Terms of Service

PLEASE READ THESE TERMS OF SERVICE CAREFULLY BEFORE USING THE SERVICES AND SOFTWARE DESCRIBED HEREIN. BY SELECTING “I AGREE”, USING OUR SERVICES OR WEBSITE, YOU ARE ACKNOWLEDGING THAT YOU HAVE READ THESE TERMS AND YOU ARE AGREEING TO BE BOUND BY THEM. IF YOU DO NOT AGREE TO THESE TERMS, DO NOT USE OUR SERVICES OR WEBSITE.

GENERAL

Virtual Mining operates as an intermediate service providing Rig Rental Marketplace for renting Mining Rigs from Sellers by Buyers. Virtual Mining does not directly provide its own mining rigs' hashing power but only provides mining Rig Rental Marketplace. These Terms and any terms expressly incorporated herein apply to your access and use of the Virtual Mining Website and Virtual Mining Services.

DEFINITIONS

Capitalized terms will have the following meaning

Account Holder is a legal entity or individual who completes the registration procedure and successfully creates the Virtual Mining Account.

Blockchain Network is a distributed database that is used to maintain a continuously growing list of records called blocks.

Buyer is a legal entity or individual who rents Mining Rigs at the Rig Rental Marketplace from Sellers for the purpose of buying the Mining Rigs' hashing power .

Virtual Mining is an entity owing the Virtual Mining Website.

Virtual Mining Account is an online account available on the Virtual Mining Website and created by completing the registration procedure there.

Virtual Mining Services is all services provided by the Virtual Mining , namely but not limited to providing of the Rig Rental Marketplace , Virtual Mining Website, Virtual Mining Account and all other software products, applications and services associated with these products.

Virtual Mining Website is a website located at the following web address: www.virtualmining.com .

Mining Rig is all hardware which produces hashing power that represents computation power which is required to calculate the hash function of different type of cryptocurrency.

Rig Rental Marketplace is an infrastructure provided by Virtual Mining which enables the Sellers to make their Mining Rigs available for renting by Buyers for the purpose of selling the Mining Rigs' hashing power.

Seller is a legal entity or individual who makes his Mining Rigs available for renting at the Rig Rental Marketplace by undefined Buyers for the purpose of selling the Mining Rigs' hashing power .

VIRTUAL MINING ACCOUNT

The registration of the Virtual Mining Account is made through the Virtual Mining Website, where you are required to provide a valid email address on the registration form. You can use your account only after successful confirmation of your email address by clicking the link in the confirmation email sent you at registration.

When you create Virtual Mining Account, you agree to (i) create a strong password that you change frequently and do not use for any other website, (ii) implement reasonable and appropriate measures designed to secure access to any device which has access to your email address associated with your Virtual Mining Account and your username and password for your Virtual Mining Account, (iii) maintain the security of your Virtual Mining Account by protecting your password and by restricting access to your Virtual Mining Account; (iv) promptly notify us if you discover or otherwise suspect any security breaches related to your Virtual Mining Account so we can take all required and possible measures to secure your Virtual Mining Account and (v) take responsibility for all activities that occur under your Virtual Mining Account and accept all risks of any authorized or unauthorized access to your Virtual Mining Account, to the maximum extent permitted by law.

All payments including any fees will be processed in cryptocurrency and Virtual Mining does not provide an option to rent and sell the hashing power of Mining Rigs in fiat currency.

In order to pay for the acquired hashing power the Buyers must deposit funds to the Virtual Mining Account, as the payments for the hashing power could be made only through Virtual Mining Account. Sellers receive payments for their Mining Rigs rentals to the Virtual Mining Account.

Account Holder may load funds to his Virtual Mining Account using Bitcoin cryptocurrency network. Account holder may be charged fees by the Blockchain Network for such transactions. Virtual Mining is not responsible for any fees charged by third-party account providers or by the Blockchain Network. The timing associated with a load transaction will depend on the performance of Blockchain Network and on the performance and security terms of the Virtual Mining Account. Virtual Mining makes no guarantee regarding the amount of time it may take to load funds to Virtual Mining Account.

You have the right to use the Virtual Mining Account only in compliance with these Terms and other commercial terms and principles published on the Virtual Mining Website. In particular, you must observe all regulations aimed at ensuring the security of funds and financial transactions.

You may withdraw from your Virtual Mining Account any amount of funds, up to the total amount of funds in your Virtual Mining Account , less any applicable withdrawal fees charged by Virtual Mining or by the Blockchain Тetwork for such transaction. Withdrawals are not processed instantly and may be grouped with other withdrawal requests. Some withdrawals may require additional verification information which you will have to provide in order to process the withdrawal. It may take up to 48 hours before withdrawal is fully processed and distributed to the Blockchain Network. Please refer to the Virtual Mining Website for more information about the withdrawal fees and withdrawal processing. Virtual Mining reserves the right to change these fees at any time for any reason.

You have the right to close the Virtual Mining Account. In case you have funds on your Virtual Mining Account , you should withdraw funds from your account prior to requesting Virtual Mining Account closure. After we receive your Virtual Mining Account closure request we will deactivate your Virtual Mining Account as soon as technically possible but at the latest in 7 days from the day after receiving your request to close the Virtual Mining Account. Virtual Mining will inform you when your Virtual Mining Account is closed.

SELLERS' TERMS

Sellers agree to make their Miming Rigs available for renting via Virtual Mining Services , and Virtual Mining agrees to process Buyers' payments for the rented Miming Rigs on the Rig Rental Marketplace on the Terms set forth herein. Sellers will be paid only for validated and accepted shares to their Virtual Mining Account . In some cases, no shares are sent to Buyers or is accepted by Virtual Mining Services, even if hashing power is generated on the Miming Rigs. These cases include usage of slower hardware as well as software, hardware or network errors. In these cases, Sellers are not paid for such hashing power. If a Mining Rig underperformed during rental, Seller agrees that a refund calculated on a pro rata basis can be deducted from his rental fee.

In order to make hashing power of a Mining Rig available to the Virtual Mining Services, the Seller must point its Mining Rig to the Virtual Mining server. Seller is solely responsible for configuration of his Mining Rig in order to achieve this.

Virtual Mining will attempt, on a commercially reasonable basis, to execute the provision of Seller's Mining Rig hashing power under these Terms according to the best-effort delivery approach. In this respect Virtual Mining does not guarantee that the hashing power will actually be delivered or verified and does not guarantee any quality of the Virtual Mining Services.

BUYERS' TERMS

Buyers agree to purchase and Virtual Mining agrees to process the rental order and forward the rented Mining Rigs hashpower on the Rig Rental Marketplace to the mining pools selected by Buyer on the Terms set forth herein. In order to submit a rental order via the Virtual Mining Account, the Buyer must have available funds in his Virtual Mining Account. At rental order placement Buyers pay from their Virtual Mining Account for the Mining Rig rental time according to the rental price set by the Seller.

When Buyer submits an order for rental of Mining Rigs via Virtual Mining Website, he authorizes Virtual Mining to execute the order on his behalf and for his account in accordance with such order. Buyer acknowledges and agrees that Virtual Mining is not acting as his broker, intermediary, agent or advisor or in any fiduciary capacity.

Buyer agrees to pay applicable processing fee to Virtual Mining for provided services. The Virtual Mining ’s service fee is deducted from Buyer’s Virtual Mining Account at rental order placement. The Virtual Mining ’s service fee constitutes 1 percent from each rental cost paid by Buyer. Virtual Mining reserves the right to change these fees at any time for any reason. The changed fees will apply only for the Virtual Mining Services provided after the change of the fee. All orders submitted prior the fee change will be charged according to the fees applicable at the time of the submission of the rental order. The Virtual Mining services fee is non-refundable.

Virtual Mining will attempt, on a commercially reasonable basis, to execute the Buyer’s rental of the chosen by Buyer Mining Rig on the Rig Rental M arketplace under these Terms according to the best-effort delivery approach. In this respect Virtual Mining does not guarantee that the rented hashing power will actually be delivered or verified and does not guarantee any quality of the Virtual Mining Services.

Buyer pays only for the hashing power that was validated by our engine and have a right to request refund in case the rented Mining Rig underperformed during rental calculated on pro rata basis compared to the Mining Rig advertised hashrate.

RIGHTS AND OBLIGATIONS

When accessing or using the Virtual Mining Services or Virtual Mining Website, you agree that you will not violate any law, contract, intellectual property or other third-party right or commit a tort, and that you are solely responsible for your conduct while using Virtual Mining Services or Virtual Mining Website.

As a condition of your use of the Virtual Mining Services you warrant to Virtual Mining that you will not use the Virtual Mining Services for any purpose that is unlawful or prohibited by these Terms. You may not use the Virtual Mining Services in any manner that could damage, disable, overburden, or impair the provision of Virtual Mining Services or interfere with any other party's use and enjoyment of the Virtual Mining Services. You may not obtain or attempt to obtain any materials or information through any means not intentionally made available or provided to you or public through the Virtual Mining Services.

We may, in our sole discretion, at any time, for any or no reason and without liability to you, with prior notice and with notice period of 30 days (i) terminate all rights and obligations between you and Virtual Mining derived from these Terms, (ii) suspend your access to all or a portion of Virtual Mining Services, Virtual Mining Website and its related services or any portion thereof and delete or deactivate your Virtual Mining Account and all related information and files in such account (iii) modify, suspend or discontinue, temporarily or permanently, any portion of Virtual Mining Services or (iv) provide enhancements or improvements to the features and functionality of the Virtual Mining Services, which may include patches, bug fixes, updates, upgrades and other modifications. Any such change may modify or delete certain portion, features or functionalities of the Virtual Mining Services. You agree that Virtual Mining has no obligation to (i) provide any updates, or (ii) continue to provide or enable any particular portion, features or functionalities of the Virtual Mining Services to you. You further agree that all changes will be (i) deemed to constitute an integral part of the Virtual Mining Services, and (ii) subject to these Terms.

In the event of your breach of these Terms, all rights and obligations between you and Virtual Mining derived from these Terms terminate automatically if you fail to comply with these Terms within the notice period of 7 days after you have been warned by Virtual Mining about the breach and given 7 days period to cure the breaches. Virtual Mining reserves the right to keep these rights and obligations in force despite your breach of these Terms.

In the event of termination, Virtual Mining will attempt to return you any funds stored on your Virtual Mining Account not otherwise owed to Virtual Mining, unless Virtual Mining believes you have committed fraud, negligence or other misconduct. You acknowledge that the Virtual Mining Services and Virtual Mining Website may be suspended for maintenance

It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the Virtual Mining Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities

COMMUNICATION AND SUPPORT

You agree and consent to receive electronically all communications, agreements, documents, receipts, notices and disclosures that Virtual Mining provides in connection with your Virtual Mining Account or use of the Virtual Mining Services. You agree that Virtual Mining may provide these communications to you by posting them via the Virtual Mining Account or by emailing them to you at the email address you provide in your Virtual Mining Account settings. You should maintain copies of electronic communications by printing a paper copy or saving an electronic copy.

It is your responsibility to keep your email address updated in the Virtual Mining Account so that Virtual Mining can communicate with you electronically. You understand and agree that if Virtual Mining sends you an electronic communication but you do not receive it because your email address is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic communications, it will be deemed that you have been provided with the communication. You can update your Virtual Mining Account preferences at any time by logging into your Virtual Mining Account. If your email address becomes invalid such that electronic communications sent to you by Virtual Mining are returned, Virtual Mining may deem your account to be inactive and close it, and you may not be able to use the Virtual Mining Services until Virtual Mining does not receive a valid, working email address from you.

You may give Virtual Mining a notice under these Terms by sending an email to contact@virtualmining.com or contact Virtual Mining through support form located on the Virtual Mining Website. All communication and notices pursuant to these Terms must be given in English language.

INTELLECTUAL PROPERTY

The Virtual Mining Website is protected by applicable intellectual property laws. Except as expressly stated herein, you may not without Virtual Mining's prior written permission alter, modify, reproduce, distribute or commercially exploit any materials, including text, graphics, video, audio, software code, user interface design or logos, from Virtual Mining Website. If you link from another website to a Virtual Mining Website, your website, as well as the link itself, may not, without Virtual Mining's prior written permission, suggest that Virtual Mining endorses, sponsors or is affiliated with any non-Virtual Mining website, entity, service or product, and may not make use of any Virtual Mining trademarks or service marks other than those contained within the text of the link. The Virtual Mining Website, excluding third party content, is original works of authorship published by Virtual Mining. Virtual Mining has the exclusive rights to reproduce, display, prepare derivative works or distribute. The names, logos, trademarks, copyright and all other intellectual property rights in all of the material and software on this website are owned by Virtual Mining or its licensors. All third-party owned materials contained on the website are reproduced with the permission of the respective owners.

