Terms and Conditions
This Mining Agreement (“Agreement”) is between the Member, and Prophetek Limited, Cyprus (“PL”), owner of Mining City site under the address www.miningicty.com (collectively, “Parties”) and is effective (entered into), and its terms are accepted by you, upon payment of the mining pool fee (“Fee”). By agreeing to these terms, the Member confirms that he or she is an accredited investor.
The Parties agree that, upon payment of the Fee:
- Member’s membership account will be loaded with a mining (plan) unit;
- Member’s mining (plan) unit is a virtual unit of the digital asset mining plan;
- Member’s mining (plan) unit is an economic interest in a digital mining plan;
- Member’s mining (plan) unit is a joined unit with other members’ units;
- Member is entitled to a daily allocation of digital assets generated in the plan;
- Member’s interest in the digital assets from the pool is proportionate to all units in the pool;
- The amount of digital assets generated in the plan is related to the digital asset mining (hashing) power of the mining pool;
- Member’s shall have control over the digital assets allocated to Member’s account;
- Member’s mining (plan) unit expires after the number of production (mining) days affiliated with the selected mining plan, or upon a plan’s extended suspension (discussed below);
- The Fee will be allocated: (a) 63% to acquire and deploy additional digital asset mining (hashing) equipment to the plan, and for other expenses related to this activity; (b) 35% to PL member(s) (commissions) in accordance with the Compensation Plan; and (c) 2% to PL for general and administrative expenses;
- PL will, directly or indirectly, purchase and deploy digital asset mining equipment into the mining pool at the earliest opportunity, but no longer than after 30 days from the effective date of this Agreement. After mining start and withdrawal is available, PL is allowed to request further user information to comply to KYC and AML regulations;
- PL reserves the right to transfer member’s BTC payments into USD in order to preserve the value of funds;
- PL does not guarantee ROI period or stated income. Any possible income is dependent on price of crypto currency, electricity, maintenance and other factors that may inhibit proper ROI cycle;
- PL will perform its duties with professionalism and utmost diligence. However, due to factors stated in 13. above, no financial guarantees to Members are provided herein and since the services are provided by a third party, all risks connected thereto should be understood and identified by the Members.
- Members shall not use VPN to overcome site restrictions. PL is not legally responsible for any occurrence of VPN use by Members.
The Parties further agree that:
- Unitization and Pooling Rights. Member’s pool share shall be treated as a unit of the digital asset mining pool, and PL is hereby given the right to combine (pool) such units.
- Deferred Deployment. The Parties acknowledge that digital mining equipment may not be immediately available for purchase, and power may not be immediately available to supply to newly acquired digital mining equipment, and both may delay mining equipment deployment.
- Pool Equipment Possession and Maintenance. Member agrees that PL shall retain sole possession and control of, directly or indirectly, and shall maintain, all digital asset mining equipment in the mining pool.
- Unproductive. Temporary Pool Suspension PL management may temporarily suspend any particular pool based on that pool’s composite productivity. PL management will only suspend a pool in the best interest of PL members. If pool operations are suspended for more than twenty (20) consecutive days, the suspension is considered an “extended suspension.”
- Taxes. Member assumes all tax obligations relating to Member’s allocated pool proceeds according to their country of tax residence laws and regulations.
- No Encumbrances. Member shall not enter pledge or encumber its interest in the mining pool.
- Entire Agreement. This Agreement constitutes the entire agreement between the Parties.
- Non-Waiver. No provision shall be waived by any act or knowledge of the Parties.
- Member Waivers. Member waives all rights and remedies to (i) cancel, repudiate, reject, or revoke this Agreement; (ii) recover damages for any services supplied by third party, including breach of warranty or any other reason; (iii) claim a security interest in any property in PL’s possession.
- Assignment. Member shall not assign or transfer its rights under this Agreement; however, PL may assign its obligations under this Agreement.
- Amendments. This Agreement may only be amended in the digital form. Members will be notified of changes in the provisions of the Agreement via e-mail.
- Binding Effect. This Agreement is binding upon the Parties and their respective successors.
- Withdrawal from the contract. Member has 72 hours to withdraw from the agreement. Upon withdrawal all funds are returned. In order to withdraw from the Agreement, Member has to notify PL by contacting through contact form on www.miningcity.com. Money can only be withdrawn after completing a “Know Your Client” identification procedure.
- Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of Cyprus.
- Severability. If any provision of this Agreement shall be invalid the remainder of this Agreement shall not be affected thereby.
- Counterparts. This Agreement may be executed in counterparts, each deemed an original.
- Confidentiality of Agreement. The terms and conditions of this Agreement shall remain confidential.
- Notice. Any notices under this Agreement shall be through the membership account.
- Arbitration. Any dispute concerning this Agreement shall be settled by two arbitrator’s, the Member has the right to appoint one arbitrator and PL has the right to appoint one arbitrator. If the arbitrator’s do not reach a settlement, they can appoint a third arbitrator with the final voice.
- Please make sure you review and accept the specifications of mining mentioned in the plan you purchased before approving the agreement and payment.