TERMS OF SERVICE
OUR TERMS OF USE AGREEMENT
This terms-of-use agreement (hereinafter the "Terms of Use") is an agreement between you (hereinafter the "User") and Cloudmining.SG and applies to your use of the services provided by Cloudmining.SG (hereinafter "Cloudmining.SG").
As used herein, "Cloudmining.SG" refers to the website Cloudmining.SG including but not limited to, its owners, directors, investors, employees or other related parties. Depending upon context, "Cloudmining.SG" may also refer to the services, products, site, content or other materials provided by Cloudmining.SG.
The Terms of Use is an important document, which the User must consider carefully when choosing whether to use the Services. Please read the Terms of Use carefully before agreeing to it. The Terms of Use also highlight certain risks of using the Services together with guidance on how to safely carry out online services via Cloudmining.SG.
The User is solely responsible for understanding and complying with any and all laws, rules and regulations of his/her specific jurisdiction that may be applicable to the User in connection with the use of Cloudmining.SG.
IF YOU DO NOT ACCEPT THE TERMS OF USE AND CONDITIONS OUTLINED IN THIS AGREEMENT, DO NOT ACCESS THIS SITE AND DO NOT USE THIS SERVICE.
1. DEFINITIONS
1.1. Account: means an account created by the User on the Cloudmining.SG platform.
1.2. Bitcoin(s): refers to the Peer-to-Peer cryptocurrency (see bitcoin.org).
1.3. Block: means a record in the blockchain that contains and confirms financial transactions.
1.4. Buyer(s): means the User(s) who submits an offer to buy commodities or cryptocurrencies through the Service.
1.5. GH/s: means Gigahashes per second — the processing speed of mining hardware, which can be bought on the Cloudming.SG website.
1.6. Mining contract: means providing a certain amount of GH/s for a certain period of time.
1.7. Platform: means an environment created by Cloudming.SG to execute orders of virtual commodities such as mining contracts. The Platform is not intended to provide any legal, tax, insurance or investment advice.
1.8. Price: means "price per commodity or cryptocurrency" for which we are selling mining contracts for virtual currency. The Price may be expressed virtual currencies such as Bitcoin.
1.9. Service(s): means the technological platform, functional rules and virtual currency transactions managed by Cloudming.SG to permit the Users to perform buy virtual commodities using virtual currencies.
1.10. Order or transaction: means an agreement between the User and the Cloudming.SG to exchange virtual currencies for mining contracts at a commonly agreed rate ("Purchase transaction").
1.11. Payout: means a scheduled payout of User's account balance by sending the amount of Bitcoins User has received in his Cloudming.SG account with mining contracts or referral commissions to User's Bitcoin address.
1.12. Transaction Amount or Transaction Price: means the total price paid by the User in respect to each Transaction performed via the Service.
1.13. User(s): means an individual person, who uses the Services and agreed to the Terms of Use and is a holder of an Account.
2. SCOPE OF THE SERVICES
2.1. The Service allows all Users of the Platform buy mining contracts using virtual currencies such as Bitcoin.
2.2. Depending on the User’s country of residence, the User may not be able to use all the functions of the Site. It is the User’s responsibility to follow those rules and laws in his/her country of residence and/or country from which the User accesses this Site.
2.3. The User acknowledges and agrees that, when completing Transactions, he is using an experimental virtual currency to purchase experimental virtual commodities and it may include risks of loss of capital as described in these Terms of Service.
3. USER'S RIGHTS AND RESPONSIBILITIES
3.1. The User has the right to enter and use the Site and the Services, as long as he/she agrees to and actually complies with the Terms of Use. By using the Site, the User agrees to accept and comply with the terms and conditions stated herein.
3.2. The User undertakes to read the entire Terms of Use carefully before using the Site or any of the services provided by Cloudmining.SG.
3.3. The User undertakes to comply with any and all applicable laws and regulations related to the Transactions.
3.4. The User undertakes to monitor all and any changes on his/her Account, including but not limited to the balance matters.
3.5. The User undertakes to immediately (i.e. right after the moment of discovery) inform Cloudmining.SG about any unusual, suspicious, unclear or abnormal changes on his/her Account. In case of late informing or non-informing the User will be liable for the breach of the Terms of Use and Cloudmining.SG will have the right to take any further steps accordingly, including but not limited to appeal to the relevant state authorities.
3.6. The User agrees that, whenever the Transaction is made, the Platform sends and receives the monetary sums and/or cryptocurrencies from the Users account in their name and on their behalf, through the IT system.
3.7. The User undertakes to notify Cloudmining.SG immediately of any unauthorized use of his/her Account or password, or any other breach of security by contacting Cloudmining.SG through our website. Any User who violates the mentioned rules may be terminated, and thereafter held liable for losses incurred by Cloudmining.SG or any user of the Site.
