Mining Pool Terms

Last Updated: 04 September 2024.

A. Acceptance of these Terms 

1. By using the Mining Pool Services, you acknowledge and agree that you will be bound by and will comply with these mining pool service terms (“Mining Pool Terms”), as updated and amended from time to time. By accessing and/or using the Mining Pool Services, you agree that you have read and understood these Mining Pool Terms, together with any additional documents or terms referred to in these Mining Pool Terms. If you do not understand and accept these Mining Pool Terms in their entirety, you should not use the Mining Pool Service.

   B. Scope of these Terms and Changes

2. These terms specifically govern your access to and use of the “Mining Pool” (sometimes referred to as ‘Binance Pool’) service and any ancillary services made available by Binance (“Mining Pool Services”) in accordance with these Mining Pool Terms.

3. These Mining Pool Terms are supplemental to and shall be read together with the Binance Terms of Use available here (“Terms of Use”) and the provisions set out in the Terms of Use shall continue to apply. All terms and clauses contained in the Terms of Use (except to the extent expressly modified herein) are incorporated by reference and have the same force and effect as if set out in their entirety in these Mining Pool Terms. These Mining Pool Terms constitute Product Terms. References in the Terms of Use to the Binance Services shall include references to the Mining Pool Services contemplated hereunder. In the event of any conflict or inconsistency between these Mining Pool Terms and the Terms of Use, these Mining Pool Terms shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise.

4. Binance may make changes to these Mining Pool Terms (or any terms or information incorporated by reference) at any time in accordance with the Terms of Use.

   C. How to participate in the Mining Pool

5. The Mining Pool Service enables you to access the Mining Pools available on the Platform and contribute your Hashrate in order to help validate blocks and earn rewards. 

6. When using the Mining Pool Service, you need to:

   a. select the Mining Pool to which you will to contribute your Hashrate;

   b. use Mining Hardware, install the necessary mining software, and connect your Mining Hardware to the Mining Pool; 

   c. follow all of Binance’s directions in relation to any technical (such as recommended hardware or software), rules procedures, or other requirements published on the Platform, which may be updated from time to time; and

   d. create a Mining Pool Account, or sub-accounts to your Mining Pool Accounts, as directed by Binance.

7. Binance may refuse to provide the Mining Pool Service to you at any time, for any reason, in its sole discretion. In no circumstances will Binance have any liability to you whatsoever for any loss, damage or penalty that may be suffered or incurred, whether arising directly or indirectly, out of any decision by Binance to not provide the Mining Pool Service to you. 

8. Although you may connect to Binance Pool and contribute Hashrate without prior consent, there may be certain circumstances in which Binance will not distribute Mining Pool Rewards to you. These circumstances include, but are not limited to, situations where your participation in the Mining Pool, or the distribution of Mining Pool Rewards to you, is not permitted by or may result in contravention of Applicable Laws, or if Binance determined that the Mining Pool Services are not available to you. In such cases, Binance is under no obligation to distribute any Mining Pool Rewards.

   D. Mining Account 

9. You must create an account to record the Hashrate that you contribute to Mining Pools (“Mining Pool Account”). You may also be required to create a sub-account to your Mining Pool Account. Sub-accounts may be required to record, manage and monitor the Hashrate that you contribute to a particular proof of work protocol or Mining Pool.

10. To be eligible to receive rewards from your participation in the Mining Pool Services, you must connect your Mining Pool Account and any sub-accounts to the relevant Mining Pools. You hereby acknowledge and accept that it is your sole responsibility to satisfy all other Platform requirements and keep your account details up-to-date, as Binance may determine from time to time and at its sole discretion, to remain eligible to receive the Mining Pool Rewards. A failure to comply with such requirements may result in your forfeiture of the Mining Pool rewards. 

    E. Calculation methods

11. Binance uses the following methods to determine the quantity of Digital Assets you will be awarded for the Hashrate that you contribute to a Mining Pool (“Mining Pool Rewards”):

    a. the Full Pay Per Share Methodology (FPPS). Pursuant to the FPPS methodology, you are awarded Digital Assets for the Hashrate you contribute to the Mining Pool, whether or not the contribution of your Hashrate results in the Mining Pool generating any Block Rewards or Transaction Fees on a relevant proof of work protocol.

    The number of Digital Assets you are awarded is calculated by reference to the computational power you provide, as follows:

    Digital Assets awarded = Theoretical Average Daily Settlement Earnings * (1 + Transaction Fee Rate) * (1 - Mining Pool Fee Rate)

    b. the Pay Per Share Methodology (PPS). Pursuant to the PPS methodology, you are awarded Digital Assets for each Mining Share you contribute to the Mining Pool. You are awarded Digital Assets for each Mining Share, whether or not the contribution of your Hashrate results in the Mining Pool generating any Block Rewards on a relevant proof of work protocol. You will not be awarded any Transaction Fees if this methodology is used.

    The number of Digital Assets you are awarded is calculated by reference to the number of Mining Share you contributed, as follows:

    Digital Assets awarded = (1 / Difficulty * Block Reward)

    c. the Pay Per Share + Methodology (PPS+). You are awarded Digital Assets in the same manner as PPS. However, you will also be awarded Transaction Fees. Transaction Fees are awarded based on the number of Mining Pool Shares you contributed to the Mining Pool.

    d. Pay Per Last N Shares Methodology (PPLNS). With PPLNS, miners’ payout is related to the blocks mined out actually. Pursuant to the PPLNS methodology, you are awarded Digital Assets based on the number of Mining Pool Shares you contributed to the Mining Pool. The number of Digital Assets you are awarded is calculated as follows:

    Digital Assets awarded = Block Reward * (Mining Shares that you contributed / total number of Mining Shares contributed by all users in the Mining Pool between the two most recent Last N Shares)

12. The Theoretical Average Daily Settlement Earnings and Transaction Fee can be found on a Block Explorer. The Mining Pool Fee Rate is published on the Platform, and may change from time to time. Mining Pool Fees are deducted from Digital Assets awarded to you before they are distributed to your Mining Pool Account. 

    F. Settlement Cycle and Payment

13. The Settlement Cycle starts at 00:00 (UTC) and ends at 00:00 (UTC) the next day.

14. At the end of the Settlement Cycle, Mining Pool Rewards will be credited to your Mining Pool Account or your designated third party wallet address for selected Digital Assets, as determined by Binance, at or before 10:00 (UTC) on the immediately following day. Where applicable, you must provide us with a valid third party wallet address to receive the relevant Mining Pool Rewards for selected Digital Assets, including Elastos (ELA). It is your sole responsibility to provide us with a valid third party wallet address and we will not be liable for your failure to provide us with such a valid third party wallet address, which may result in your loss or forfeiture of relevant Mining Pool Rewards. 

15. In the event that the Mining Pool you have Subscribed to successfully mines a block on the relevant protocol, the Mining Pool Rewards credited to your Mining Pool Account will be in the same Digital Asset awarded by the protocol that your Hashrate was used to mine. 

    G. Specific Liability, Warranty Limitation and Declarations 

16. Binance will not be liable for any loss arising out of, or connected with these Mining Pool Terms, including, but not limited to:

    a. the failure, in part or in full, by you to provide Hashrate to Binance as a result of loss of power to hardware operated by you, network interruptions, network operator outages, or other malfunctions

    b. the unavailability or downtime of the Mining Pool for whatever reason; and

    c. any loss of data or damage to any hardware or software. 

17. You acknowledge that:

    a. The mining process is very demanding on the computing power of your hardware, which can cause an increase in electricity consumption, for which you are responsible, and accelerate wear on some hardware; and

    b. It is your responsibility to set up your software and hardware, including any individual components. Binance is not responsible for any Losses arising from or in connection with incorrect or incomplete setup, or your failure to follow any guidelines prescribed by Binance on the Platform.

18. You confirm that your Mining Hardware has been acquired using your own legitimate funds in accordance with Applicable Laws.

    H. Definitions

    Block Explorer means software for visualising blocks, transactions, and blockchain network metrics (as the theoretical average daily settlement earnings or transaction fee rate).  

    Block Reward means the Digital Assets awarded to a miner or mining pool for solving a block on a proof of work network

    Difficulty means the measure of how difficult it is to generate a Mining Share, in terms of how much Hashrate is required. This value can be found on a Block Explorer.

    Eligible Mining User means users who use the Mining Pool Service. 

    FPPS has the meaning given to it in clause 11(a). 

    Hashrate means the computational power you connect and contribute to the Mining Pool, in accordance with these Mining Pool Terms.

    Last N Shares means a Mining Share that results in a Block Reward.

    Mining Hardware means the equipment required to participate in the Mining Pool Service.

    Mining Pool means a mining pool operated by Binance.

    Mining Pool Account has the meaning given to it in clause 9.

    Mining Pool Fee Rate means the mining fees charged by Binance to participate in the Mining Pool.

    Mining Pool Rewards has the meaning given to it in clause 11.

    Mining Pool Service has the meaning given to it in clause 2.

    Mining Share means a proof of work that you submit to a Mining Pool when you provide Hashrate.

    Mining Pool Terms means these terms and conditions.

    Savings Offer has the meaning given to it in the Simple Earn Terms. 

    Settlement Cycle means the period during which the Mining Pool Rewards are calculated and at the end of which, they are distributed.

    Subscribe has the same meaning given to it in the Simple Earn Terms. 

    Subscriptions Limits means the minimum and maximum amounts of Mining Pool Rewards you may earn from the Mining Pool Services, users, or the quantity of any other matter that Binance may determine from time to time and at its sole discretion, that may be used to subscribe to a Simple Earn Offer.

    Theoretical Average Daily Settlement Earnings means the estimated Digital Assets awarded for the Hashrate provided to a proof of work network.

    Transaction Fees means fees users of a proof of work network are charged, as published on a Block Explorer.