfer the Hashrate Fee and Electricity Fee (Total Fees) to us on the day you Subscribe.
The Total Fees will be deducted from your Spot Account in the digital currency identified by Binance at the time you Subscribe.
D. The Total Hashrate, Delays, and Allowances
Computational power generated by Binance is calculated by reference to a Hashrate.
You will be able to see the Purchased Computational Power generated on your behalf on the Binance website, in a manner and frequency chosen by Binance.
Binance is only obliged to provide you with 95% of the Total Hashrate, but it will use its best endeavors to provide 100% of the Total Hashrate within the Cloud Mining Days. If Binance fails to deliver 95% of the Total Hashrate within the Cloud Mining Days:
it will provide the Remaining Hash Rate within 30 days of the end of the Cloud Mining Days (Extended Term); and
thereafter, if Binance determines that it cannot provide, or does not provide, you with the Remaining Hash Rate within the Extended Term, a refund will be issued for the Remaining Hash Rate within 30 business days.
You agree that Cloud Rewards paid to you pursuant to these Cloud Mining Terms are in full and final settlement and satisfaction of our entire liability to you, including for any loss or damage directly or indirectly arising from any failure to provide the Total Hashrate within the Cloud Mining Days, whether or not that loss & damage was reasonably foreseeable. You acknowledge and accept that the Cloud Rewards are an adequate remedy and that you shall not be entitled to any other claims or remedies at law or in equity, including but not limited to, any claim in rem, injunction, and/or specific performance.
E. Calculation of Cloud Rewards
If Binance elects to provide you with Cloud Rewards pursuant to Clause 9(2), the Cloud Rewards will be an amount equivalent to the estimated future mining revenue (calculated using FPPS) of the Remaining Hashrate.
For the purposes of this clause, “FPPS” shall have the meaning given to it in the Mining Pool Terms.
F. Early Termination
We may terminate the Cloud Mining Services at any time. If we terminate before the final Cloud Mining Day, we will provide you with a full or partial refund by reference to the following formula (Refund):
Refund= Total Fees X (Number of Days Remaining in Cloud Mining Days/Total Cloud Mining Days)
You are not permitted to terminate early. However, without limiting clause 13, we may terminate early if, in our reasonable opinion, the value of the Refund you will receive is greater than the value of any anticipated Digital Assets that could be generated from the Cloud Mining Service.
G. Use of Computational Power
The Purchased Computational Power will be used as part of the Mining Pool Service. Your Purchased Computational Power will be added to the Relevant Mining Pool on the first Sunday after you Subscribe at 00:00 UTC.
The calculation and distribution of Digital Assets to your Mining Pool Account shall be in accordance with the Mining Pool Terms of Use, with the following modifications:
Binance may specify a different fee that may apply if you use both the Cloud Mining Service and the Mining Pool Service; and
any additional fees will be published on the Binance website.
H. General Terms
All terms and references used in these Cloud Mining 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 the Terms of Use.
The Cloud Mining Terms are to be read together with the Terms of Use and Mining Pool Terms. In the event of any conflict or inconsistency between the Cloud Mining Terms, Mining Pool Terms, or the Terms of Use, the order of precedence in which the documents are to be read is first these terms, then the Mining Pool Terms, and then the Terms of Use.
I. Definitions
Cloud Mining Service has the meaning given to it in clause 2.
Cloud Mining Days means the number of days in which Binance will provide you with at least 95% of the Total Hashrate.
Cloud Mining Terms means these terms and conditions.
Cloud Rewards means the Digital Assets we will provide you where we do not deliver the Total Hashrate, in accordance with clause 9, as calculated in clause 11.
Electricity Fee means the amount Binance will charge you for the electricity needed to provide you with the Cloud Mining Services.
Extended Term has the meaning given to it in clause 9(1).
Hashrate means the measure that Binance uses to determine the quantity of the computational power it provides you, which may differ depending on the Cloud Mining Service that you Subscribe.
Hasrate Fee means the fees that Binance charges for the Total Hashrate it provides you.
Mining Pool has the meaning given to it in the Mining Pool Terms.
Mining Pool Account has the meaning given to it in the Mining Pool Terms.
Mining Pool Service has the meaning given to it in the Mining Pool Terms of Use.
Mining Pool Terms means these terms and conditions.
Purchased Computational Power means the computational power, however measured, that Binance has generated for you in accordance with these Cloud Mining Terms.
Refund has the meaning given to it in clause 13.
Relevant Mining Pool has the meaning given to it in clause 3(5).
Remaining Hashrate means the difference between 95% of the Total Hashrate and the Purchased Computational Power that Binance generated on your behalf at the end of the final Cloud Mining Day.
Spot Account means your Binance Account that you use to undertake spot transactions.
Subscribe means subscribing to a Cloud Mining Service offered by Binance.
Subscriptions Limits means the maximum amount of any matter, that Binance may determine and refer to in its sole discretion from time to time, that will limit the availability of the Cloud Mining Service.
Total Hashrate means the total amount of computational power that Binance agrees to generate for you in accordance with these terms.
Total Fees has the meaning given to it in clause 5.