3.8. The User undertakes not to use the Service to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, financing terrorist organizations, or malicious hacking.
3.9. The User is responsible for any and all damages caused and all liability actions brought against Cloudmining.SG for infringement of third party rights or violation of applicable laws.
3.10. Nothing in the Terms of Use excludes or limits the liability of the User for fraud, death or personal injury caused by its negligence, breach of terms implied by operation of law, or any other liability which may not by law be limited or excluded.
3.11. Users are solely responsible for determining whether any contemplated Transaction is appropriate for them based on their personal goals, financial status and risk willingness.
4. USER'S REPRESENTATIONS AND WARRANTEES
4.1. By creating an Account, the User expressly represents and warrants that he/she:
4.2. The User represents and warrants that he will only use the Platform to perform Transactions in accordance with the conditions set forth in these Terms and that they are duly authorised and have the capacity to enter into the Transactions on the Platform.
4.3. The User represents and warrants that the currencies deposited to buy the Bitcoins are actual currencies corresponding to actual assets in its bank account and coming from legal sources.
4.4. The User represents and warrants that he is the legitimate owner and is allowed to use all cryptocurrencies and commodities deposited on his/her Account and that the Transactions being carried out do not infringe the rights of any third party or applicable laws.
5. CLOUDMINING.SG RIGHTS AND RESPONSIBILITIES
5.1. Cloudmining.SG has the right to suspend User’s Account and block all cryptocurrency and commodity sums contained therein, in case of non-fulfilment or unduly fulfilment of the Terms of Use by the User.
5.2. Cloudmining.SG undertakes to provide Services with the utmost effort, due care and in accordance with these Terms of Use.
5.3. Cloudmining.SG's responsibility shall be limited to using reasonable technical efforts to ensure the receipt of the cryptocurrency transferred.
When initiating cryptocurrency transactions to a user who is not the Cloudmining.SG User, Cloudmining.SG responsibility shall be further limited to ensuring the transfer of the necessary technical data to the cryptocurrency network.
5.4. Cloudmining.SG is not responsible for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered is caused by a breach of the Terms of Use by Cloudmining.SG.
5.5. Cloudmining.SG is not responsible for any malfunction, breakdown, delay or interruption of the Internet connection, or any other issues with our service, website and platform uptime and smooth oeration.
5.6. In the case of fraud, Cloudmining.SG undertakes to report all the necessary information, including names, addresses and all other requested information, to the relevant authorities dealing with fraud and breaches of the law. Users recognize that their account may be frozen at any time at the request of any competent authority investigating a fraud or any other illegal activity.
5.7. Nothing in these terms excludes or limits the responsibility of Cloudmining.SG for fraud, death or personal injury caused by its negligence, breach of terms implied by operation of law, or any other liability which may not be limited or excluded by law.
6. INTELLECTUAL PROPERTY RIGHTS
6.1. All materials on this Site are the property of Cloudmining.SG and are protected by copyright, trademark and other applicable laws, unless otherwise specified hereby.
6.2. The User may view, print and/or download a copy of the materials from the Site on any single computer solely for his/her personal, informational, non-commercial use, provided he/she keeps intact to all copyright and other proprietary notices.
6.3. The trademarks, service marks and logos of Cloudmining.SG and others used on the Site (hereinafter the “Trademarks”) are the property of Cloudmining.SG and its respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio materials used on this Site belong to Cloudmining.SG. The Trademarks and other materials on the Site should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, no matter manual or automated. The use of any materials from the Site on any other site or a networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.
7. RULES FOR MAINTAINING USER’S ACCOUNT
7.1. The Site is for the User’s personal and non-commercial use only. Cloudmining.SG is vigilant in maintaining the security of the Site and the Service. By registering with Cloudmining.SG, the User agrees to provide Cloudmining.SG with current, accurate, and complete information about him/herself as prompted by the registration process, and to keep such information updated.
7.2. The User agrees that he/she will not use any Account other than his/her own, or access the Account of any other User at any time, or assist others in obtaining unauthorized access.
7.3. The User is responsible for maintaining the confidentiality of information on his Account, including, but not limited to his password, email, wallet address, wallet balance, and of all activity including Transactions made through his Account. If there is suspicious activity related to the User’s Account, Cloudmining.SG may request additional information from the User, including authenticating documents, and freeze the Account for the review time. The User is obligated to comply with these security requests, or accept termination of his Account.
