Binance Cloud Mining Terms
Last Updated: 4 September 2024
A. Acceptance of these Terms
By using the Cloud Mining Services, you acknowledge and agree that you will be bound by and will comply with these cloud mining terms (“Cloud Mining Terms”), as updated and amended from time to time. By accessing and/or using the Cloud Mining Services, you agree that you have read and understood these Cloud Mining Terms, together with any additional documents or terms referred to in these Cloud Mining Terms. If you do not understand and accept these Cloud Mining Terms in their entirety, you should not use the Cloud Mining Services.
B. Scope of these Terms and Changes
These terms specifically govern your access to and use of the Cloud Mining Services and any ancillary services made available by Binance (“Cloud Mining Services”) in accordance with these Cloud Mining Terms.
These Cloud Mining 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 Cloud Mining Terms. These Cloud Mining Terms constitute Product Terms. References in the Terms of Use to the Binance Services shall include references to the Cloud Mining Services contemplated hereunder. In the event of any conflict or inconsistency between these Cloud Mining Terms and the Terms of Use, these Cloud Mining Terms shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise.
Binance may make changes to these Cloud Mining Terms (or any terms or information incorporated by reference) at any time in accordance with the Terms of Use.
C. How to participate in Cloud Mining
By Subscribing to the Cloud Mining Services, you agree to purchase Hashrate from Binance, and use such purchased Hashrate (“Purchased Hashrate”) as part of the Mining Pool Services to validate blocks and earn rewards.
When using the Cloud Mining Service, you need to agree to:
a. the Cloud Mining Days;
b. the Total Hashrate;
c. the Electricity Fee;
d. the Hashrate Fee; and
e. the Mining Pool to which you will contribute your Purchased Hashrate (“Relevant Mining Pool”).
Binance may refuse to provide the Cloud Mining Services to you at any time, for any reason, in its sole and absolute discretion, including but not limited to any Subscription Limits being reached.
D. Payment and Cancellation
You will transfer the Hashrate Fee and Electricity Fee (“Total Fees”) to us on the day you Subscribe.
The Total Fees will be deducted from your Binance Account in the Digital Assets identified by Binance at the time you Subscribe.
E. The Total Hashrate, Delays, and Allowances
Computational power generated by Binance is calculated by reference to a Hashrate.
You will be able to see the Purchased Hashrate generated on your behalf on the Platform, in a manner and frequency determined by Binance from time to time in its discretion.
Binance is only obliged to provide you with 95% of the Total Hashrate, but it will use reasonable efforts to provide 100% of the Total Hashrate within the Cloud Mining Days. If Binance fails to deliver at least 95% of the Total Hashrate within the Cloud Mining Days:
a. it will provide the Remaining Hashrate within 30 days of the end of the Cloud Mining Days (“Extended Term”); or
b. thereafter, if Binance determines that it cannot provide, or does not provide, you with the Remaining Hashrate within the Extended Term, you will receive Cloud Rewards calculated in accordance with Section F for the Remaining Hashrate within 30 business days of the end of the Extended Term.
You agree that Cloud Rewards paid to you pursuant to these Cloud Mining Terms are in full and final settlement and satisfaction of our entire liability to you in respect of any Claim, actual or potential, that you have or may have against Binance and/or Binance Affiliates, including but not limited to any loss or damage directly or indirectly arising from any failure to provide the Total Hashrate within the Cloud Mining Days, whether or not that loss or damage was reasonably foreseeable. You irrevocably and unconditionally waive, and release and forever discharge, Binance and/or any Binance Affiliates from any and all actual or potential Claims which you have or may have against Binance and/or any Binance Affiliates arising out of or in connection with these Cloud Mining Terms, whether directly or indirectly. Reference to “potential Claims” for the purposes of these Cloud Mining Terms includes any Claims that you have or may have, or subsequently have or may have, including rights obtained from third parties by any means whatsoever including by way of assignment, novation or subrogation. You acknowledge and accept that the Cloud Rewards are an adequate remedy and that you shall not be entitled to any other claims or remedies at law or in equity, including but not limited to, any claim in rem, injunction, and/or specific performance.
F. Calculation of Cloud Rewards
If Binance compensates you pursuant to Clause 12(b) (“Cloud Rewards”), the Cloud Rewards will be an amount equivalent to the estimated future mining revenue of the Remaining Hashrate and will be calculated by Binance in its discretion with reference to FPPS methodology, the prevailing network difficulties and average transaction fee estimates of the applicable blockchain network.
For the purposes of this clause, “FPPS” shall have the meaning given to it in the Mining Pool Terms.
G. Early Termination
We may terminate the Cloud Mining Services at any time at our discretion. If we terminate your Cloud Mining Service before the final Cloud Mining Day, we will provide you with a refund. To the extent possible, the refund will be paid in the same form of Digital Assets in which you have paid Total Fees and will be calculated by Binance in its discretion with reference to the following formula (“Refund”):
Refunds will be paid out by Binance without undue delay.
You have no right to terminate the Cloud Mining Services early.
H. Use of Computational Power
The Purchased Hashrate will be used as part of the Mining Pool Service.
The calculation and distribution of Digital Assets to your Binance Account shall be in accordance with the Mining Pool Terms, with the following modifications:
a. Binance may specify a different fee that may apply if you use both the Cloud Mining Service and the Mining Pool Service; and
b. any additional fees will be published on the Binance website.
Definitions
Cloud Mining Service has the meaning given to it in clause 2.
Cloud Mining Days means the number of days over which Binance agrees to provide you with at least 95% of the Total Hashrate.
Cloud Mining Terms means these terms and conditions.
Cloud Rewards means the Digital Assets that we will provide you if we do not deliver at least 95% of the Total Hashrate, in accordance with clause 12(b) and clause 14.
Electricity Fee means the amount Binance will charge you for the electricity needed to provide you with the Cloud Mining Services.
Extended Term has the meaning given to it in clause 12(a).
Hashrate means the measure that Binance uses to determine the quantity of the computational power it provides you, which may differ depending on the Cloud Mining Service to which you Subscribe.
Hashrate Fee means the fees that Binance charges for the Total Hashrate it provides you.
Mining Pool has the meaning given to it in the Mining Pool Terms.
Mining Pool Service has the meaning given to it in the Mining Pool Terms.
Mining Pool Terms means the Mining Pool Terms.
Purchased Hashrate has the meaning given to it in clause 5 and refers to the computational power, however measured, that Binance has generated for you in accordance with these Cloud Mining Terms.
Refund has the meaning given to it in clause 16.
Relevant Mining Pool has the meaning given to it in clause 6(e).
Remaining Hashrate means the difference between 95% of the Total Hashrate and the Purchased Hashrate that Binance generated on your behalf at the end of the final Cloud Mining Day.
Subscribe means subscribing to a Cloud Mining Service offered by Binance.
Subscriptions Limits means the minimum and maximum amount of any matter, that Binance may determine and refer to in its sole discretion from time to time, that will limit the availability of the Cloud Mining Service.
Total Hashrate means the total amount of computational power that Binance agrees to generate for you in accordance with these terms.
Total Fees has the meaning given to it in clause 8.