Virtual Mining will own exclusive rights, including all intellectual property rights, to any feedback including, but not limited to, suggestions, ideas or other information or materials regarding Virtual Mining Services or related products that you provide, whether by email, posting through our Virtual Mining Website, Virtual Mining Account or otherwise and you irrevocably assign any and all intellectual property rights on such feedback unlimited in time, scope and territory. Any feedback you submit is non-confidential and shall become the sole property of Virtual Mining. Virtual Mining will be entitled to the unrestricted use, modification or dissemination of such feedback for any purpose, commercial or otherwise, without acknowledgment or compensation to you. You waive any rights you may have to the feedback. We have the right to remove any posting you make on Virtual Mining Website if, in our opinion, your post does not comply with the content standards defined by these Terms.

ACCURACY OF INFORMATION

While Virtual Mining has made every effort to ensure the accuracy of the information on Virtual Mining Website, the information and content there is subject to change without notice and is provided for the sole purpose of assisting Sellers and Buyers in completing rental transactions. Virtual Mining has taken reasonable measures to ensure the accuracy of the information on the Virtual Mining Website. However, Virtual Mining does not guarantee its accuracy, and will not accept liability for any loss or damage that may arise directly or indirectly from the content or your inability to access the Virtual Mining Website, for any delay in or failure of the transmission or the receipt of any instruction or notifications sent through the Virtual Mining Website. No information provided to you by Virtual Mining shall be considered or construed as advice.

OPERATION OF CRYPTOCURRENCY PROTOCOLS

Virtual Mining does not own or control the underlying software protocols which govern the operation of cryptocurrencies supported on our platform. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them. By using the Virtual Mining platform, you acknowledge and agree (i) that Virtual Mining is not responsible for operation of the underlying protocols and that Virtual Mining makes no guarantee of their functionality, security, or availability; and (ii) that the underlying protocols are subject to sudden changes in operating rules (a.k.a “forks”), and that such forks may materially affect the value, function, and/or even the name of the cryptocurrency you store in the Virtual Mining platform. In the event of a fork, you agree that Virtual Mining may temporarily suspend Virtual Mining operations (with or without advance notice to you) and that Virtual Mining may, in its sole discretion, decide whether or not to support (or cease supporting) either branch of the forked protocol entirely. You acknowledge and agree that Virtual Mining assumes absolutely no responsibility whatsoever in respect of an unsupported branch of a forked protocol.

EXCLUSION OF WARRANTIES

Virtual Mining  DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES ABOUT THE Virtual Mining WEBSITE AND Virtual Mining SERVICES, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.. THE Virtual Mining WEBSITE AND Virtual Mining SERVICES ARE MADE AVAILABLE TO YOU "AS IS" AND "AS AVAILABLE", AND Virtual Mining DOES NOT WARRANT THAT ANY DEFECTS OR INACCURACIES WILL BE CORRECTED. Virtual Mining DOES NOT WARRANT THAT THE Virtual Mining WEBSITE AND Virtual Mining SERVICES WILL MEET YOUR NEEDS, OR THAT THEY WILL BE UNINTERRUPTED, TIMELY, SECURE OR ERROR-FREE. Virtual Mining ALSO MAKES NO WARRANTY THAT THE RESULTS OBTAINED FROM THE USE OF THE Virtual Mining WEBSITE AND Virtual Mining SERVICES WILL BE ACCURATE OR RELIABLE, OR THAT THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU THROUGH THE Virtual Mining WEBSITE AND Virtual Mining SERVICES WILL MEET YOUR EXPECTATIONS.

DISCLAIMER AND LIMITATION OF LIABILITY

TO THE MAXIMUM EXTENT PERMITTED BY LAW, Virtual Mining WILL NOT BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, DIRECT, OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS, EQUIPMENT LOSSES OR DAMAGES THAT RESULT FROM USE OR LOSS OF USE OF THE Virtual Mining WEBSITE AND THIRD PARTY CONTENT, INCONVENIENCE OR DELAY). THIS IS TRUE EVEN IF Virtual Mining HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES. EXCEPT AS OTHERWISE REQUIRED BY LAW, Virtual Mining WILL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY LOSS RESULTING FROM A CAUSE OVER WHICH SUCH Virtual Mining DOES NOT HAVE DIRECT CONTROL. THIS INCLUDES, BUT IS NOT LIMITED TO, FAILURE OF ELECTRONIC OR MECHANICAL EQUIPMENT OR COMMUNICATIONS LINES (INCLUDING TELEPHONE, CABLE AND INTERNET), UNAUTHORIZED ACCESS, VIRUSES, THEFT, OPERATOR ERRORS, SEVERE OR EXTRAORDINARY WEATHER (INCLUDING FLOOD, EARTHQUAKE, OR OTHER ACT OF GOD), FIRE, WAR, INSURRECTION, TERRORIST ACT, RIOT, LABOR DISPUTE AND OTHER LABOR PROBLEMS, ACCIDENT, EMERGENCY OR ACTION OF GOVERNMENT. IF YOU LIVE IN A STATE, COUNTRY OR JURISDICTION THAT DOES NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY OR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SOME OR ALL OF THESE LIMITATIONS AND EXCLUSIONS MAY NOT APPLY TO YOU.

INDEMNIFICATION

As a condition of your use of the Virtual Mining WebSite or Virtual Mining Services , you agree to indemnify and hold Virtual Mining harmless from and against any and all claims, losses, liability, costs and expenses (including but not limited to attorneys' fees) arising from your use of the Virtual Mining WebSite or Virtual Mining Services , or from your violation of these Terms.

FINAL PROVISIONS

These Terms forms the entire agreement and understanding relating to the subject matter hereof and supersede any previous and contemporaneous agreements, arrangements or understandings relating to the subject matter hereof to the exclusion of any terms implied by law that may be excluded by contract.

If at any time any provision of these Terms is or becomes illegal, invalid or unenforceable, the legality, validity and enforceability of every other provisions will not in any way be impaired. Such illegal, invalid or unenforceable provision of these Terms shall be deemed to be modified and replaced by such legal, valid and enforceable provision or arrangement, which corresponds as closely as possible to our and your will and business purpose pursued and reflected in these Terms.

No failure to enforce nor delay in enforcing, on our side to the Terms, any right or legal remedy shall function as a waiver thereof, nor shall any individual or partial exercise of any right or legal remedy prevent any further or other enforcement of these rights or legal remedies or the enforcement of any other rights or legal remedies.

Virtual Mining reserves the right to make changes, amendments, supplementations or modifications from time to time to these Terms including but not limited to changes of any fees and compensations policies, in its sole discretion and for any reason. We suggest that you review these Terms periodically for changes. If we make changes to these Terms, we will provide you with notice of such changes, such as by sending an email, providing notice on the Virtual Mining Website, placing a popup window after login to the Virtual Mining Account or by posting the amended Terms on the Virtual Mining Website and updating the date at the bottom of these Terms. The amended Terms will be deemed effective immediately upon posting for any new users of the Virtual Mining Services. In all other cases, the amended Terms will become effective for preexisting users upon the earlier of either: (i) the date users click or press a button to accept such changes in their Virtual Mining Account, or (ii) continued use of Virtual Mining Services 30 days after Virtual Mining provides notice of such changes. Any amended Terms will apply prospectively to use of the Virtual Mining Services after such changes become effective.

The notice of change of these Terms is considered as notice of termination of all rights and obligations between you and Virtual Mining derived from these Terms with notice period of 30 days, if you do not accept the amended Terms. If you do not agree to any amended Terms, (i) the agreement between you and Virtual Mining is terminated by expiry of 30 days period which starts after Virtual Mining provides you a notice of change of these Terms, (ii) you must discontinue using Virtual Mining Services and (iii) you must inform us regarding your disagreement with the changes and request closure of your Virtual Mining Account. If you do not inform us regarding your disagreement and do not request closure of you Virtual Mining Account, we will deem that you agree with the changed Terms.

You may not assign or transfer your rights or obligations under these Terms without the prior written consent of Virtual Mining. Virtual Mining may assign or transfer any or all of its rights under these Terms, in whole or in part, without obtaining your consent or approval.

The rights and remedies conferred on Virtual Mining by, or pursuant to, these Terms are cumulative and are in addition, and without prejudice, to all other rights and remedies otherwise available to Virtual Mining at law.

Last updated: April 26, 2019.