Mining Capacity Share Agreement
I (the "Affiliate") agree with the following terms and conditions for the provision of mining services (the "Agreement") is made as of today between:
Truebitblox Mining LLC, California, acting as Ethereum Mining Service Provider ("Service Provider"); and me, the Affiliate.
Pursuant to the terms of this Agreement, the Service Provider will rent out to the Affiliate certain hardware in order to provide the services described herein.
The service provider agrees to provide to the Affiliate with the output of its mining capacity (the "Services") subject to the following terms:
Contract type: Ethereum Mining
Contract Term: 18 months
Mining Power: as per contract
The Mining Algorithm is the type of algorithm that can be processed on the rented hardware. As of Start Date Ethash can be used to mine the Ethereum cryptocurrency.
The Mining Power is the number of hashes of the Mining Algorithm that the rented hardware can process per second. For Ethash the Mining Power also depends on a variable factor, the DAG size, thus the number of performed hashes may vary over time.
A given cryptocurrency that can be mined with the above Mining Algorithm and offered by the service provider. Where applicable, the mined coins can be converted to, e.g., Bitcoin or Ethereum
Quality of Service
The affiliate acknowledges that the service will be rendered on a best effort basis. The availability of the Mining Power and, accordingly, the output of Coins may vary up to a maximum of 5%. In addition, the service provider ensures that it maintains all facilities and the relevant supplies in good working order, in order to avoid any of the aforementioned variance with the diligence that it applies in its own dealings.
2. RemunerationAs a consideration for the services the affiliate agrees to pay to the service provider an amount of:
0.03000 USD per kH/s one-off upfront payment
if, on any day, Coins generated on that day do not suffice to pay the Maintenance Fee, the service provider may use Coins generated on any day thereafter for such payment.
3. Limitation of Liability
Without detriment to the service providers obligation to render the services on a best effort basis, 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 Affiliate as a result of force majeure, or any other material event which shall include, inter-alia, any disruption or breakdown of a cryptocurrency market, or a change of the proof-of-work mining algorithm / change to a different consensus system (such as “proof-of-stake”). The service provider will try on a best effort basis to make best possible use of the Affiliate rented hardware to maximize the value of Coins.
The Contract Term is an “open-ended contract”, the service provider may terminate this agreement with immediate effect if the Coins generated in the preceding 30 days do not suffice to pay the Maintenance Fee accumulated during such period.
All communication between the service provider and the Affiliate shall be made in writing which includes email and other electronic messaging services.
6. Data Protection
The Affiliate agrees to the processing of its personal data provided in the context of this Agreement for the purpose described herein and also agrees, until revocation at any time to the storage of its data beyond the above Term. Should the service provider be required to obtain any further data in the context of providing its services hereunder, the Affiliate will without undue delay provide the relevant data so required by the service provider.
7. Representations and Warranties
The Affiliate represents and warrants to the service provider that he is familiar with mining, cryptocurrencies (e.g. Bitcoin) and that he understands the nature and uses of mining such cryptocurrencies. The Affiliate acknowledges that it is solely liable for the maintenance of the relevant (i.e. its own) technical equipment (software / hardware) that is required to receive the service (i.e. the Mining Payouts)
The service provider does not guarantee or warrant the profitability of the services at any time. The affiliate acknowledges that it has no claim against service provider for any specific amounts of Coins on the basis of this agreement and service provider does not guarantee or warrant any such output or any value thereof. Also, Affiliate acknowledges that the exchange risk of mined Coins depends on the actual price compared to any given fiat vs cryptocurrency (the above called “Market Price Volatility”).
The Affiliate further represents and warrants that he will be the beneficial owner of the Coins.
8. Governing Law, Language and Miscellaneous
This Agreement is governed by the laws of Hong Kong. To the extent permitted by applicable law the parties agree that the competent courts of Hong Kong shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement.