HASHMAX TERMS AND CONDITION
HASHMAX GENERAL APPLICATION TERMS AND CONDITION
1. CONFIDENTIAL INFORMATION.
The Customer may not disclose Confidential Information, except to agents or professional advisors who need to know it and who have agreed in writing (or in the case of professional advisors are otherwise bound) to keep it confidential. The Customer shall ensure that those persons and entities use the received Confidential Information only to exercise rights and fulfill obligations under this Agreement, while using reasonable care to maintain the confidentiality of such information.
The Customer is permitted to state publicly that it is a customer of the Service, consistent with the Trademark Guidelines. If the Customer wants to display Hashmax in connection with its use of the Services, the Customer must obtain written permission from Hashmax through the process specified in the Trademark Guidelines. The Customer shall not issue any press release or make any other public communication with respect to this Agreement or the Customer’s use of the Services.
3. REPRESENTATIONS AND WARRANTIES.
Each party represents and warrants that: (i) it has full power and authority to enter into the Agreement; and (ii) it will comply with all laws and regulations applicable to its provision, or use, of the Services, as applicable. Hashmax warrants that it will provide the Services in accordance with the applicable Service Level Agreement (if any).
EXCEPT AS EXPRESSLY PROVIDED FOR IN THIS AGREEMENT, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, HASHMAX, ITS AFFILIATES, AND ITS SUPPLIERS DO NOT MAKE ANY OTHER WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE AND NON-INFRINGEMENT. HASHMAX, ITS AFFILIATES, AND ITS SUPPLIERS ARE NOT RESPONSIBLE OR LIABLE FOR THE DELETION, FAILURE TO STORE, OR ANY LOSS OF ANY CUSTOMER DATA, INCLUDING BLOCKCHAIN DATA AND CRYPTOCURRENCY REWARDS DERIVED, MAINTAINED, OR TRANSMITTED THROUGH USE OF THE SERVICES. THE CUSTOMER IS SOLELY RESPONSIBLE FOR SECURING ITS CUSTOMER DATA AND CRYPTOCURRENCY REWARDS. NEITHER HASHMAX, ITS AFFILIATES, NOR ITS SUPPLIERS, WARRANTS THAT THE OPERATION OF THE SOFTWARE OR THE SERVICES WILL BE ERROR-FREE OR UNINTERRUPTED. HASHMAX, ITS AFFILIATES, AND ITS SUPPLIERS ARE NOT RESPONSIBLE OR LIABLE FOR ANY LOSSES OR OPPORTUNITY COSTS RESULTING FROM BLOCKCHAIN NETWORK AND PROTOCOL OR THIRD-PARTY SOFTWARE ISSUES, WHICH MAY IN TURN RESULT IN THE INABILITY TO PROCESS TRANSACTION ON THE BLOCKCHAIN AT ALL OR WITHOUT INCURRING SUBSTANTIAL FEES.
5. LIMITATION OF LIABILITY
5.1. LIMITATION OF INDIRECT LIABILITY.
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, HASHMAX, THE CUSTOMER, AND HASHMAX’s SUPPLIERS, SHALL NOT BE LIABLE UNDER THIS AGREEMENT FOR LOST REVENUES, OPPORTUNITY COSTS, OR INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, EVEN IF HASHMAX KNEW OR SHOULD HAVE KNOWN THAT SUCH DAMAGES WERE POSSIBLE AND EVEN IF DIRECT DAMAGES DO NOT SATISFY A REMEDY. THIS LIMITATION OF LIABILITY DOES NOT APPLY TO VIOLATIONS OF HASHMAX’s INTELLECTUAL PROPERTY RIGHTS, INDEMNIFICATION OBLIGATIONS, OR THE CUSTOMER’S PAYMENT OBLIGATIONS.
5.2. LIMITATION OF AMOUNT OF LIABILITY.
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NEITHER HASHMAX NOR HASHMAX’s SUPPLIERS, MAY BE HELD LIABLE UNDER THIS AGREEMENT FOR MORE THAN THE AMOUNT PAID BY THE CUSTOMER TO HASHMAX UNDER THIS AGREEMENT, MINUS ANY CRYPTOCURRENCIES GENERATED OR RECEIVED BY THE CUSTOMER AS A RESULT OF THE CUSTOMER’S USE OF THE SERVICES.
Unless prohibited by applicable law, the Customer will defend and indemnify Hashmax and its Affiliates against any settlement amounts approved by the Customer and damages and costs finally awarded against the Customer and its affiliates by a court of competent jurisdiction in any formal legal proceeding filed by an unaffiliated third party before a court or government tribunal (including any appellate proceeding) to the extent arising from the Customer’s use of the Services.
7. GENERAL PROVISIONS
The Customer will not assign or otherwise transfer this Agreement or any of the Customer’s rights and obligations under this Agreement, without the prior written consent of Hashmax, which may be unreasonably withheld. Any assignment or transfer in violation of this Section 13.1 will be void. In addition, the Customer shall be the beneficial owner of any cryptocurrencies generated and/or received as a result of the Customer’s use of the Services under this Agreement. Hashmax may assign this Agreement without the Customer’s consent (i) in connection with a merger, acquisition or sale of all or substantially all of our assets, or (ii) to any Affiliate or as part of a corporate reorganization; and effective upon such assignment, the assignee is deemed substituted for Hashmax as a party to this Agreement and Hashmax is fully released from all of its obligations and duties to perform under this Agreement. Subject to the foregoing, this Agreement will be binding upon, and inure to the benefit of the parties and their respective permitted successors and assigns. The Customer may not merge this Agreement with any other agreements with Hashmax it may be party to.
7.2. CHANGE OF CONTROL.
If a Customer experiences a change of Control (for example, through a stock purchase or sale, merger, or other form of corporate transaction): (i) the Customer will give written notice to the other party within thirty days after the change of Control; and (ii) Hashmax may immediately terminate this Agreement any time between the change of Control and thirty days after it receives that written notice.
Any dispute, controversy, difference or claim arising out of or relating to this Agreement or relating in any way to the Customer’s use of the Service, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to the Agreement shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (SIAC) under the SIAC Arbitration Rules in force when the Notice of Arbitration is submitted. If for any reason a claim proceeds in court rather than in arbitration, Hashmax and the Customer waive any right to a jury trial. Notwithstanding the foregoing Hashmax and the Customer agree that Hashmax may bring suit in court to enjoin infringement or other misuse of Hashmax’s intellectual property rights. The law of this arbitration clause shall be Singapore law.
7.4. ENTIRE AGREEMENT.
This Agreement sets out all terms agreed between the parties and supersedes all other agreements between the parties relating to its subject matter. In entering into this Agreement, neither party has relied on, and neither party will have any right or remedy based on, any statement, representation or warranty (whether made negligently or innocently), except those expressly set out in this Agreement. The terms located at a URL referenced in this Agreement and the Documentation are incorporated by reference into the Agreement. After the Effective Date, Hashmax may provide an updated URL in place of any URL in this Agreement.
7.5. FORCE MAJEURE.
Hashmax and its affiliates will not be liable for any failure or delay in performance of obligation under this Agreement where the failures or delay results from any cause beyond our reasonable control, including, but not limited to, acts of God, labor disputes or other industrial disturbances, electrical or power outages, utilities or other telecommunications failures, earthquake, storms or other elements of nature, blockages, embargoes, riots, acts or orders of government, acts of terrorism, or war. Force Majeure events include, but are not limited to, upgrades to the validation rules of a given blockchain (e.g., a “hard fork” or “soft fork”).
7.6. GOVERNING LAW AND VENUE.
All claims arising out of or relating to this Agreement or the Services will be governed by the laws of Singapore, excluding the Country’s conflicts of laws rules, and will be litigated exclusively in the courts of Singapore. The Customer and Hashmax consent to personal jurisdiction in those courts. The 1980 United Nations Convention on Contracts for the International Sale of Goods does not govern this Agreement.
All communications and notices made or given pursuant to this Agreement must be in the English language. If we provide a translation of the English language version of this Agreement, the English language version of the Agreement will control if there is any conflict.
7.8. NO AGENCY.
This Agreement does not create any agency, partnership or joint venture between Hashmax and the Customer.
7.9. NOTICES TO CUSTOMER.
Hashmax may provide any notice to the Customer under this Agreement by: (i) posting a notice on the Hashmax website; or (ii) sending a message to the email address then associated with the Customer’s account. Notices we provide by posting on the Hashmax website will be effective upon posting and notices we provide by email will be effective when we send the email. It is the Customer’s responsibility to keep the Customer’s email address current. The Customer will be deemed to have received any email sent to the email address then associated with the Customer’s account when Hashmax sends the email, whether or not the Customer actually received the email.
7.10. NOTICES TO HASHMAX.
To give us notice under this Agreement, the Customer must contact Hashmax by facsimile transmission or personal delivery, overnight courier or registered or certified mail to the mailing address listed on the Hashmax website or to Hashmax Ltd company address. Notices provided by personal delivery will be effective immediately. Notices provided by overnight courier will be effective one business day after they are sent. Notices provided registered or certified mail will be effective five business days after they are sent.
If any portion of this Agreement is held to be invalid or unenforceable, the remaining portions of this Agreement will remain in full force and effect. Any invalid or unenforceable portions will be interpreted to effect and intent of the original portion. If such construction is not possible, the invalid or unenforceable portion will be severed from this Agreement but the rest of the Agreement will remain in full force and effect.
HASHMAX HOSTING TERMS AND CONDITIONS
1. Service Content and Requirements
1.1 HashMax uses its own facilities to provide mining hardware hosting services: troubleshooting support, hash rate monitoring, software updates, reasonable maintenance and basic repair (irreparable hardware failures excluded), and other services/products that may be added in the future through the Internet and other means.
1.2 HashMax hosting services are available for mining rigs offered on this Site and rigs that customers send to us (Please confirm with us via email in advance). HashMax reserves the right to refuse any mining rig that is:
- Different from the mining rigs agreed upon to host
- Sent defective, damaged, or in a potentially hazardous manner
- Damaged during shipment
2. Provision, Modification, and Cancellation of Services
2.1 By accepting the HashMax hosting services, users agree to accept all information services provided by HashMax and hence authorize HashMax to send updates, promotional events, and business information to their emails, mobile phones, mailing addresses, etc.
2.2 HashMax reserves the right to modify or discontinue the services at any time without any notice to users.
2.3 HashMax reserves the right to cancel any order at any time where:
- There has been an obvious error in the pricing
- The product ordered is out of stock
If an order is canceled under this clause and the user has already paid for the service, we will offer a full refund.
3. User Rights
3.1 Users have the right to use the HashMax hosting services and the dashboard account:
- If users choose to become a registered member of HashMax, they can create an account by themselves. The naming and use of the account should be ethical and comply with relevant laws and regulations. The account must not contain any insults, threats, obscenities, jealousy, and other infringements of the legitimate rights and interests of others.
- Once users have successfully become the registered users of HashMax hosting services, they will get the user account/ID and password, and be responsible for all activities and events that occur after logging in to the system with this group of accounts and passwords.
3.2 Users have the right to participate in various online/offline activities provided by HashMax and other types of services available on the HashMax website.
3.3 Users have the right to terminate the services with Hashmax only when cryptocurrency mining is making losses.
4. User Obligations
4.1 For the registration data, users have to:
- Provide legal, true, accurate, and detailed personal information
- Update the user information in time if there is any change
- Shall bear all the corresponding responsibilities and consequences if the registration information provided by users is illegal, untrue, inaccurate or incomplete, and HashMax reserves the right to terminate their use of services
4.2 the user Users must not use this site to endanger national security, divulge state secrets, infringe upon the legitimate rights and interests of the state’s social collectives and citizens, and may not use this site to produce, copy and disseminate the following information:
- Inciting resistance, undermining the Constitution and laws, and administration
- Inciting subversion of state power and overthrowing the socialist system
- Inciting secession and undermining national unity
- Inciting national hatred, ethnic discrimination, and undermining national unity
- Fabrication or Distorting facts, spreading rumors, disturbing social order
- Promoting feudal superstition, obscenity, pornography, gambling, violence, murder, terror, abetment; Blatantly insulting others, or fabricating facts, others, or other
- Damage to the credibility of state organs
- Other violations of the Constitution and laws and administrative regulations
- Conduct commercial advertising
4.3 It is forbidden for users to use HashMax hosting service as a platform or medium for engaging in various illegal activities in any form. Users may not engage in any commercial activities in the name of the Site without the authorization or permission of HashMax.
5. Information Confidentiality
5.1 Users’ personal information including the name, email address, phone number, user account and password, and other non-public information will not be disclosed by HashMax to any third party without legal reasons or prior permission from users.
5.2 The user’s personal information may be disclosed in part or in full to other third parties as required by administrative, judicial, or other laws.
6. Applicable Law
All disputes, claims, or other matters arising from or related to the use of the HashMax hosting service are governed by local laws. If there are any disputes between the user and HashMax, it should first be resolved through negotiation in good faith. If an agreement is not reached, the issue will be resolved by the competent court at the People’s Republic of China.
7. Risks and Disclaimer
Users need to carefully read the Terms and other related agreements and have a full understanding of potential investment risks before using HashMax hosting service. If there are any questions or concerns about the Terms, please contact our customer service. HashMax shall not be liable for users’ losses caused by the factors including but not limited to:
7.1 Information disclosure by users: users have to take full responsibility for maintaining, safeguarding, keeping confidential, and controlling their own digital assets including but not limited to their digital wallets and the funds therein. Users acknowledge that if others are able to gain unauthorized access to their wallets’ private keys, they could permanently lose any funds therein. The Customer thus completely indemnifies HashMax in the event of any unauthorized access.
7.2 The volatility of the cryptocurrency market: mining profits change with the adjustment of mining difficulty and fluctuations in the bitcoin price. Users shall do their own research on how to best mitigate investment risks and bear all the losses caused by the decrease in the value of the digital currency and mining rigs. HashMax does not assume any responsibility or compensation obligation.
7.3 This means any unusual and unforeseeable circumstances beyond our normal control, of which the consequences could not have been avoided even when exercising all due care. Such circumstances or events include but are not limited to, changes in national policies, viruses, war, or threat of war, riot, civil unrest, epidemics or pandemics, industrial disputes or strikes, terrorist activity, natural disasters, industrial disasters, fire, theft, flooding, and adverse weather conditions. In the event of any of the above then termination of services may happen, and refunds or compensation payments cannot be made.
HASHMAX CLOUD MINING TERMS AND CONDITIONS
These Terms and Conditions (the “Agreement”) is made and entered into by and between Hashmax Ltd (“HashMax”) and the entity or person agreeing to these terms (the “Customer”).
This Agreement is effective as of the date that the Customer clicks to accept the Agreement (the “Effective Date”). If you are accepting on behalf of the Customer, you represent and warrant that: (i) you have full legal authority to bind the Customer to this Agreement; (ii) you have read and understood this Agreement; and (iii) you agree, on behalf of the Customer, to this Agreement. If you do not have the legal authority to bind the Customer, please do not click to accept. This Agreement governs the Customer’s access to and use of the hosted computational services offered by HashMax (the “Services”).
1. PROVISION OF SERVICES
This Agreement is for the use of one algorithm in connection with transaction verification for one or more blockchain protocols. At the commencement of the Term of the Agreement, the Customer-selected algorithm may be employed for mining certain cryptocurrencies. As described in Section 3 below, the Customer acknowledges the risks associated with blockchain technologies and acknowledges that variations may occur with the protocols used to perform blockchain transaction verifications (“mining”) for cryptocurrencies using the algorithm selected by the Customer. The Customer-selected algorithm is reflected in the HashMax Cloud Mining Contract document (the “Agreement Specifications”).
1.2. COMPUTATIONAL POWER AND HASH RATE.
Hashmax will provide the Customer computational power at a hash rate that is fixed for the Term of the Agreement, subject to Section 1.3 (Service Level Agreement and Variances). The Customer-selected hash rate is reflected in the Agreement Specifications.
1.3. SERVICE LEVEL AGREEMENT AND VARIANCES.
The Customer acknowledges that the Services shall be rendered on a best effort basis. The availability of computational power and, accordingly, the output and results of any Services and cryptocurrencies may vary up to 5%. Notwithstanding the aforementioned variance, Hashmax shall make reasonable efforts to ensure that all facilities and the relevant supplies for providing the Services are maintained in good working order to avoid any variance with the same diligence it applies in its own dealings.
1.4. HASH RATE OUTPUT.
The Customer’s selection of an algorithm, selection of a quantity of computational power or hash rate, allocation of computational power, and use of the Services may result in the receipt of cryptocurrencies, subject to any Maintenance Fees, Blockchain Transaction Fees, and Third-Party Fees (each described in Section 2 below). Hashmax has the discretion to accumulate or bundle the resulting cryptocurrencies Hash Rate Output in the Customer’s digital omnibus account until the accumulated value is sufficiently high to exceed the requirements of the Blockchain Transaction Fees. Hashmax may set and adjust the threshold for delivering the Hash Rate Output at its sole discretion upon notice to the Customer. Adjustments are generally made due to material increase or decrease to Blockchain Transaction Fees or operational degradation, congestion, failure or disruption otherwise of the blockchain network used by Customer. For the avoidance of doubt, the Customer remains the beneficial owner of any such accumulated Hash Rate Output.
1.5. HASH RATE OUTPUT CONVERSION.
As described in Section 1.4 (Hash Rate Output) above, the Customer’s selection of an algorithm, allocation of computational power, and use of the Services may result in the reward of one or more cryptocurrencies. Where applicable, Hashmax may provide the Customer with the option to receive the Hash Rate Output in one or more cryptocurrency in equal value to the cryptocurrency mined by the Customer.
1.6. SERVICES USE.
During the Term, the Customer may: (i) use the Services, and (ii) use any Software provided by Hashmax as part of the Services. The Customer may not sublicense or transfer these rights.
As part of receiving the Services, the Customer will have access to the Dashboard through which the Customer may administer the Services, including management and allocation of its deployment of computation power in connection with the Customer’s selected algorithm. The Dashboard also provides the Customer tools to direct transfer of cryptocurrencies to the Customers cryptocurrency wallet or Customer-selected cryptocurrencies as described in Section 1.5 (Hash Rate Output Conversion).
1.8. NEW APPLICATIONS AND SERVICES.
Hashmax may: (i) make new applications, tools, features or functionality available from time to time through the Services; and (ii) add new services to this Section 1 (Provision of Services) from time to time, the use of which may be contingent upon the Customer’s agreement to additional terms.
2. PAYMENT TERMS, FEES, AND TAXES
2.1. UPFRONT FEES.
This Agreement and the provision of Services agreed to herein are subject to the Customer’s satisfaction of an upfront payment of a fixed amount, set in US Dollars for the given hash rate (“Upfront Fees”).
2.2. MAINTENANCE FEES AND ELECTRICITY FEES.
The Customer shall pay and owe Hashmax certain data center operations maintenance fees and electricity fees (“Maintenance Fees”) for use of the Services as described in this Agreement and the relevant Terms of Services Specifications. Hashmax shall calculate and charge the Maintenance Fees at the end of each month to Customers via invoice or as subscription. In the event that the Maintenance Fees is not paid upon the due date, Hashmax will notify customers and terminate the plan as there are no follow up actions from Customers within 7 days. Hashmax may from time to time offer promotions where Customer’s may pay the Maintenance Fees in advance. Hashmax may, from time to time, offer certain services, products, or promotions for which there is either no Maintenance Fees or the Maintenance Fees have been waived, modified, or discounted (e.g., Radiant Zero).
2.3. BLOCKCHAIN TRANSACTION FEES.
The delivery and receipt of any of the Customer’s cryptocurrencies is subject to network or transaction fees charged by the blockchain associated with the Customer-selected algorithm (“Blockchain Transaction Fees”). Blockchain Transaction Fees are paid to emit, record, verify, and process a transaction on the blockchain and not retained by Hashmax
2.4. THIRD-PARTY FEES.
Certain digital wallets, wallet addresses, tools, and third-party software and devices (“Third-Party Wallets”) used by the Customer may also charge Customer a fee, including a per transaction or transfer fee. Customer is responsible for being aware of and satisfying any such fee. Customer should note that any such fees may significantly reduce Customer’s Hash Rate Output and therefore Customer is responsible for managing the selection, use, and rate and frequency of their receipt of Hash Rate Output to any such Third-Party Wallets.
The Customer is responsible for any taxes, and the Customer will pay Hashmax for Services without any reduction for taxes. If Hashmax is obligated to collect or pay Taxes, Taxes will be invoiced to the Customer and/or deduced from the Customer’s Hash Rate Output, unless the Customer provides Hashmax with a timely and valid tax exemption certificate authorized by the appropriate taxing authority. In some countries, states, and provinces, the sales tax is due on the total purchase price at the time of sale and must be invoiced and collected at the time of the sale. If the Customer is required by law to withhold any taxes from its payments to Hashmax, the Customer must provide Hashmax with an official tax receipt or other appropriate documentation to support such withholding. If under the applicable tax legislation, the Services are subject to local value added tax (“VAT”) and the Customer is required to make a withholding of local VAT from amounts payable to Hashmax, the value of the Services calculated in accordance with the above procedure will be increased (grossed up) by the Customer for the respective amount of local VAT and the grossed-up amount will be regarded as a VAT inclusive price. If required under applicable law, the Customer will provide Hashmax with applicable tax identification information that Hashmax may require to ensure its compliance with applicable tax regulations and authorities in applicable jurisdictions. The Customer will be liable to pay (or reimburse Hashmax for) any taxes, interest, penalties or fines arising out of any mis-declaration by the Customer.
3. CUSTOMER OBLIGATIONS
3.1. ALGORITHM SELECTION.
The Customer is responsible for the selection of the algorithm and understands and accepts the risks associated with blockchain technologies, cryptographic currencies, and cryptocurrency mining.
3.2. HASH RATE ALLOCATION.
The Customer is responsible for the allocation of the Customer’s hash rate purchased under this Agreement. The Customer acknowledges that Hashmax is not responsible for the selection or timing of cryptocurrencies to be mined under this Agreement and protocols selected for use in connection with the Services. The Customer shall monitor and allocate hash rate through the Dashboard. The Customer acknowledges that the difficulty of mining may vary and will likely increase during the Term of this Agreement and Customer shall monitor, supervise, and determine which cryptocurrencies to mine under this Agreement.
3.3. DIGITAL WALLET AND PRIVATE KEYS.
The Customer represents and warrants that the Customer is familiar with and accepts the risks associated with digital wallets and private keys, including the risks described in this Section 3.3. The Customer’s digital wallet or vault may require a private key, or a combination of private keys, for access. Accordingly, loss of requisite private key(s) associated with the Customer’s digital wallet or vault storing cryptocurrencies will result in loss of such cryptocurrencies, access to the Customer’s cryptocurrencies balance and/or any initial balances in blockchains. Moreover, any third-party that gains access to such private key(s), including by gaining access to login credentials of a hosted wallet or vault service the Customer uses, may be able to misappropriate the Customer’s cryptocurrencies. Hashmax is not responsible for any such losses.
3.4. LOG-IN CREDENTIALS.
The Customer represents and warrants that the Customer is responsible for the preservation of confidentiality of the Customer’s login credentials. Hashmax log-in credentials and generated by the Services are for the Customer’s internal use only and the Customer is strictly prohibited from selling, transferring, or sublicensing them to any other entity or person.
3.5. BLOCKCHAIN NETWORK RISK.
The Customer represents and warrants that the Customer accepts the risks of blockchain protocol and network, including instability, congestion, high transaction costs, network latency, information security, regulatory risk, and technological and operational error. The Customer understand that these risks may result in delay or failure to process transactions, failure to delivery Hash Rate Output, and high Blockchain Transaction Fees. The Customer represents that Customer understands and agrees that the Company is not responsible for any diminished Services, related features, or capabilities resulting from blockchain network risk. As provided in Section 1.4 (Hash Rate Output), in the event of a material increase or decrease to Blockchain Transaction Fees or operational degradation, congestion, failure or disruption otherwise of the blockchain network used by Customer, the Company may, at its sole discretion and upon notice to the Customer, increase or decrease the threshold to deliver the Customer’s cryptocurrencies.
3.6. BLOCKCHAIN MODIFICATION RISK.
The Customer represents and warrants that the Customer is familiar with and accepts the risks associated with blockchain development and code changes, including the risks described in this Section 3.6. Blockchain technologies are still under development and may undergo significant changes over time. Blockchain developers may make changes to features and specifications of the algorithm selected by the Customer. Such changes may include or result in the elimination for support for and/or the efficient use of chips used by Hashmax. In addition, blockchain developers may also determiner to modify the cryptographic verification process such that the blockchains can no longer be verified through proof-of-work and instead adopt proof-of-stake methodologies.
3.7. PROOF-OF-WORK REPLACEMENT RISK.
In addition to blockchain modification risk, blockchain developers may also determine to modify the cryptographic verification process such that the blockchains can no longer be verified through proof-of-work and instead adopt proof-of-stake methodologies. Customer accepts and acknowledges that in circumstances where the protocol of a given blockchain used by the Customer has been modified to only use proof-of-stake methodologies, the Customer accepts such risk and shall allocate Customer’s hash rate to other available blockchains and mining processes that use proof-of-work methodologies using the given algorithm for this Agreement. Certain blockchain algorithms at this time have no alternative blockchain applications that support proof-of-work mining and any such switch from proof-of-work to proof-of-stake would result in no applicable use of Customer’s hash rate for the residual Term of the Agreement should such a protocol switch occur.
3.8. TRADE COMPLIANCE.
In connection with this Agreement, the Customer agrees that the Customer will comply with all applicable import, re-import, sanctions, anti-boycott, export, and re-export control laws and regulations, including all such laws and regulations that apply to European Union and U.S. companies, such as the Export Administration Regulations, the International Traffic in Arms Regulations, and economic sanctions programs implemented by the Office of Foreign Assets Control and the European Union’s Common Foreign and Security Policy (“CFSP”) (collectively, “Trade Sanctions Laws”). The Customer represents and warrants that the Customer and Customer’s financial institutions, or any party that owns or controls the Customer or the Customer’s financial institutions, are not subject to sanctions or otherwise designated on any list of prohibited or restricted parties, including but not limited to the lists maintained by the United Nations Security Council, the U.S. Government (e.g., the Specially Designated Nationals List and Foreign as Evaders List of the U.S. Department of Treasury, and the Entity List of the U.S. Department of Commerce), the European Union or its Member States, or other applicable government authority.
4. TEMPORARY SUSPENSION
Hashmax may suspend the Customer’s right to access or use any portion or all of the Services immediately upon notice to the Customer if: (i) Hashmax determines the Customer’s use of the Services poses a security risk to the Services or any third party, could adversely impact Hashmax systems, the Services or any other Hashmax customer, could subject Hashmax, its affiliates, or any third party to liability, or could be fraudulent; (ii) the Customer is in breach of this Agreement; (iii) the Customer initiated a chargeback or dispute with respect to any payment or purchase of the Service; or (iv) the Customer has ceased to operate in the ordinary course, made an assignment for the benefit of creditors or similar disposition assets, or become the subject of any bankruptcy, reorganization, liquidation, dissolution or similar proceeding.
4.2. EFFECT OF SUSPENSION.
If Hashmax suspends the Customer’s right to access or use any portion or all of the Services, the Customer may remain responsible for all fees and charges the Customer incurs during the period of suspension; and the Customer will not be entitled to any cryptocurrency mining results that may have occurred during the period the Customer’s use of the Services was temporarily suspended.
5. TERM AND TERMINATION.
The term of this Agreement will commence on the Effective Date and will remain in effect until terminated under this Section.
5.1. AGREEMENT TERM.
The term of this Agreement will commence on the Effective Date and will remain in effect until the earlier of the date set forth in the Agreement Specifications or the date of a Termination for Breach, the conditions of which are set forth in Section 5.2 below.
5.2. TERMINATION FOR BREACH.
Either party may terminate this Agreement for breach if the other party is in material breach of the Agreement and fails to cure that breach within 7 days after receipt of written notice. In addition, in the event that Hashmax ceases its business operations or becomes subject to insolvency proceedings and the proceedings are not dismissed within ninety days, Hashmax may terminate the Service.
5.3. EFFECT OF TERMINATION.
Upon the Termination Date, all of the Customer’s rights under this Agreement immediately terminate and the Customer shall remain responsible for all Service Fees incurred through the termination date provided by Hashmax.
HashMax Hosting Service Terms and Conditions (hereinafter referred to as “terms”) constitute a binding agreement between users and HashMax (including current and future affiliates and subsidiaries, “HashMax”, “we”, or “us”) with respect to users’ use of HashMax hosting services, and any associated accounts, that links to these Terms (collectively, the “Site”).
By continuing to use the Site, users acknowledge that they have read these Terms and agreed to them. If users do not understand these Terms or do not agree with their provisions, please immediately cease using the Site.
We reserve the right to revise and update these Terms from time to time without offering any notice to users, and the revised Terms will effectively replace the original version once they are published on this Site. We encourage users to periodically review this Site for the latest updates on our Terms.