Cloud Mining Contract - Terms and Conditions
You (the "Customer") agree with the following terms and conditions for the provision of mining services (the "Agreement") made as of today; between :
- Saint Bitts, a limited liability company in the Federation of St Kitts and Nevis (“St Bitts”, “Bitcoin.com Pool”, “Service Providers”, “us” or “we”, St Bitts); and
- You, the Customer.
1.1. Purchasing Fees
Customer may elect to pay the purchasing fees of this contract using either Bitcoin or bank wire transfer. Purchasing fees shall be paid at the initiation or beginning of the contract.
1.2. Purchasing with Bitcoin
If Customer elects to pay using Bitcoin, the fees shall be calculated using the Bitpay.com Bitcoin-to-USD ($) exchange rate. After Customer chooses to send this transaction, Customer will have 30 minutes from the time of initiation to send the Purchasing Fees of the unconfirmed transaction. If no Purchasing Fees for the unconfirmed transaction are received after 30 minutes, the user must click “Update price” to receive an updated Bitcoin exchange rate and then attempt payment using the new rate. This contract will activate automatically after the transaction is confirmed.
1.3. Purchasing with bank wire transfer
St Bitts shall only accept bank wire transfer for purchases over US$10,000. This contract activates manually after St Bitts confirms bank account receipt of funds.
2.0 Contract Activation
After contract activation, a new worker for each contract will be added to the workers page on the website.
Hashrate will appear in Customer’s account within one (1) minute after contract activation, but it may take ten (10) minutes for hash rate statistics show accurate numbers because St.Bitts measures hash rate using a ten (10) minute average.
Customer may only receive PPS (Pay Per Share) payments while a contract is active. Customer will receive 13980 shares per minute per TH/s. PPS payments are subject to our block reward bonus which St Bitts reserves the right to change at any time. PPS rewards will be credited to the users pool balance at 6:00AM UTC. Customer may choose to withdraw their revenue automatically or manually as long as their balance exceeds 0.01 BTC.
4.0 Choice of coin to mine
Customer may decide which coin to receive payments (among the available coins in the Bitcoin.com Pool), but St Bitts reserves the right to decide which coin the hashrate will be used to create blocks.
Daily fees are subtracted from Customer’s pool balance at 6:00AM UTC every day. If contract PPS revenue for the day is lower than daily fees, daily fee will be lowered to the same as the revenue amount. This ensures Customer does not end up with a negative balance. Fees will be pro-rated for the first and last day
6.0 Contract termination
Contract will terminate on the contract expiry date. Contract can terminate before the expiry date if it is not profitable for 60 days (contract revenue is less than contract fees for 60 days). We consider a day to be unprofitable if either BTC or BCH revenue does not exceed fees.
“Lifetime” contracts do not have an expiry date but will still terminate if not profitable for 60 days.
7.0 Refunds and Exchanges
By default, St Bitts does not allow refunds or exchanges after a contract has been fully paid. We reserve the right to make a decision on refunds or exchanges.
8.0 Limitation of Liability
Without detriment to the Service Providers (St Bitts’) obligation to render the Services on a commercially reasonable basis only, any liability of the Service Provider hereunder and or in connection with this Agreement shall be limited to willful misconduct and gross negligence. Further, the Service Provider shall not be liable for any damages incurred by the Customer as a result of force majeure which shall include any disruption or breakdown of the Bitcoin market. We make no guarantees, warranties or representations whatsoever as to (a) the future value of any Bitcoins produced; nor (b) the rate at which Bitcoins will be produced in the future applying particular hash rates, pursuant to any Bitcoin Cloud Mining Contract purchased by you.
- Governing Law, Language and Miscellaneous
9.1 These Terms of Service have been made in and shall be construed and enforced in accordance with Hong Kong law. Any dispute or difference arising out of or in connection with this contract shall be referred to and determined by arbitration under the Electronic Transaction Arbitration Rules of the Hong Kong International Arbitration Centre. Hong Kong shall be the seat of arbitration and any such dispute shall be resolved at the Hong Kong International Arbitration Center by a single arbitrator.
9.2 Correspondence should be sent to email@example.com
9.3 The English version shall control in the event there is a discrepancy between any English version and any translation.
10.0 These Terms and Conditions are subject to change without notice.