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Physical Mining Machine Hashrate Rental Service Agreement
2020-11-20 10:55

Bibox Technology Ltd. (hereinafter referred to as "the company"or "Bibox") is a company incorporated in the Republic of Estonia under the laws of the Republic of Estonia, and operates the website https://www.bibox.com (hereinafter referred to as "this Website" or "the Website"), which is a platform dedicated to the transaction of digital assets and the provision of related services (hereinafter referred to as "the Services").

Bibox physical mining machine leasing service agreement (hereinafter referred to as the "Agreement") is the relevant terms of service and risk statement made by Bibox platform and its users regarding the physical mining machine leasing service under the mining investment section of [Bibox private bank zone].

User acknowledges that the user has fully read, understood and accepted all contents of this agreement before acceptance of the service. Once the user signs this agreement or uses the service by checking the "agree" box or clicking the "agree" button, it means that the user has fully understood this agreement and entered into and accepted this agreement in the form of a data message between the user and Bibox. If you do not agree to be bound by these terms, please do not access or use the service.



I.【Specific Definition】


1) digital assets: the people's bank of the People's Republic of China and other five ministries jointly issued a notice in 2013, specifying that digital assets are a specific virtual commodity, and citizens can have the freedom to participate in transactions at their own risk. Virtual goods owned by citizens shall be protected by law. This agreement refers specifically to bitcoin /BTC.

2) computational power: refers to the speed at which an integrated circuit chip can complete a mathematical program. In the blockchain network, the blockchain consensus code will set encrypted random numbers regularly, and its solution can only be achieved by automatically generated random numbers. Therefore, the number of times a miner can work out the solution per second represents the computing power. The calculation unit in this agreement is [One billion hashes/Second/tera-hashes per Second/TH/s], hereinafter referred to as TH/s.

3) mining machine: refers to the digital asset production tool including integrated circuit chip, motherboard, network interface, radiator, power supply, and other components. When a miner joins a blockchain network and works out a random number, it gets a block reward in exchange for producing digital assets.

4) mining pool: due to the continuous rise of the overall computational power of the blockchain network, a small amount of computing power cannot get block rewards on the blockchain network. An organization that combines computing power and creates an open interface to accommodate more computing power to receive a larger percentage of block awards is called a pool. The pool will pay the digital assets generated by the pool in proportion to the computing power that participates in the joint operation.

5) mining machine output: refers to the number of digital assets produced by mining machines in a fixed time; There is no standard reference value for mining machine output, which is affected by the fluctuation of computing power of blockchain network, adjustment of computational power difficulty and proportion of mining pool in the whole network. In this agreement, mining machine output shall be the [daily theoretical benefit] shown by www.f2pool.com. 

6) Force majeure: unforeseeable, unavoidable and insurmountable objective conditions of both parties, including but not limited to natural disasters, social and political turmoil and war, as well as technical difficulties, malfunction of machinery and equipment, malfunction of the trading system, etc.



II. [Content of services]


1. Bibox uses its own system and hardware partners to provide users with digital currency mining machine computing leasing, digital currency mining machine leasing, digital currency mining machine hosting and other services/products that may be added based on this Bibox and [Bibox private banking zone].


2. With respect to the registration information provided by the user, the user agrees:

 (1) provide legal, true, accurate and detailed personal data;

(2) update user information in time in case of any change. If the registration information provided by the user is illegal, untrue, inaccurate or incomplete, the user shall bear the corresponding responsibilities and consequences, and Bibox reserves the right to terminate the user's use of Bibox's services.

(3) As of the signing of this agreement, no cooperation or agency agreement has been entered into with any third-party individual or group. Bibox platform does not censor or approve any third-party websites that request access to the Bibox private banking services and does not assume any responsibility for such websites. If you do not trust the site in the action of requesting your information, you should not approve the request.

(4) not to interfere with our services or attempt to access the website and services by any means other than the interface and instructions provided by Bibox. Otherwise, one will be liable for any direct or indirect loss or damage caused by a breach of these terms of service.


III. [The provision, modification, and termination of services]


(1) the mining machine is a special virtual commodity, and its rent includes the electricity fee, land use fee and other fees that must be paid in advance to a third party or government department. Therefore, no refund can be made if Bibox does not violate the agreement obligation.

(2) You own your data and retain access to such data. If the service is terminated or suspended due to Bibox, it will give you a reasonable advance notice to allow you to export the data information from the server and obtain the agreed compensation.


IV. [Risks, accidents and partial disclaimers]


(1) due to force majeure including but not limited to war, unforeseeable natural disasters, non-human accidents, and other force majeure causes, the mine may stop production and work, and the user cannot continue to provide computing power, and the user shall clearly understand and recognize this risk.

(2) when the mine is shut down due to government policy adjustment, blockchain network code error, algorithm cracking, 51% attack or large-scale node closure, etc., it is an unexpected human factor. Bibox platform will calculate the remaining lease cycle and return 50% of the computing power rent of the remaining lease cycle.


V. [ About these terms of service]


Bibox may change, modify, add or remove parts of the terms of service or additional terms that apply to a service, for example, to reflect changes in the law or changes in our services. You should check these terms of service regularly. If you do not agree with the modified Terms of the service, you shall not continue to use the service.

If there is a conflict between the terms of service and the additional terms, the additional terms will take precedence when you use the relevant services. Any dispute arising out of or in connection with these terms of service or services shall be settled by the laws of Singapore. All claims arising out of or in connection with these terms of service or services will be submitted to the Singapore international arbitration center, and you and Bibox platform agree that such arbitration center has jurisdic.



Bibox Team
Official Website:https://www.bibox.com/
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