Terms and conditions of service

 

Effective from 1 September 2017

For ease of reference and navigation through this document, these Terms and Conditions of Bitforx Cloud Mining Service include the following sections:

1. General Provisions

2. Service Description

3. Service Activation

4. Mining Product and Risks Associated with Bitcoins

5. Service Fees and Terms and Methods of Payment

6. Service Term and Termination

7. Your Obligations and Responsibilities

8. Limitation of Our Liability

9. Our Privacy Policy

10. Other Important Provisions

 

1. General Provisions

1.1. These Terms and Conditions of Bitforx Cloud Mining Service (the “Terms and Conditions”) represent a legally binding agreement, which upon your acceptance, will apply to the Bitforx Cloud Mining Service (the “Service”) as described in paragraph 2 below.

1.2. We, who undertake to provide you with the Service in accordance with these Terms and Conditions, are ITLab LLC – a Georgian company registered and operating in accordance with the laws of Georgia, with the identification number 412723575.

1.3. Do not accept these Terms and Conditions if: (a) you are younger than 18 years old; (b) you are not legally capable to enter into this agreement, (c) you represent a legal entity, but have no authority to enter into this agreement on behalf of this legal entity and/or (d) you are a legal entity or a physical person (other than a free industrial zone enterprise) registered in accordance with the laws of Georgia. By accepting these Terms and Conditions you are representing that you have a legal right and full capacity to enter into this agreement and, that you are not a person who does not have the right to accept these Terms and Conditions according to this paragraph.

1.4. Your acceptance of these Terms and Conditions does not automatically arise our obligation to provide the Service to you. You will have to firstly confirm and authenticate your registration email and then submit to us the order of the Service pursuant to paragraph 3.1 below (the “Service Order”) and we will review your Service Order. If accepted, your ordered Service will be activated. It is our sole discretion to accept or deny your Service Order and in case of denial we reserve the right not to inform you about the reasons of such denial. In case we accept your Service Order, we undertake to abide ourselves by these Terms and Conditions when providing the ordered Service to you.

1.5. These Terms and Conditions are available only on our official web page – www.bitforx.com (“Our Web Page”). Before accepting you should print and save a copy of this document or save a digital copy hereof for your future reference.

1.6. These Terms and Conditions may be provided in other languages on Our Web Page. In case of discrepancy between the texts of this document, the English version shall prevail.

2. Service Description

2.1. The Service we sell to you is cloud mining of The Bitcoin, Litecoin and Bitcoin Cash – a distributed, decentralized peer-to-peer digital currency (cryptocurrency) (“Bitcoin Mining”). Bitcoin Mining is a process of adding transaction records (hashes) to Bitcoin’s public ledger and thus releasing and distributing new Bitcoins. For Bitcoin Mining we use specialized computing hardware, computer programs, networking interconnectivity and associated facilities that run proprietary Bitcoin Mining software. In order to provide the Service to you, we will allocate  to you a specific volume of computing power (hashpower) measured commonly in Gh/s (one billion hashes per second), Th/s (one trillion hashes per second) or any other hash rate (“Hashpower”), so that you will be able to remotely conduct Bitcoin Mining yourself. A higher volume of Hashpower means increased opportunity of mining more Bitcoins.

3. Service Activation

3.1. After accepting these Terms and Conditions and authenticating your email you will get access to your personal account on Our Web Page (“Personal Account”). Through your Personal Account you will be able to choose the respective Hashpower and place your Service Order. Your Service Order will be deemed to be submitted to us once you make the respective payment for the ordered Service and we receive your payment. If we accept your Service Order, we will inform you about the acceptance of your Service Order and will commence providing the ordered Service to you. If we deny your Service Order after your payment, we will inform you about the denial and refund you the full amount as soon as possible in the same method of payment used in the attempted purchase of the Service.

3.2. You will be able to place other Service Orders from time to time. Every accepted Service Order shall be subject to these Terms and Conditions.

3.3. With the creation of your Personal Account we will also generate your personal Bitcoin wallet in our system (“Bitcoin Wallet”) for depositing your Mined Bitcoins to your balance as described in paragraph 4.1 below. You will be able to use your Bitcoin Wallet independently of our Service for receiving, sending, buying and selling Bitcoins.

3.4. Before accepting your Service Order or any time during the provision of our Service, we may request you to provide us with identification or other documentation or information about you to investigate your personal history in public records or your credit history in order to prevent violation of any applicable law, fraud or money laundering. All information and documentation you submit to us shall be subject to our privacy policy in accordance with paragraph 9 below.

4. Mining Product and Risks Associated with Bitcoins

4.1. The product you may receive from the use of our Service is mined Bitcoins (“Mined Bitcoins”). We will collect the Mined Bitcoins and, after deduction of our Maintenance Fee in accordance with paragraph 5.4 below, deposit them to the balance of your Bitcoin Wallet once every 24 hours, around UTC/GMT 00:00.

4.2. You are solely responsible for maintaining and controlling your Bitcoin Wallet. Be sure to safeguard the access credentials to your Bitcoin Wallet. Any Mined Bitcoins are only as secure as your confidential access credentials. If you forget or misplace your access credentials to your Bitcoin Wallet or if others gain access to your Bitcoin Wallet, with or without your authorization, you could permanently lose your Bitcoins, including any Mined Bitcoins we transfer to your Bitcoin Wallet.

4.3. Any action with Bitcoins carries inherent risks due to the fact that Bitcoins are unregulated, decentralized and their value is not ensured by any public or private legal entity. Due to the nature of cryptocurrencies, including Bitcoins, the price/value of Bitcoins may fall sharply and may even fall to zero. Also, due to the increasing mining difficulties and other factors, any time during the term of your Service, the specific Hashpower purchased by you may become unprofitable and produce no or less Bitcoins for you. Further, new laws and regulations may be enacted which may impact the use of or any other action with cryptocurrencies. By accepting these Terms and Conditions and using our Service, you acknowledge and warrant that you have conducted sufficient due diligence to understand the risks associated with the mining of Bitcoins.

4.4. We may, from time to time, post, publish, provide you personally via email or your Personal Account information related to cryptocurrencies, including Bitcoins, and their mining.  You should not rely solely on such information. You should take it as one of the sources of information related to cryptocurrencies and their mining.

5. Service Fees and Terms and Methods of Payment

5.1. The following fees shall apply to our Service:

5.1.1. One-time fee for purchasing and using the specific volume of Hashpower (“Hashpower Purchase Fee”);

5.1.2. Recurring maintenance fee that is a fee we charge for electricity and other running costs of mining hardware associated with your Service (“Maintenance Fee”) and

5.2.3. Withdrawal fee that we charge when we transfer the Mined Bitcoins, per your withdrawal request, from your Bitcoin Wallet to any other Bitcoin wallet (“Withdrawal Fee”).

5.2. The Hashpower Purchase Fee, the Maintenance Fee and the Withdrawal Fee (the “Fees”) and their currencies will be quoted on Our Web Page and/or your Personal Account. We, at our sole discretion, may change the Fees from time to time. However, the changed Fees shall not apply retroactively to the past payments. The Fees may include value added tax (VAT) and other taxes if applicable in accordance with the laws of Georgia.

5.3. You will have to pay the Hashpower Purchase Fee before placing your Service Order. The methods of payment and the respective currency of payment of the Hashpower Purchase Fee shall be available for you on Our Web Page or your Personal Account.

5.4. The Maintenance Fee shall be quoted in Bitcoins and deducted from your Mined Bitcoins on daily bases, around UTC/GMT 00:00.

5.5. The Withdrawal Fee shall be quoted in Bitcoins and deducted from your Mined Bitcoins when we process your request about the withdrawal of your Mined Bitcoins from your Bitcoin Wallet to any other Bitcoin wallet. We will not process your withdrawal request if the Withdrawal Fee exceeds the value of the Mined Bitcoins

5.6. All paid Fees are non-refundable, unless otherwise stated in these Terms and Conditions.

6. Service Term and Termination

6.1. We undertake to provide you with the ordered and purchased Service within a period of 2 (two) years from the Service activation date (the “Service Term”). The Service will automatically, without any written notice to you, be terminated upon the expiration of the Service Term.

6.2. We may terminate the Service before the expiration of the Service Term if your Service fails to remain profitable. Your Service will be deemed to be profitable if the Mined Bitcoins cover the Maintenance Fee. If the Maintenance Fee becomes larger than the value of the Mined Bitcoins and it continues to take place during 21 (twenty-one) consecutive calendar days, we reserve the right to permanently and irreversibly terminate the provision of the Service to you. We will notify you about such termination in written form.

6.3. You shall have the right to terminate the Service at any time during the Service Term. You shall have to notify us about such termination in written form.

6.4. If we find out that you violate any of your obligations undertaken hereunder, we will give you a written warning notice and request to eliminate the breach within a reasonable period of time, as determined by us. If you do not comply with our request, we shall have the right to permanently and irreversibly terminate the provision of the Service to you without any liability on our side. We will notify you about such termination in written form.

6.5. You shall have no right to request any full or partial refund of the paid Hashpower Purchase Fee or any other fees in case the Service is terminated in accordance with paragraphs 6.1 – 6.4 above. We shall have no liability whatsoever towards you in cases where we terminate the Service in accordance with paragraphs, 6.1, 6.2 and 6.4.

6.6. After the termination of the Service you shall have 10 (ten) calendar days to submit to us a request about the withdrawal of your accumulated Mined Bitcoins from your Bitcoin Wallet to any other Bitcoin wallet. If you fail to submit to us such a request within the specified period of time, we reserve the right to cancel your Personal Account and obtain your Mined Bitcoins. If this happens, you shall have no right to request such Mined Bitcoins from us in future.

 

7. Your Obligations and Responsibilities

7.1. You must not mine, buy, sell, exchange, hold, own or otherwise use or exploit the Mined Bitcoins in any way that is prohibited or restricted by the laws and regulations which apply to you.

7.2. By accepting these Terms and Conditions you agree to comply with all applicable laws and all the terms and conditions stipulated herein.

7.3. You must ensure that all information about you, which you submit to us while registering and using our Service, is true, complete, not misleading and up to date.

7.4. You may mine Bitcoins and use the Service only for your own benefit or the benefit of the legal entity you are representing.

7.5. You should not visit Our Web Page or use the Service through anonymous proxies (such as Tor, Proxy, VPN and others) or technologies that mask your Internet traffic and IP address.

7.6. You are strictly forbidden to use or exploit errors in design of Our Web Page, the Service and/or all and any of their parts, features which have not been documented, and/or "program bugs" for commercial/personal gain or as means to disrupt and/or destabilize the Service and/or Our Web Page. If you encounter such an error by accident, you are required to report your findings to us at our support email indicated on Our Web Page.

7.7. You will be able to enter your Personal Account with your password. Do not share your password with any other person or allow any other person to use your Personal Account. You are solely liable for any improper use of your password or your Personal Account by you or any other person. If you have reasons to assume someone else knows your password, or that any other person has used your Personal Account, you must inform us immediately.

7.8 You are solely responsible for providing the hardware, software and Internet connection necessary to access to and use of our Web Page and Service yourself.

7.9. You agree to indemnify, defend and hold us harmless from and against any third party claims, liability, damages or costs (including reasonable attorney’s fees) arising from (a) your negligence; (b) any claim by a third party alleging that your use of our Service or Our Web Page violates the rights of any third party, or violated any law; (c) your failure to comply with these Terms and Conditions; (d) your violation of any applicable law; (e) your violation of any rights of a third party; or (f) your improper use of our Services or Our Web Page.

8. Limitation of Our Liability

8.1. Due to the risks associated with Bitcoins and Bitcoin mining, under no circumstances will we be liable to you for any damages or loss of profits arising out of or related to the use of our Service or Our Web Page, provided however, that we comply with our obligations stipulated herein.

8.2. We provide and maintain Our Web Page and the Service on an “AS IS” and “AS AVAILABLE” basis and we are liable only to provide our Service with reasonable skill and care. We do not guarantee that the Service you purchase from us will remain profitable during any period of time or will be profitable at all.

8.3. We will not be liable for any failure to perform, or delay in performance of, any of our obligations to provide the Service to you if such failure is caused by an event outside our reasonable control (“Event Outside Our Control”). If an Event Outside Our Control takes place that affects the performance of our obligations to deliver the Service, (a) we will contact you as soon as reasonably possible to notify you; and (b) our obligations to you will be suspended and the time for performance of our obligations will be extended for the duration of the Event Outside Our Control. Where the Event Outside Our Control affects our delivery of Services to you for a period of greater than three months we shall have sole discretion to terminate the provision of the Service to you without any liability.

8.4. Our total liability to you shall be limited to the Hashpower Purchase Fee.

9. Our Privacy Policy

9.1. When registering on Our Web Page or using Our Web Page, ordering or using the Service, you may be asked to enter your name, surname, nationality, personal number, email address, mailing address, phone number, credit card information, Bitcoin wallet address, company name, company details or any other details and information about yourself or the company you are representing. We call all this information your Personally Identifiable Information (“PII”) and treat this information in accordance with these Terms and Conditions.

9.2. We collect your PII in order to: (a) identify you as our customer; (b) communicate with you regarding the Service or use of Our Web Page; (c) comply with applicable laws and regulations; (d) improve Our Web Page in order to better serve you and (e) quickly process your transactions.

9.3. We keep all your PII confidential and protect it by means of secured networks. We let only allow access to a limited number of our staff and contractors to such networks and your PII, and strictly require them to keep the information confidential.

9.4. In case you pay to us by credit card, we will not collect the information about your credit cards. The payment order shall be processed by the bank or other authorized entity.

9.5. We do use cookies to: (a) help remember and process the items in the shopping cart; (b) understand and save user's preferences for future visits; (c) Keep track of advertisements. You can choose to have your computer warn you each time a cookie is being sent, or you can choose to turn off all cookies. You do this through your browser (like Internet Explorer) settings. Each browser is a little different, so look at your browser's Help menu to learn the correct way to modify your cookies.

9.6. We will not sell, trade, disclose or otherwise transfer your PII to any third party without your prior consent. We may disclose or transfer your PPI to our partners and persons (legal entities or physical persons) who assist us in operating Our Web Page, providing the Service to you, conducting our business, so long as those third parties agree to keep your PII confidential. We may also disclose your PII when its disclosure is required to comply with the law, enforce these Terms and Conditions, and protect our rights, property or safety. However, non-personally identifiable visitor information may be provided to any other parties for marketing, advertising or other uses without a prior notification or your consent.

9.7. By accepting these Terms and Conditions you explicitly agree on our privacy policy stipulated in this paragraph 9.

10. Other Important Provisions

10.1. Changes. We reserve the the right, at our sole discretion, to amend, change, modify, add or remove portions of these Terms and Conditions (“Contract Updates”), at any time. We will publish the Contract Updates on Our Web Page and will notify you about this by sending a written notification to your email and/or your Personal Account. Contract Updates will enter into force and become effective on the date indicated therein. We will notify you about the Contract Updates on or before such effective date. Your continued use of our Service without raising any objection within 3 (three) days from the effective date of Contract Updates shall mean that you accept and agree to the Contract Updates. If you do not accept and agree on the Contract Updates, we reserve the right to unilaterally terminate the Service without any liability and any refund.

10.2. Entire Agreement. These Terms and Conditions constitute an entire agreement, which will apply to the Service and our contractual relations with regard to the Service.

10.3. Governing Law. These Terms and Conditions shall be governed by and construed in accordance with the laws of Georgia, without regard to any conflicts of law principles that may require the application of the laws of any other jurisdiction.

10.4. Dispute Resolution. In case you have any claim arising out of or relating to these Terms and Conditions and/or the Service, you should submit such claim to us in a written form. We will have 30 (thirty) days to respond to your claim. Any unresolved claim can be brought exclusively before the Georgian courts in accordance with the laws of Georgia.

10.5. Our Assignment. We may transfer or assign part or all our rights and obligations under these Terms and Conditions or the Service to another entity, but this will not affect your rights and obligations under these Terms and Conditions or the terms of the Service. We will notify you in writing if this happens.

10.6. Your Assignment. The Service is between you and us, and you may not assign, transfer, sublease, encumber or subject to any security interest the Service without a prior written authorization from us. Any attempted assignment in violation of this clause will be void and of no effect.

10.7. Severability. If any provision of these Terms and Conditions is held to be invalid or unenforceable, such invalidity/unenforceability shall not affect in any way the validity and enforceability of all the other provisions of these Terms and Conditions.

10.8. No waiver.Any failure or delay, to insist on performance of your obligations hereunder or, on enforcement of our rights against you should not be constituted as a waiver of our rights, and this shall not mean that you are released from further performance of due obligations. Waiver of our rights shall be made only in a written form and should apply only to specific right(s) and that should not affect any other rights (arising before or after such waiver) under this agreement.

10.9. Communication. For the purposes of written communication we will use your email indicated during your registration and you should use our support email indicated on Our Web Page. You should regularly check your email in order not to miss any notifications from us.

10.10. Intellectual Property. We own or otherwise lawfully possess copyright and other intellectual property rights in all computer programs, software, software tools, Our Web Page designs, user interface designs, legal documents (including these Terms and Conditions) and other works, methods and processes that we use to operate Our Web Page and provide you with the Service. Nothing in these Terms and Conditions grants you any copyright or other intellectual property rights.

10.11. Your acceptance. By accepting these Terms and Conditions you declare that you have fully and carefully read the whole document, fully understand the legal meanings and consequences thereof and agree to all the terms and conditions set forth herein. We will not register your Personal Account and provide the Service to you unless you accept these Terms and Conditions.