What is Cloud Mining?
Bitinsist provides you a sensible and simple way to invest money. Our solution is suitable for both beginners in the world cryptocurrency, and experts in the field of cryptocurrency, as well as for large investors. It's quick and easy! Once we receive your payment, the power of your contract will be added, and you can immediately start mining. At the end of the day, you will receive your first payment within 24 hours, and since then will receive payments each subsequent day. Thus, getting the first payment may take up to 48 hours (the period of mining in 24 hours + 24 hours to carry out the payment). After that will leave approximately 24 hours per payment, but please keep in mind that this can vary from day to day. We use and resell our partner’s capacity with their maximum permittance. The ROI (Return Of Investment) of bitcoin mining strongly dependent on current rates on the stock exchanges and complexity (difficulty) of bitcoin network. We recommend all our customers to conduct their own research and make their own calculations of profitability. Please note that there is always the likelihood that a miner is turned off, slow down or completely broken, but in all these cases, we provide the distribution of other miners the respective pools for a complete power loss compensation. Thus, our customers will not lose a second of time of mining.
At the moment, we accept the following payment methods: bank transfers, bitcoin payment. The service charge covers all costs associated with mining including: the cost of electricity, cooling, maintenance work, hosting services. It is automatically calculated on a daily basis for 1MH/s GH/s TH/s.
Lifetime contracts do not have expiration date. You will continue to mine and will be able to receive payments as long as the contract is profitable (payments cover service charges). Theoretically, it could be 100 years, however, in practice this will depend on the complexity of the calculations and the market rate cryptocurrency.
Mining Capacity Share Agreement
I (the "Customer") agree with the following terms and conditions for the provision of mining services (the "Agreement") is made on (date )
1.Bitinsist Financial Ltd., Global Gateway 8, Rue de la Perle, Providence, Mahe, The Seychelles. ("Service Provider"); and
2.me, the Customer.
Pursuant to the terms of this Agreement, the Service Provider will make available to the Customer shares in the mining capacity of the Service Provider.
The Service Provider agrees to provide to the Customer with the output of its mining capacity (the "Services") subject to the following terms:
Available Technology: SHA-256 Hashing
Term: The contract has no fixed and predetermined end date.
Mining Power: ( ) TH/s
Payout frequency: daily
Mining Output ("Coins"): as agreed between Service Provider and Costumer, and, where applicable converted from time to time, e.g., Bitcoin
The Customer will be solely liable for the maintenance of the relevant technical equipment (software/hardware) that is required to receive the above service. The Customer will receive Coins mined in accordance with the above Mining Power and of applicable Fees as per 2.b. The Customer also acknowledges that the above Services will be rendered on a best effort basis. The availability of the Mining Power and, accordingly, the output of Coins may vary up to a maximum of 5%. Otherwise, the Service Provider ensures that it maintains all facilities and the relevant supplies in good working order, in order to avoid any of the above volatility with the diligence that it applies in its own dealings (diligencia quam in suis).
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):
a. 0.481326 EUR per GH/s upfront
b. USD 0.0029 per GH/s and day, deducted on a daily basis from the generated Coins
3. Limitation of Liability
Without detriment to the Service Providers obligation to render the Services on a best effort basis, only, any liability of the Service Provider hereunder and or in connection with this Agreement shall be limited to willful misconduct and gross negligence. Further, the Service Provider shall not be liable for any damages incurred by the Customer as a result of force majeur which shall include any disruption or breakdown of a Coin market.
•This Agreement is entered into for the term indicated above.
•The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 3 days do not suffice to pay the Fee under 2.b above.
•Otherwise, this Agreement may only be terminated by either party for good cause.
•In case the Service Provider voluntarily agrees to refund the Customer in case of Agreement termination, a processing fee of USD 20 will be deducted.
All communication between the Service Provider and the Customer shall be made in writing which includes only e-mail.
6. Data Protection
The Customer agrees to the processing of its personal data provided in the context of this Agreement for the purpose described herein and also agrees, until revocation at any time to the storage of its data beyond the above Term. Should the Service Provider be required to obtain any further data in the context of providing its services hereunder, the Customer will without undue delay provide the relevant data so required by the Service Provider
7. Representations and Warranties
The Customer represents and warrants to the Service Provider that he is familiar with mining, crypto currencies and Bitcoin in particular and that he understands the nature and uses of mining crypto currencies and Bitcoin.
The Customer further represents and warrants that he will be the beneficial owner of the Coins.
8. Credit Card Services through Credit Card Service Provider
The following provisions under this section 8 only apply to the extent the Services are paid by credit card:
The Service Provider uses third party services and such third party’s affiliates services which enable the Customer to place monetary deposits and perform transfer of payments within the website of the Service Provider by making use of the Customers existing credit card (as and if available and applicable) (the “Credit Card Services” and the “Credit Card Service Provider”). The Credit Card Services do not include any additional service, and such Credit Card Services do not Customers account.
The Service Provider may share and transfer (including cross border transfer) personal information with the Credit Card Service Provider for the purpose of rendering the Credit Card Services which will be made to Service Providers website via the use of the Customers credit card. The personal information will be shared with the Credit Card Service Provider after the Customer elects to execute such monetary payments by using the Credit Card Services of the Credit Card Service Provider. For the purpose of this section 8 personal information shall include information that identifies or may identify the Customer including the information submitted by the Customer through the registration form when you subscribe to the web page such as the Customers E-mail address, country and city and/or information provided or any other identifying information provided by the Customer while using the Services of the Service Providers web page.
In addition, the Service Provider may transfer any non-personal information provided by the Customer through the Customers use of the Services on the Service Providers web page to the Credit Card Service Provider in order to allow the Credit Card Service Provider to perform preliminary examinations of non-personal information for the purpose of determining if the Customer is qualified to use the Credit Card Services of such Credit Card Service Provider (including the history of the Customers transactions on the website which will be provided without any identifying information and solely for the purpose examinations of the Credit Card Service Provider).
By accepting these terms, the Customer represents that any and all information the Customer provides to the Service Provider is true and accurate. Any false or fraudulent information and/or use of the Services and/or Credit Card Services rendered to the Customer, is prohibited.
The Customer is not obligated by law to provide the Service Provider and/or the Credit Card Service Provider with any personal information. The Customer hereby acknowledges and agrees that he is providing the Service Provider and/or the Credit Card Service Provider with personal information at his/her own free will, for the purposes of rendering the Services and/or Credit Card Services.
By using the Credit Card Services the Customer hereby agrees and accepts that he will not be allowed and shall be prohibited from withdrawing any amounts that the Customer has deposited and/or is entitled to as a result of the Services rendered by the Service Provider for a period of 30 days. In case the payment by the Customer results in a charge-back or other material issues occur, the Service Provider is entitled to keep all existing, current and future Mining Output.
9. Governing Law, Language and Miscellaneous
This Agreement is governed by German law. To the extent permitted by applicable law the parties agree that the competent courts of Munich shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement