Mining Pool Participant Agreement
This Agreement between Voracity Cycle Limited o/a SVPool (referred to in these Terms as “SVPool“, “we“, “us” or “our“) and you (referred to in this Agreement as “Participant“, “you“, or “your“), applies to your participation in the SVPool cryptocurrency mining pool service, the registration and administration for which is found at http://svpool.com (the “Website”). This Agreement and associated Participant FAQ set out how the mining pool service works and describe any associated rights and responsibilities. Any instructions, guidance and similar information found on the Website also apply to your use of the mining pool service.
B. Registration and Binding Agreement
- By applying to register, you are making an offer to enter into an agreement on the terms set out in this Agreement. Once submitted, you may not withdraw your offer.
- Only we can decide whether applications will be accepted. If your application is accepted, this Agreement will be a legal and enforceable agreement between you and us.
- SVPool reserves the right to change this Agreement from time to time as it sees fit, providing such notice as is required by applicable law and the User’s continued use of the Service will signify the User’s acceptance of any adjustment to these terms. Should User not accept such changes, User should not continue to use the Service.
- If there is ever a conflict between this Agreement, and the Participant FAQ or other instructions, guidance and similar information found on the Website, this Agreement will take priority.
- In this Agreement:
- “Account” means your personal access to the Service, described further in section 2;
- “Actual Contribution” means the product of multiplying the Contribution by the Mining Period, as more particularly described in the Participant FAQ.
- “Cryptocurrencies” means distributed, decentralized peer-to-peer digital currencies:
- “Contribution” means the contribution by a Participant of the Hash Rate of their Mining Rigs to the Mining Pool.
- “Gross Payout” means the amount generated by the applicable Payout Algorithm, prior to netting out the Pool Fee, as applicable, to produce the actual, net Payout.
- “Hash Rate” is the mining power of each Mining Rig and is mining algorithm specific (SHA-256, Scrypt, X11 etc).
- “including” or “includes” means including without limitation.
- “Mining Period” means the period during which the Mining Rig was actually mining in accordance with its Hash Rate, and for greater certainty excludes any downtime of the applicable Mining Rig.
- “Mining Pool“, as further described herein and in the Participant FAQ, means the collective Cryptocurrency mining pool operated by SVPool, into which each Participant makes their Contribution from the Participant Mining Rigs and pays the Pool Fee, in consideration for which SVPool pays Participant the Payout based on the Payout Algorithm.
- “Mining Rig” means the computer hardware owned by the Participant that is used to mine Cryptocurrencies.
- “Participant FAQ” means the participant guide found at [Michelle to advise].
- “Payout” is the periodic deposit to your Wallet, as calculated in accordance with the Payout Algorithm.
- “Payout Algorithm” means the algorithm for calculating the Payout for each of the PPLNS Payout Option and the PPS Payout Option, as set out in the Participant FAQ.
- “Payout Option” means, as selected by the Participant in accordance with the Participant FAQ, (1) the PPLNS Option, or (2) the PPS Option.
- “Payout Schedule” means the schedule of Payout dates, as set out by SVPool in the Participant FAQ, and as may be changed by SVPool from time to time in accordance with this Agreement.
- “Pool Fee” means the percentage fee applicable to the PPLNS Option and PPS Option as set out in the Participant FAQ and described in Section F.1 of this Agreement.
- “PPLNS Option” means, as more particularly described in the Participant FAQ, the “Pay Per Last (Luck) N Shares” payout option wherein the Mining Pool receives solutions from Participant and all of the other connected participants, and if one of those solutions is correct, the Mining Pool receives a reward for the created block, which reward is shared proportionally to the efforts applied by the Mining Rigs of the Participant and the other Participants.
- “PPS Option” means, as more particularly described in the Participant FAQ, the “Pay Per Share” payout option, which is based on the share contribution of the Participant to the Mining Pool such that SVPool will pay Participant based on the average of the number of shares that Participant contributed to the Mining Pool in finding blocks, irrespective of whether any blocks were solved.
- “Service” has the meaning ascribed in Section D.1. of this Agreement.
- “Wallet” means a software program in which Cryptocurrencies are stored, as licensed to and operated by the Participant.
D. Service and Contribution
- SVPool shall provide access to the Mining Pool and pay the applicable Payout to each Participant (the “Service”) in consideration for the Participant (a) providing their Actual Contribution to the Mining Pool, and (b) payment of the Pool Fee, in each case in accordance with this Agreement.
- The Participant FAQ outlines how each Participant can make a Contribution.
- You may only apply to register as a Participant if:
- you have the right, authority, and capacity to enter into this Agreement and to abide by all of the terms and conditions set forth herein;
- you are of the age of majority in the applicable jurisdiction; and
- each of your Mining Rigs meets our technical specifications set out in the Participant FAQ.
- To register as a Participant, you must create an Account using a valid email address, in connection with which you will be required to provide (a) personal details, including your full name, phone number, and country of residence. We may also require you to provide us with identification or other documentation in order to help us prevent fraud or money laundering. This may include photographic identification and a recent proof of address. We may also undertake our own identity, fraud and credit checks. You must ensure that all Account information is accurate, not misleading, complete, and up-to-date. It is important to note that the Account is your means of participating in the Mining Pool, and that it does not store your Payout.
- Your username and password will be allocated to you if you successfully apply for registration as a Participant. You will need your username and password to access the Service. In particular, your username and password are personal to you and must not be disclosed to any other person. Note that SVPool personnel will never ask you to disclose your password. Any message the Participant receives or website that he/she visits that asks for the password, other than the Website, should be reported to SVPool. The Participant is responsible for maintaining the confidentiality of his/her Account’s credentials, including, but not limited to, password, email address, Wallet address, and all activity made through the Account.
- You will need to enter at least one Wallet address in order to receive Payouts. The Account may allow you to add more than one Wallet.
- Each Participant is limited to one Account.
- By submitting the registration application, the Participant confirms that they are not acting for the benefit of any other person or entity not identified on such application.
- Confirmation of your successful registration will be made by email, which will also contain an estimated commencement date for your Contribution. The confirmed commencement date of the Contribution will be notified to you in a subsequent email.
- If you lose access to your Account, SVPool may ask you to provide certain types of data, including personally identifiable information, to determine ownership of the Account. This may include, but is not limited to: proof of identity; proof of residence; proof of telephone number/email ownership and any identifiable activity on the Website.
F. Pool Fee
- We provide the platform on which the Mining Pool operates, in return for which we charge a Pool Fee to each Participant, which includes maintenance and electricity costs and other expenditures required to render the Service. The Pool Fee is applied to each Payout and is non-refundable.
- Participant acknowledges and agrees that (a) SVPool must receive the payment of each Pool Fee in order for SVPool to continue to operate the Platform, (b) given that the Pool Fee is calculated as a percentage of the Gross Payout, should the value of the Gross Payouts decline (including due to factors such as currency fluctuation and increased regulation), the total Gross Payouts of all of the participants may be insufficient to generate the necessary Pool Fees, and (c) in that case, SVPool may terminate this Agreement upon prior written notice to the Participant.
- SVPool may, from time to time, upon notice waive the Pool Fee for promotional and marketing purposes, in which case the Payout shall be equal to the Gross Payout during the period of such waiver.
G. Risk Notice
- Actions with Cryptocurrencies carry inherent risks. Cryptocurrencies may not be appropriate for everyone. By applying to be a Participant, you confirm that you have learned about Cryptocurrencies to ensure that they are appropriate for you, and accept the risks.
- Like all currencies, there are disadvantages to using Cryptocurrencies. Some of the risks particular to Cryptocurrencies include:
- currency fluctuation – the price of Bitcoin SV and/or any other Cryptocurrency may fall sharply and may even fall to zero;
- transactions with Cryptocurrencies may be unconfirmed for a period of time. Although very unlikely, some Cryptocurrency transactions may never be confirmed – Cryptocurrency transactions which are unconfirmed are not completed;
- transactions with Cryptocurrencies are irreversible – if you send any amount of any Cryptocurrency to the wrong person, you may be unable to recover those funds;
- Cryptocurrencies may be lost if you lose or forget any PINs or passwords necessary to access and spend those Cryptocurrencies;
- unknown technical defects inherent in Cryptocurrencies; and
- new regulation which impacts the use of Cryptocurrencies.
- You must not mine, buy, sell, exchange, hold, own or otherwise use or exploit Cryptocurrencies in any way which is prohibited by the laws or regulations which apply to you.
- Due to the fact that Cryptocurrencies are unregulated and decentralized, their value is not insured by any legal entities. The value of any amount of any Cryptocurrency is subject to change by SVPool due to a number of factors out of the control of SVPool. These factors include but are not limited to changes of mining difficulty and/or other mining parameters/properties, fluctuating price (in fiat currency to Cryptocurrency exchange rate, such as USD/BTC) of Cryptocurrencies. You understand and agree that the value of any Payout, and any amount of mined Cryptocurrency, may lose all value at any moment of time due to the nature of Cryptocurrencies.
- You understand that you are solely responsible for management of the Cryptocurrencies in your Wallet.
- Any information related to Cryptocurrency and Cryptocurrency mining that is/was posted, published and/or provided by SVPool via any channel of communication (including but not limited to: on the Website, in via email newsletter, in social media) is informational only and is subject to change.
- There is risk associated with hacking the Service, including denial of services attacks, malware attacks, mining attacks or consensus-based attacks.
- There are risks associated with usage of the Service through internet including the failure of hardware, software, configuration and internet connections. Without limitation SVPool will not be responsible for any configuration, connection or communication failures, disruptions, errors, distortions or delays Participant may experience when using SVPool Service, howsoever caused.
- IT IS NOT POSSIBLE FOR US TO STATE DEFINITIVELY HOW MANY CRYPTOCURRENCY UNITS, IF ANY, WILL BE MINED DURING ANY PAYOUT PERIOD.
- Participant acknowledges and agrees that the foregoing is informational only and is not an exhaustive list of all risks – in addition to the risks disclosed above, there are risks that SVPool cannot foresee.
H. Term and Termination
- Each Participant may terminate the Agreement, and close their Account at any time, following settlement of any pending transactions.
- Each Participant also agrees that SVPool may, by giving notice, at its sole discretion terminate their access to the Service and to their Account, delay or remove hosted content, and take technical and legal steps to terminate the Participant’s use of the Service if the Participant is in breach of the Agreement.
- SVPool may, by giving notice, at its sole discretion terminate access to the Service for more than one or all participants
- Accounts which are inactive for longer than twelve (12) months (no mining activity) may be deleted after three email warnings. Remaining Payout or shares associated with the Account will be considered as a donation to the Mining Pool with no further attribution or obligation to Participant.
- Upon termination, the Participant Account will be closed, and access to the Service revoked, and any Payout accrued by the effective date of such termination paid into the Wallet of the Participant.
- Without limiting any other rights we have, we may suspend access to your Account, and the Service, if you breach this Agreement, or if we have grounds to suspect that you are using the Service fraudulently or improperly until you are able to demonstrate to our satisfaction your identity and that no fraud or impropriety has occurred or been attempted.
- If you become aware of or suspect another person’s breach of this Agreement or any fraud or impropriety in connection with the Service, you must contact us immediately.
I. Use of Your Account
- You may only participate in the Mining Pool for your own benefit. By using the Service you confirm that you are not acting for the benefit of any other person or entity other than as expressly identified on your registration application.
- We are entitled to assume that any use of your Account is made by you. You are solely responsible and liable for any use of the Service under your Account or any other use of your username and password.
- You may only hold one Account. If you forget your username or password, you can use the password recovery option or contact SVPool support.
- DO NOT SHARE YOUR USERNAME AND PASSWORD WITH ANY OTHER PERSON OR ALLOW ANY OTHER PERSON TO USE YOUR ACCOUNT. WE ARE NOT LIABLE FOR ANY IMPROPER USE OF YOUR USERNAME, PASSWORD OR ACCOUNT BY YOU OR ANY OTHER PERSON. IF YOU HAVE REASONS TO ASSUME THAT ANY OTHER PERSON KNOWS YOUR USERNAME OR PASSWORD, OR THAT YOUR ACCOUNT HAS BEEN USED BY ANY OTHER PERSON, YOU MUST INFORM US IMMEDIATELY.
- In consideration for the Contribution, SVPool shall pay Participant a Payout in accordance with the Payout Schedule, the amount of which is determined by the Payout Algorithm. SVPool reserves the right to change the Payout Algorithm at any time in accordance with this Agreement.
- In the case of any dispute regarding the amount of the Payout, the calculation of the Payout determined by SVPool acting reasonably, shall govern.
- The Payout will be transferred to your Wallet. Participant is solely responsible for the accuracy of the Wallet address for the purpose of the Payout.
- Neither the Mining Pool, nor your Account, are an e-wallet or a bank for your coins. SVPool is not responsible for any loss of coins from your Wallet. It is your responsibility to configure your Account so that the Payout may be transferred to your own Wallet.
- It is the responsibility of the Participant to determine what, if any, taxes apply to the transactions it completes in connection with the Service, and to report and remit the correct tax to the appropriate tax authority. Participant agrees that SVPool is not in any case and under no conditions responsible for determining whether taxes apply to these transactions.
K. Restrictions and Obligations
- You agree to comply with all applicable laws and regulations, this Agreement and all rules applicable to the use of the Service.
- You agree not to falsely describe or otherwise misrepresent yourself in any dealings with SVPool.
- You are not allowed to abuse any campaigns, promotions or discounts provided from time to time in connection with the Service.
- You are not allowed to use any means to mask your internet traffic and IP address (such as Proxy, Tor, VPN and others).
- Each Participant is prohibited from using the Mining Pool in any way in connection with Multi-Level Marketing (MLM) and/or High-Yield Investment Projects (HYIP) systems.
- You are strictly forbidden to use or exploit errors in design of the Website, the Service and/or all and any of their parts, features which have not been documented, and/or “program bugs” for commercial/personal gain or as means to disrupt and/or destabilize the Service. If you encounter such an error by accident, you are required to report your findings to SVPool via [email protected]
- You are prohibited from directly or indirectly using botnets. Accounts with a large amount of participants connecting from different IP addresses may be suspended without prior notice.
- Participants suspected of dishonest, fraudulent or illegal activities may be banned without prior notice.
- The uptime of the Service is not guaranteed; maintenance and downtime may be required at times. Participants are responsible for configuring their Mining Rigs so that they will automatically reconnect or switch to a backup pool in the case of downtime.
- For greater certainty, maintenance of each Mining Rig of the Participant is the responsibility of the Participant.
- You agree not to use the Service in any way which is unlawful, may give rise to civil or criminal liability for SVPool, or may bring SVPool into disrepute.
- You hereby agree to indemnify and hold SVPool, its affiliates and their respective officers, employees, agents and providers harmless from and against any and all liability and costs (including reasonable legal fees) incurred by the Indemnified Parties in connection with any claim arising out of:
- any fraud or fraudulent misrepresentation, or negligence or negligent misrepresentation, you commit;
- any inaccuracy or defect of any of the information you have provided to us;
- any breach of applicable law or regulation you commit;
- any breach by you of this Agreement; and
- your use of the Service, or any use of your Account (whether or not such use was by you).
- We reserve the right, at our own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. You shall cooperate with us, at your own expense, in the defense of any claim.
- We provide and maintain the Website and the Service on an “AS IS” and “AS AVAILABLE” basis.
