BITMAIN

AntMinerS17 Tenancy, Hashrates Hosting and Trading Service Agreement

For this batch of S17, hashrates will be credited to the user’s account in 5 days from the date of purchase. 

1. Acceptance of Terms

1.1 Please read the agreement carefully, especially the bold part. If you have any concerns, please do not process to next step. You can contact us though our support page, we can explain for you. You acknowledge that you have read and agree this agreement prior to your access to and use of AntMinerS17 Tenancy, Hashrates Hosting and Trading Service.

1.2 We may amend this Agreement at any time by posting an updated version at www.hashnest.com (“Hashnest Site”). The updated version of this Agreement shall take effect immediately upon posting. By continuing to access and use your Hashnest Services, you confirm that you agree to be bound by this Agreement as may be amended from time to time.

1.3 You hereby promise:

a). You are at least 18 years of age and have full civil capacity;

b). You accept and use the services provided by Hashnest in accordance with applicable laws and regulations and policies in your country of residence/country and does not violate your obligations to any other third party.

c). You find that when you are unable to commit to the provisions of paragraphs a, b of this section due to changes in facts or laws and regulations, you will immediately stop using the services provided by Hashnest and inform Hashnest to stop the service through the customer service channel. After terminating the service, you use the Hashnest service. Right to terminate your consent immediately: In this case, Hashnest is under no obligation to transmit any unprocessed or unfinished services to you or any third party.

2. Miner Tenancy

2.1 For the registration data provided by the user, the user agrees:

Provide legal, truthful, accurate and complete personal information. If there is any change in the Bay, update the user information in time. If the registration information provided by the user is illegal, untrue, inaccurate or incomplete, the user shall bear all the corresponding responsibilities and consequences. Hashnest reserves the right to impose restrictions on the account based on the information provided, to suspend or terminate the use of Hashnest cloud mining services. That is, your order is a request from Hashnest for the cloud mining service. It does not mean that Hashnest has accepted your order. Hashnest reserves the right to refuse to accept the user's order. If we accept your order, a binding agreement ("AntMinerS17 tenancy, Hashnest Hosting and Trading Service Agreement") is generated on behalf of Hashnest and you for the cloud mining service agreed upon in the order, we will mine your mining machine. The cloud mining service is associated with your account. Prior to this, the order was considered pending, and Hashnest reserves the right to refuse to accept the order and refuse to accept the user's payment.

2.2 Upon completion of the order form and payment, the order cannot be cancelled. Wedon’t accept any refund and cancel order requests, please read this agreement carefully before you place your order.

2.3 The price of miner sales is fixed at US Dollar. The CoinDesk BPI price is used to determine a real-time BTC/BCHABC/USDT price. Customers can choose to make payment by BTC/USDT/BCHABC when place orders. In the event that the CoinDesk BPI malfunctions, Hashnest reserves the right to use a different bitcoin reference price. Hashnest reserves the right to manually adjust the USD exchange rate when there is an abnormal fluctuation in the Bitcoin market.

2.4 Hashnest reserves the right to cancel orders if the inventory shows abnormally. We will inform users and refund in time. Cryptocurrency will be credited to your account accordingto real-time exchange rate from CoinDesk BPI.

2.5 Hashnest holds no compensation obligations for delayed delivery of contract caused by insufficient production capacity, research and development failure or miner supplier company bankruptcy.

3. Miner Deployment & Conve

rsion to Hashrates

3.1 The S17 miners will be subjected to testing at our mining farms to understand the actual power consumption and actual hashrates before we credit them in your account. The findings and proof of testing will be upload on Hashnest Support Site. 

3.2 Upon purchase, the hashrates will be credited to your account by the stipulated time. Please make sure you are comfortable with the wait time before you purchase. We will commission and test the miners before we begin crediting of hashrates to your account.

3.3  Conversion of hashrates and crediting to account is on first order first serve basis.

4. Mining Revenue Distribution

4.1 Mining revenues generated from Hashnest mining contracts will be paid to you based on the suitability and availability of the following methods: PPLNS, PPS or PPS+.

4.2 By default, all miners on Hashnest are set to mine in Antpool.com (“AntPool”). In the event that AntPool experiences prolonged technical difficulties, we reserve the right to switch hashrates to mine in another mining pool and at our sole discretion, to allocate your mining revenues based prevailing conditions.

4.3 During the downtime when hashrates are switched to mine in another mining pool, Hashnest will not be liable for the loss of revenue .

5. PPLNS Revenue Distribution Explanation

5.1 PPLNS (Pay Per Last N Shares) is a payment method based on the number of shares (hashrates) you submitted during a round (time taken to solve a block) if the pool is able solve one.

5.2 When AntPool solves a block, the block information and revenue will be transferred to the Hashnest after six network confirmations. Hashnest may experience delay in receiving the block information and revenue from the mining pool. Upon Hashnest receiving the block information and revenue, we will proceed divide the revenue according the amount of hashrates you own.

5.3 In the event that a block is found when your hashrates are put on trade markets, Hashnest will continue to allocate the divided revenues to you until the ownership of the hashrates is transferred to a new user.

Calculation formula：PPLNS Payout = (Pay Per Block / T) x Hash Amount

6. PPS Revenue Distribution Explanation

6.1 PPS (Pay Per Share) is a payment method based on the average number of shares and mining difficulty during a round. 

6.2 Hashnest will use the following formula to calculate theoretical daily mining revenues per T: 1 x 10^9 x 86400 x Current Block Reward / Current Difficulty / 2^32

6.3 When a pool solves a block, the block information and revenue will be transferred to the Hashnest after six network confirmations. Hashnest may experience delay in receiving the block information and revenue from the mining pool. Upon Hashnest receiving the block information and revenue, we will proceed divide the revenue according the amount of hashrates you own. 

Calculation formula：PPS Payout = (PPS / T / Day) x (Time to solve a block) / 24 Hours x Hash Amount

7. PPS+ Revenue Distribution Explanation

7.1 PPS+ is an enhancement of the conventional PPS method, with an additional allocation of transaction fees. With PPS+, the pool pays the miners for each valid share they submit – like the pool is hiring them, and therefore miners will enjoy a stable payout. 

7.2 The pool bears all the risks of bad luck and orphaned blocks, hence a higher fee. Transaction fees will be allocated to miners by PPLNS as below.

8. Collection of electricity and maintenance fees

8.1 Hashnest charge customers a fixed maintenance fee (including electricity and management fee) of US$0.075 per KWH. The miner’s electricity consumption will be based on the specifications given by manufacturer, unless otherwise tested by Hashnest.

Calculation formula：Maintenance fee per TH per day =Power Per Th*24h*US$0.075/KWh

8.2 Maintenance fees are deducted once daily at the same time as revenue pay out. Fees are calculated using the current bitcoin exchange rate (by default, the CoinDesk BPI) at time of payment. Fees are deducted from the users’ balance on Hashnest.

8.3 Calculat

ion formula：Maintenance fees= Daily Maintenance fees*(Duration Time)/24Hours*Hash Amount

8.4 In the event that a user does not have enough balance in their account to pay for the electricity fee, their account will begin accumulating a negative balance; however, the user will also retain ownership of their hashrates.

8.5 Hashnest reserves the right to make adjustments to the electricity and maintenance fees based on operational factors. Except in dire cases, Hashnest will announce any changes to these fees at least 3 days in advance of them taking effect on our website.

9. Transaction Fees

9.1 On the S17 hashrates market, seller will be charged 0.5% handling fee on each trade. Buyer will not be charged.

10. Breakdown and repair of miners.

10.1 A 180-day warranty is provided starting from hashrates credited date. Hashnest take care of repair and maintenance of all physical miners, all cost will also be borne by us during this warranty period. 

10.2 After this 180-day warranty, we will announce the scrap rate quarterly (like numbers of scrapped miners for each batch, list of expenses for supplementary). We will charge our users according to the proportion of that batch total hashrates, and deduct from uses’ account in the first week of the next quarter.

11. Hashrates repo service and termination of this agreement

11.1 This agreement starts from the day we accept your order. When your daily payout is lower than maintenance fee for a period of ten continuous days, Hashnest will announce to terminate tenancy agreement at our website.

11.2 If due to decline of bitcoin exchange rate or increase of mining difficulty, the maintenance fee is greater than 80% of mining revenues, market will be closed.

11.3 If bitcoin exchange rate regains, the ratio of electricity fees to daily payout is lower than 80% for a period of ten continuous days, market will be reopened.

11.4 We will open redemption hashrates into coupons within 10 days after termination of tenancy agreement. According to the average price of second hand S17 in China market at that time minus 25% depreciation expense, we will offer coupons for S17 hashrates holders. Coupons can only be used on Hashnest to purchase new miners. Coupons may not be transferred, sold or redeemed for cash or Cryptocurrency.If you have hashrates less than 50T, you are not eligible to redeem coupons, please trade your hashrates at our marker before it is closed to avoid unnecessary lost.

11.5 Mining may be interrupted by power supply issue in mining farm, network issue, miners repair or other problems, we will inform our users and recovery it as soon as possible. Users may suffer revenue losses during replacement of mining farm, moving miners, etc., we will not compensate for it.

12. Risk notification and Disclaimer of Liability

Please read this agreement carefully and acknowledge of the potential risks before purchase this service and make investment decision independently. If you have any concerns, please don’t process to next step and contact our customer support. We are not responsible for the losses caused by following factors including but not limited to:

12.1 You understand and agree that there is a legal risk in the use of cryptocurrency. As the current legal supervision of cryptocurrency is not mature, its value may not be protected by law/regulation, and its behaviour may be identified as a violation of regulations or policies termination.

12.2 You understand and agree that due to the nature of the cryptocurrency, the value of any cryptocurrency holder and any number of any cryptocurrency may lose some or all of its value at any time; you are devalued because of the value of the cryptocurrency (even Zero) has full responsibility for the losses suffered.

12.3 You understand and agree that Hashnest will maintain or upgrade the system periodically or irregularly. Hashnest cannot guarantee that the services provided by us are continuous, without interruption. We are not responsible for the losses of service interruption (if any).

12.4 The value of your investment,

any number of any cryptocurrency may be affected by many factors not controlled by Hashnest, including but not limited to: mining difficulty and / or other mining parameters / attributes changes, Market price fluctuations in cryptocurrency (legal currency versus cryptocurrency exchange rates, such as USD / BTC), hardware obsolescence and hardware amortisation.

12.5 Interruption or delay in the services due to natural disasters, wars, hacking, website upgrades, market depression, acts or omissions of a government authority prohibiting or impeding Hashnest and our affiliates from providing the services, or the non-performance by a third party (e.g. mining farm or pools) for any reasons beyond the reasonable control of Hashnest and our affiliates may cause termination of agreement, decreasing of re venue or even lose principal, we are not responsible for it. 

12.6 Due to mistakes caused by users, like failure in data transmission due to a breakdown of your computer, mobile phone, you take full responsibility.

12.7 You understand and agree that Hashnest reserves the right to publish, modify, and/or provide services related to the services provided by Hashnest and Hashnest at any time through official page announcements, site messages, emails, customer service calls, SMS or regular mail any information. Hashnest is not legally responsible for any information not obtained through our formal channels.

Limitation of liability

You agree that we may provide service to you and your competitor at the same time, waive any actual or potential conflict, and cannot claim a legal flaw in the provision of service.