- To the maximum extent permitted by applicable law, we give no and actively disclaim all other representations, warranties, covenants and conditions, whether express, implied, statutory or otherwise, in connection with the Service, including merchantability, suitability, reliability, availability, timeliness, accuracy, satisfactory quality, fitness for a particular purpose or quality, title and non-infringement, and without limitation actively exclude all liability for:
- accuracy, currency or validity of information and material contained within and/or provided by the Website and otherwise by the Service, in email newsletters and social media, noting without limitation that occasional technical disruptions and human error may affect the Service and result in misrepresentation of content or miscommunication;
- any change in the exchange rate of any Cryptocurrency;
- any change in the difficulty of mining;
- any changes in applicable law or regulation, or the acts of any legislator or regulator;
- any interruptions to or error of the Website or the Service otherwise or other communications network;
- any amount or kind of loss or damage due to viruses or other malicious software that may infect a user’s computer equipment, software, data or other property caused by accessing the Service;
- any failure of the Service to be uninterrupted, harmless, secure or not corrupt or damaged, meet Participant’s requirements, achieve any intended results, be compatible or work with any other software, applications, systems or services, meet any performance standard or be error free, or to correct any errors or defects; and
- all other representations, warranties, covenant and conditions which, but for this notice, would have effect.
- We will not be liable in any amount for any failure to perform any obligation under this Agreement if that failure is caused by the occurrence of an event beyond our reasonable control.
- SVPool, its affiliates and their respective officers, employees and agents to the maximum extent permitted by applicable law, whether in contract, warranty, tort (including negligence, whether active, passive or imputed), product liability, strict liability or other theory, arising out of or relating to the use of the Service, or inability to use the Service or under any other document or agreement executed and delivered in connection herewith or contemplated hereby, will not be liable to Participant or anyone else, for any damages of any kind, including direct, consequential, incidental, special or indirect damages including lost profits, losses or damages; loss of anticipated savings; loss of business opportunity and management time; loss of goodwill; loss of Cryptocurrency arising as a result of any of your acts or omissions or those of any third party; loss arising out of or in connection with: any defect or insecurity in any systems you use to store or transmit Cryptocurrency or to access or use the Service; any inaccurate or incomplete information you provide, including Wallet addresses; any changes to the amount of Cryptocurrency awarded to Participants; any changes to the regulatory, legislative or technical environment applicable to Cryptocurrencies; the acts or omissions of any bank or provider of banking services; or any change in the value of Cryptocurrency howsoever arising (including as a result of the acts or omissions of SVPool).
- You agree that the allocation of liability set out in this Agreement is reasonable and appropriate in light of the nature of the Service.
N. Intellectual Property
- SVPool retains all copyright and other intellectual property rights in connection with the Service, including inventions, discoveries, knowhow, processes, marks, methods, compositions, formulae, techniques, information and data, whether or not patentable, copyrightable or protectable in trademark, and any trademarks, copyrights or patents based thereon over all content and other materials contained on Site or provided in connection with the Service, including, the SVPool logo and all designs, text, graphics, pictures, information, data, software, source code, as well as the compilation thereof, sound files, other files and the selection and arrangement thereof. These material is protected by copyright laws and other intellectual property right laws.
- SVPool hereby grants User a limited, nonexclusive, revocable, non-transferrable and non-sublicensable license to access and use the Service for the personal or internal business use of the Participant (the “Purpose”). Such license is subject to this Agreement and does not permit any resale, the distribution, public performance or public display, modifying or otherwise making any derivative uses, use, publishing, transmission, reverse engineering, participation in the transfer or sale, or any way exploit any of the copyrighted work and other intellectual property other than for the Purpose. This granted license will automatically terminate if SVPool suspends or terminates access to the Account or the Service.
- Our failure to enforce any term of this Agreement does not constitute our waiver of that term.
- If any part of this Agreement is found to be unenforceable, it will be amended to the minimum extent necessary to make it enforceable and the remainder of the provisions will remain in full force and effect.
- Without limitation, no representation, warranty or covenant is made as to whether the Website or the Service complies with the laws of any jurisdiction.
- The parties submit to the exclusive jurisdiction of the courts of Antigua and Barbuda. These terms of service are subject to and interpreted in accordance with the laws of Antigua and Barbuda.
- The Website may be presented in multiple languages. In the case of a conflict between translations, the English version will prevail.
- SVPool will be entitled to assign and otherwise transfer the Agreement. You may not assign and otherwise transfer the Agreement.