7.4. The creation or use of Accounts without obtaining the prior express permission from Cloudmining.SG will result in the immediate suspension of all respective Accounts, as well as all pending buy/sell orders. Any attempt to do so or to assist others (Users or other third parties), or the distribution of instructions, software or tools for that purpose, will result in termination of such Users’ Accounts. Termination is not the exclusive remedy for such a violation, and Cloudmining.SG may decide to take further action against the User.
8. MAINTENANCE COST
8.1. To ensure trouble-proof work of Gigahashes purchased on the Cloudmining.SG platform, a service cost is charged (hereinafter the “Maintenance Cost“).
8.2. Maintenance Cost may not be charged for certain Mining Contracts or Mining Contracts purchased in a certain period as part of a special offer. Once the special offer is over, Cloudmining.SG will notice users through the website and on online forums such as Bitcointalk.org.
8.3. Maintenance Cost includes: hosting, electricity and upkeep costs for maintaining computational equipment.
8.4. The Maintenance Cost is charged in Bitcoins in the way described at the FAQ ("Frequently Asked Questions") section of the website. Maintenance Cost is deducted from cloud based mining contract owners at the time of every payout.
8.5. Mining with using User's Gigahashes can be stopped by Cloudmining.SG if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient. The decision to renew Bitcoins mining is made by Cloudmining.SG, taking into account calculations of mining effectiveness.
8.6. Cloudmining.SG holds the right to change the Maintenance Cost amount, as well as the way of its charge off.
9. TRANSACTION LIMITS
The price of each cryptocurrency and commodity is limited to 6 digits. The minimum GH/s that can be purchased is 10. The minimum amount of bitcoins that can be transacted within the Platform is 0.00000001, however the minimum payout we can and will make is 0.001.
9. ROUNDING POLICY
For all financial calculations, Cloudmining.SG uses a rounding policy which rounds to the 8th digit after the separator.
10. ILLEGAL TRANSACTIONS
10.1. The User shall be solely responsible for ensuring that any transfer of cryptocurrency to a Transferee shall be a valid and legal transaction not infringing any laws including money-laundering laws and regulations.
10.2. Cloudmining.SG reserves the right to suspend or terminate your Cloudmining.SG Account at any time if we reasonably believe to be required to do so by the law or in order to comply with recommendations issued by a relevant government authority or recognized body for the prevention of financial crime.
10.3. It is strictly forbidden to use the Cloudmining.SG Account for any illegal purposes, including but not limited to, fraud and money laundering. Cloudmining.SG will report any suspicious activity to the relevant law enforcement agency. The User is prohibited from using his/her Cloudmining.SG Account in an attempt to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides.
10.4. It is the User’s and not Cloudmining.SG responsibility to ensure that the User only sends payments to or receives payments from persons or entities for the sale or supply of goods and services that the User may provide or receive in compliance with any applicable laws and regulations. The mere fact that a person or entity accepts payments through Cloudmining.SG is not an indication of the legality of the supply or provision of their goods and services. If the User is in doubt of the legality of a supply or purchase, he/she should not continue with the payment.
11. ACCOUNT SECURITY REQUIREMENTS
11.1. The User must take all reasonable steps to keep his/her Cloudmining.SG Account password safe all the time and never disclose it to anyone. Cloudmining.SG personnel will never ask the User to provide his/her password to Cloudmining.SG or to a third party. Any message the User receives or website that he/she visits that asks for the password, other than the Cloudmining.SG Website or a Cloudmining.SG payment gateway on a merchant website, should be reported to Cloudmining.SG. If the User is in doubt whether a website is genuine, it is required to ensure the website is EV SSL compliant (Security Certificate Validation is shown in the address bar of the User’s web browser).
11.2. It is advisable to change the User’s password regularly (at least every three (3) to six (6) months) in order to reduce the risk of a security breach in relation to the Cloudmining.SG Account. Cloudmining.SG also advises the User not to choose a password that is easily guessed from information someone might know or gather about the User or a password that has a meaning. The User must never allow anyone to access his/her Cloudmining.SG Account or watch you accessing your Cloudmining.SG Account.
11.3. If the User has any indication or suspicion of his/her Cloudmining.SG Account, login details, password or other security feature being lost, stolen, misappropriated, used without authorization or otherwise compromised, the User is advised to change the password. The User must contact Customer Service without undue delay on becoming aware of any loss, theft, misappropriation or unauthorized use of the User’s Cloudmining.SG Account, login details, password or other security features. Any undue delay in notifying Cloudmining.SG may not only affect the security of the User’s Cloudmining.SG Account, but may result in the User being liable for any losses as a result. If the User suspects that someone else accessed his/her Cloudmining.SG Account, the User should also contact the police and report the incident.
11.4. Cloudmining.SG may suspend the User’s Account or otherwise restrict its functionality on reasonable grounds relating to the security of the Cloudmining.SG Account or any of its security features or if Cloudmining.SG reasonably suspects that an unauthorized or fraudulent use of the User’s Cloudmining.SG Account has occurred or that any of its security features have been compromised. Cloudmining.SG will notify the User of any suspension or restriction and of the reasons for such suspension or restriction in advance or, where Cloudmining.SG is unable to do so, immediately after the suspension or restriction has been imposed, unless notifying the User would be unlawful or compromise our reasonable security interests. Cloudmining.SG will lift the suspension and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.
11.5. The User must take reasonable care to ensure that his/her e-mail account(s) are secure and only accessed by the User, as his/her e-mail address may be used to reset passwords or to communicate with the User about the security of the Cloudmining.SG Account. Cloudmining.SG cannot be liable for the breach of an e-mail account resulting an unauthorized transaction to be executed with proper confirmation. In case any of the e-mail addresses registered with the User’s Cloudmining.SG Accounts are compromised, the User should without undue delay after becoming aware of this contact Customer Service and also contact his/her e-mail service provider.
11.6. Irrespective of whether the User is using a public, a shared or his/her own computer to access the Cloudmining.SG Account, the User must always ensure that his/her login details are not stored by the browser or cached or otherwise recorded. The User should never use any functionality that allows login details or passwords to be stored by the computer he/she is using.
11.7. Additional products or services the User uses may have additional security requirements and the User must familiarize with those as notified to him/her.
12. SERVICES AVAILABILITY
12.1. All services are provided without guarantees of any kind, either express or implied.
12.2. Cloudmining.SG will strive to keep the Site up and running; however, all online services suffer from occasional disruptions and outages, and Cloudmining.SG isn't liable for any disruption or loss you may suffer as a result. Thus, Cloudmining.SG does not provide any guarantees that access to the Site will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of information.
12.3. Cloudmining.SG will use reasonable endeavors to ensure that the User can normally access the Site in accordance with the Terms of Use. Cloudmining.SG may suspend use of the Site for maintenance and will make reasonable efforts to give the User notice. The User acknowledges that this may not be possible in an emergency.
13. FINANCIAL ADVICE CLOUDMINING.SG
Financial advide Cloudmining.SG does not provide any investment advice in connection with the Services contemplated by these Terms of Use. Cloudmining.SG may provide information on the price, range, volatility of Bitcoins and events that have affected the price of Bitcoins, but it should not be considered as an investment advice and should not be construed as such. Any decision to buy or sell cryptocurrencies and commodities is the User’s decision and Cloudmining.SG will not be liable for any loss suffered.
14. FINANCIAL REGULATION
Cloudmining.SG business model, and our Service, consists of facilitating the buying, selling and trading of cryptocurrencies and commodities and their use to purchase goods in an unregulated, international open payment system.
15. TAXATION
15.1. The User undertakes to pay all his/her taxes and duties, which can be resulted from the use of Cloudmining.SG Services and should be paid according the User’s state of residence regulations.
15.2. Cloudmining.SG does not responsible for any violation made by the User due to his/her obligation to calculate and pay taxes and duties.
16. E-MAIL
Email messages sent over the Internet are not secure and Cloudmining.SG is not responsible for any damages incurred by the result of sending email messages over the Internet. We suggest sending email in encrypted formats; you are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request.
17. GOVERNING LAW AND DISPUTE RESOLUTION
These Terms of Use shall be governed by and construed in accordance with the laws of the United Kingdom, unless otherwise expressly provided. All disputes and controversies arising out of or in connection with this website and these Terms of Use shall be submitted to the United Kingdom Court in London (main office), as the Court of first instance. If any portion of these Terms of Use shall be deemed invalid, void, or for any reason unenforceable, such portion shall be deemed severable and shall not affect the validity and enforceability of any remaining portion.
18. LIMITATION OF LIABILITY
IN NO EVENT SHALL CLOUDMINING.SG, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND ALL THIRD PARTY SERVICE PROVIDERS, BE LIABLE TO YOU OR ANY OTHER PERSON OR ENTITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES WHATSOEVER, INCLUDING ANY THAT MAY RESULT FROM (I) THE ACCURACY, COMPLETENESS, OR CONTENT OF THIS SITE, (II) THE ACCURACY, COMPLETENESS, OR CONTENT OF ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (III) THE SERVICES FOUND AT THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (IV) PERSONAL INJURY OR PROPERTY DAMAGE OF ANY NATURE WHATSOEVER, (V) THIRD-PARTY CONDUCT OF ANY NATURE WHATSOEVER, (VI) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SERVERS AND/OR ANY AND ALL CONTENT, PERSONAL INFORMATION, FINANCIAL INFORMATION OR OTHER INFORMATION AND DATA STORED THEREIN, (VII) ANY INTERRUPTION OR CESSATION OF SERVICES TO OR FROM THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (VIII) ANY VIRUSES, WORMS, BUGS, TROJAN HORSES, OR THE LIKE, WHICH MAY BE TRANSMITTED TO OR FROM THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (IX) ANY USER CONTENT OR CONTENT THAT IS DEFAMATORY, HARASSING, ABUSIVE, HARMFUL TO MINORS OR ANY PROTECTED CLASS, PORNOGRAPHIC, “X-RATED”, OBSCENE OR OTHERWISE OBJECTIONABLE, AND/ OR (X) ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF YOUR USE OF THIS SITE OR THE SERVICES FOUND AT THIS SITE, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL OR EQUITABLE THEORY, AND WHETHER OR NOT CLOUDMINING.SG IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN ADDITION, YOU SPECIFICALLY ACKNOWLEDGE AND AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THIS SITE OR THE SERVICES FOUND AT THIS SITE MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES, OTHERWISE SUCH CAUSE OF ACTION SHALL BE PERMANENTLY BARRED. IN ADDITION, YOU SPECIFICALLY ACKNOWLEDGE AND AGREE THAT IN NO EVENT SHALL CLOUDMINING.SG’S TOTAL AGGREGATE LIABILITY EXCEED THE TOTAL AMOUNT PAID BY YOU FOR THE PARTICULAR SERVICES THAT ARE THE SUBJECT OF THE CAUSE OF ACTION. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW, AND SHALL SURVIVE ANY TERMINATION OR EXPIRATION OF THIS AGREEMENT OR YOUR USE OF THIS SITE OR THE SERVICES FOUND AT THIS SITE.
19. INDEMNITY
The User agrees to protect, defend, indemnify and hold harmless Cloudmining.SG and its officers, directors, employees, agents, and third party service providers from and against any and all claims, demands, costs, expenses, losses, liabilities and damages of every kind and nature (including, without limitation, reasonable attorneys’ fees) imposed upon or incurred by Cloudmining.SG directly or indirectly arising from (i) the User’s use of and access to this Site or the Services found at this Site; (ii) the User’s violation of any provision of the Terms of Use or the policies or agreements which are incorporated herein; and/or (iii) the User’s violation of any third-party right, including without limitation any intellectual property or other proprietary right. The indemnification obligations under this section shall survive any termination or expiration of the Terms of Use or the User’s use of this Site or the Services found on this Site.
20. MODIFICATION OF TERMS OF USE
Cloudmining.SG reserves the right to change, add or remove portions of these Terms, at any time, in an exercise of its sole discretion. You will be notified of any changes in advance through your Account. Upon such notification, it is your responsibility to review the amended Terms. Your continued use of the Site following the posting of a notice of changes to the Terms signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms.
21. MISCELLANEOUS
If Cloudmining.SG is unable to perform the Services outlined in the Terms of Use due to factors beyond its control including but not limited to an event of Force Majeure, change of law or change in sanctions policy Cloudmining.SG will not have any responsibility to the User with respect to the Services provided hereunder and for a time period coincident with the event.
22. LINKS TO THIRD-PARTY WEBSITES
This Site and the Services found at this Site may contain links to third-party websites that are not owned or controlled by Cloudmining.SG. Cloudmining.SG assumes no responsibility for the content, terms and conditions, privacy policies, or practices of any third-party websites. In addition, Cloudmining.SG does not censor or edit the content of any third-party websites. By using this Site or the Services found at this Site, you expressly release Cloudmining.SG from any and all liability arising from your use of any third-party website. Accordingly, Cloudmining.SG encourages you to be aware when you leave this Site or the Services found at this Site and to review the terms and conditions, privacy policies, and other governing documents of each other website that you may visit.
23. PRIVACY POLICY
Privacy Policy is a part of our terms of use. Please see it here: Privacy Policy
CONTACT US
If you have any questions relating to these Terms of Use, your rights and obligations arising from these Terms and/or your use of the Site and the Service, your Account, or any other matter, please contact us through our website.
As used herein, "Cloudmining.SG" refers to the website Cloudmining.SG including but not limited to, its owners, directors, investors, employees or other related parties. Depending upon context, "Cloudmining.SG" may also refer to the services, products, site, content or other materials provided by Cloudmining.SG.
The Terms of Use is an important document, which the User must consider carefully when choosing whether to use the Services. Please read the Terms of Use carefully before agreeing to it. The Terms of Use also highlight certain risks of using the Services together with guidance on how to safely carry out online services via Cloudmining.SG.
The User is solely responsible for understanding and complying with any and all laws, rules and regulations of his/her specific jurisdiction that may be applicable to the User in connection with the use of Cloudmining.SG.
IF YOU DO NOT ACCEPT THE TERMS OF USE AND CONDITIONS OUTLINED IN THIS AGREEMENT, DO NOT ACCESS THIS SITE AND DO NOT USE THIS SERVICE.
1. DEFINITIONS
1.1. Account: means an account created by the User on the Cloudmining.SG platform.
1.2. Bitcoin(s): refers to the Peer-to-Peer cryptocurrency (see bitcoin.org).
1.3. Block: means a record in the blockchain that contains and confirms financial transactions.
1.4. Buyer(s): means the User(s) who submits an offer to buy commodities or cryptocurrencies through the Service.
1.5. GH/s: means Gigahashes per second — the processing speed of mining hardware, which can be bought on the Cloudming.SG website.
1.6. Mining contract: means providing a certain amount of GH/s for a certain period of time.
1.7. Platform: means an environment created by Cloudming.SG to execute orders of virtual commodities such as mining contracts. The Platform is not intended to provide any legal, tax, insurance or investment advice.
1.8. Price: means "price per commodity or cryptocurrency" for which we are selling mining contracts for virtual currency. The Price may be expressed virtual currencies such as Bitcoin.
1.9. Service(s): means the technological platform, functional rules and virtual currency transactions managed by Cloudming.SG to permit the Users to perform buy virtual commodities using virtual currencies.
1.10. Order or transaction: means an agreement between the User and the Cloudming.SG to exchange virtual currencies for mining contracts at a commonly agreed rate ("Purchase transaction").
1.11. Payout: means a scheduled payout of User's account balance by sending the amount of Bitcoins User has received in his Cloudming.SG account with mining contracts or referral commissions to User's Bitcoin address.
1.12. Transaction Amount or Transaction Price: means the total price paid by the User in respect to each Transaction performed via the Service.
1.13. User(s): means an individual person, who uses the Services and agreed to the Terms of Use and is a holder of an Account.
2. SCOPE OF THE SERVICES
2.1. The Service allows all Users of the Platform buy mining contracts using virtual currencies such as Bitcoin.
2.2. Depending on the User’s country of residence, the User may not be able to use all the functions of the Site. It is the User’s responsibility to follow those rules and laws in his/her country of residence and/or country from which the User accesses this Site.
2.3. The User acknowledges and agrees that, when completing Transactions, he is using an experimental virtual currency to purchase experimental virtual commodities and it may include risks of loss of capital as described in these Terms of Service.
3. USER'S RIGHTS AND RESPONSIBILITIES
3.1. The User has the right to enter and use the Site and the Services, as long as he/she agrees to and actually complies with the Terms of Use. By using the Site, the User agrees to accept and comply with the terms and conditions stated herein.
3.2. The User undertakes to read the entire Terms of Use carefully before using the Site or any of the services provided by Cloudmining.SG.
3.3. The User undertakes to comply with any and all applicable laws and regulations related to the Transactions.
3.4. The User undertakes to monitor all and any changes on his/her Account, including but not limited to the balance matters.
3.5. The User undertakes to immediately (i.e. right after the moment of discovery) inform Cloudmining.SG about any unusual, suspicious, unclear or abnormal changes on his/her Account. In case of late informing or non-informing the User will be liable for the breach of the Terms of Use and Cloudmining.SG will have the right to take any further steps accordingly, including but not limited to appeal to the relevant state authorities.
3.6. The User agrees that, whenever the Transaction is made, the Platform sends and receives the monetary sums and/or cryptocurrencies from the Users account in their name and on their behalf, through the IT system.
3.7. The User undertakes to notify Cloudmining.SG immediately of any unauthorized use of his/her Account or password, or any other breach of security by contacting Cloudmining.SG through our website. Any User who violates the mentioned rules may be terminated, and thereafter held liable for losses incurred by Cloudmining.SG or any user of the Site.
3.8. The User undertakes not to use the Service to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, financing terrorist organizations, or malicious hacking.
3.9. The User is responsible for any and all damages caused and all liability actions brought against Cloudmining.SG for infringement of third party rights or violation of applicable laws.
3.10. Nothing in the Terms of Use excludes or limits the liability of the User for fraud, death or personal injury caused by its negligence, breach of terms implied by operation of law, or any other liability which may not by law be limited or excluded.
3.11. Users are solely responsible for determining whether any contemplated Transaction is appropriate for them based on their personal goals, financial status and risk willingness.
4. USER'S REPRESENTATIONS AND WARRANTEES
4.1. By creating an Account, the User expressly represents and warrants that he/she:
- follows the rules and laws in his/her country of residence and/or country from which he /she accesses this Site and Services; has accepted these Terms of Use;
- is at least 18 years of age and has the right to accept these Terms of Use and participate in transactions involving cryptocurrencies and commodities.
4.2. The User represents and warrants that he will only use the Platform to perform Transactions in accordance with the conditions set forth in these Terms and that they are duly authorised and have the capacity to enter into the Transactions on the Platform.
4.3. The User represents and warrants that the currencies deposited to buy the Bitcoins are actual currencies corresponding to actual assets in its bank account and coming from legal sources.
4.4. The User represents and warrants that he is the legitimate owner and is allowed to use all cryptocurrencies and commodities deposited on his/her Account and that the Transactions being carried out do not infringe the rights of any third party or applicable laws.
5. CLOUDMINING.SG RIGHTS AND RESPONSIBILITIES
5.1. Cloudmining.SG has the right to suspend User’s Account and block all cryptocurrency and commodity sums contained therein, in case of non-fulfilment or unduly fulfilment of the Terms of Use by the User.
5.2. Cloudmining.SG undertakes to provide Services with the utmost effort, due care and in accordance with these Terms of Use.
5.3. Cloudmining.SG's responsibility shall be limited to using reasonable technical efforts to ensure the receipt of the cryptocurrency transferred.
When initiating cryptocurrency transactions to a user who is not the Cloudmining.SG User, Cloudmining.SG responsibility shall be further limited to ensuring the transfer of the necessary technical data to the cryptocurrency network.
5.4. Cloudmining.SG is not responsible for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered is caused by a breach of the Terms of Use by Cloudmining.SG.
5.5. Cloudmining.SG is not responsible for any malfunction, breakdown, delay or interruption of the Internet connection, or any other issues with our service, website and platform uptime and smooth oeration.
5.6. In the case of fraud, Cloudmining.SG undertakes to report all the necessary information, including names, addresses and all other requested information, to the relevant authorities dealing with fraud and breaches of the law. Users recognize that their account may be frozen at any time at the request of any competent authority investigating a fraud or any other illegal activity.
5.7. Nothing in these terms excludes or limits the responsibility of Cloudmining.SG for fraud, death or personal injury caused by its negligence, breach of terms implied by operation of law, or any other liability which may not be limited or excluded by law.
6. INTELLECTUAL PROPERTY RIGHTS
6.1. All materials on this Site are the property of Cloudmining.SG and are protected by copyright, trademark and other applicable laws, unless otherwise specified hereby.
6.2. The User may view, print and/or download a copy of the materials from the Site on any single computer solely for his/her personal, informational, non-commercial use, provided he/she keeps intact to all copyright and other proprietary notices.
6.3. The trademarks, service marks and logos of Cloudmining.SG and others used on the Site (hereinafter the “Trademarks”) are the property of Cloudmining.SG and its respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio materials used on this Site belong to Cloudmining.SG. The Trademarks and other materials on the Site should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, no matter manual or automated. The use of any materials from the Site on any other site or a networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.
7. RULES FOR MAINTAINING USER’S ACCOUNT
7.1. The Site is for the User’s personal and non-commercial use only. Cloudmining.SG is vigilant in maintaining the security of the Site and the Service. By registering with Cloudmining.SG, the User agrees to provide Cloudmining.SG with current, accurate, and complete information about him/herself as prompted by the registration process, and to keep such information updated.
7.2. The User agrees that he/she will not use any Account other than his/her own, or access the Account of any other User at any time, or assist others in obtaining unauthorized access.
7.3. The User is responsible for maintaining the confidentiality of information on his Account, including, but not limited to his password, email, wallet address, wallet balance, and of all activity including Transactions made through his Account. If there is suspicious activity related to the User’s Account, Cloudmining.SG may request additional information from the User, including authenticating documents, and freeze the Account for the review time. The User is obligated to comply with these security requests, or accept termination of his Account.
7.4. The creation or use of Accounts without obtaining the prior express permission from Cloudmining.SG will result in the immediate suspension of all respective Accounts, as well as all pending buy/sell orders. Any attempt to do so or to assist others (Users or other third parties), or the distribution of instructions, software or tools for that purpose, will result in termination of such Users’ Accounts. Termination is not the exclusive remedy for such a violation, and Cloudmining.SG may decide to take further action against the User.
8. MAINTENANCE COST
8.1. To ensure trouble-proof work of Gigahashes purchased on the Cloudmining.SG platform, a service cost is charged (hereinafter the “Maintenance Cost“).
8.2. Maintenance Cost may not be charged for certain Mining Contracts or Mining Contracts purchased in a certain period as part of a special offer. Once the special offer is over, Cloudmining.SG will notice users through the website and on online forums such as Bitcointalk.org.
8.3. Maintenance Cost includes: hosting, electricity and upkeep costs for maintaining computational equipment.
8.4. The Maintenance Cost is charged in Bitcoins in the way described at the FAQ ("Frequently Asked Questions") section of the website. Maintenance Cost is deducted from cloud based mining contract owners at the time of every payout.
8.5. Mining with using User's Gigahashes can be stopped by Cloudmining.SG if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient. The decision to renew Bitcoins mining is made by Cloudmining.SG, taking into account calculations of mining effectiveness.
8.6. Cloudmining.SG holds the right to change the Maintenance Cost amount, as well as the way of its charge off.
9. TRANSACTION LIMITS
The price of each cryptocurrency and commodity is limited to 6 digits. The minimum GH/s that can be purchased is 10. The minimum amount of bitcoins that can be transacted within the Platform is 0.00000001, however the minimum payout we can and will make is 0.001.
9. ROUNDING POLICY
For all financial calculations, Cloudmining.SG uses a rounding policy which rounds to the 8th digit after the separator.
10. ILLEGAL TRANSACTIONS
10.1. The User shall be solely responsible for ensuring that any transfer of cryptocurrency to a Transferee shall be a valid and legal transaction not infringing any laws including money-laundering laws and regulations.
10.2. Cloudmining.SG reserves the right to suspend or terminate your Cloudmining.SG Account at any time if we reasonably believe to be required to do so by the law or in order to comply with recommendations issued by a relevant government authority or recognized body for the prevention of financial crime.
10.3. It is strictly forbidden to use the Cloudmining.SG Account for any illegal purposes, including but not limited to, fraud and money laundering. Cloudmining.SG will report any suspicious activity to the relevant law enforcement agency. The User is prohibited from using his/her Cloudmining.SG Account in an attempt to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides.
10.4. It is the User’s and not Cloudmining.SG responsibility to ensure that the User only sends payments to or receives payments from persons or entities for the sale or supply of goods and services that the User may provide or receive in compliance with any applicable laws and regulations. The mere fact that a person or entity accepts payments through Cloudmining.SG is not an indication of the legality of the supply or provision of their goods and services. If the User is in doubt of the legality of a supply or purchase, he/she should not continue with the payment.
11. ACCOUNT SECURITY REQUIREMENTS
11.1. The User must take all reasonable steps to keep his/her Cloudmining.SG Account password safe all the time and never disclose it to anyone. Cloudmining.SG personnel will never ask the User to provide his/her password to Cloudmining.SG or to a third party. Any message the User receives or website that he/she visits that asks for the password, other than the Cloudmining.SG Website or a Cloudmining.SG payment gateway on a merchant website, should be reported to Cloudmining.SG. If the User is in doubt whether a website is genuine, it is required to ensure the website is EV SSL compliant (Security Certificate Validation is shown in the address bar of the User’s web browser).
11.2. It is advisable to change the User’s password regularly (at least every three (3) to six (6) months) in order to reduce the risk of a security breach in relation to the Cloudmining.SG Account. Cloudmining.SG also advises the User not to choose a password that is easily guessed from information someone might know or gather about the User or a password that has a meaning. The User must never allow anyone to access his/her Cloudmining.SG Account or watch you accessing your Cloudmining.SG Account.
11.3. If the User has any indication or suspicion of his/her Cloudmining.SG Account, login details, password or other security feature being lost, stolen, misappropriated, used without authorization or otherwise compromised, the User is advised to change the password. The User must contact Customer Service without undue delay on becoming aware of any loss, theft, misappropriation or unauthorized use of the User’s Cloudmining.SG Account, login details, password or other security features. Any undue delay in notifying Cloudmining.SG may not only affect the security of the User’s Cloudmining.SG Account, but may result in the User being liable for any losses as a result. If the User suspects that someone else accessed his/her Cloudmining.SG Account, the User should also contact the police and report the incident.
11.4. Cloudmining.SG may suspend the User’s Account or otherwise restrict its functionality on reasonable grounds relating to the security of the Cloudmining.SG Account or any of its security features or if Cloudmining.SG reasonably suspects that an unauthorized or fraudulent use of the User’s Cloudmining.SG Account has occurred or that any of its security features have been compromised. Cloudmining.SG will notify the User of any suspension or restriction and of the reasons for such suspension or restriction in advance or, where Cloudmining.SG is unable to do so, immediately after the suspension or restriction has been imposed, unless notifying the User would be unlawful or compromise our reasonable security interests. Cloudmining.SG will lift the suspension and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.
11.5. The User must take reasonable care to ensure that his/her e-mail account(s) are secure and only accessed by the User, as his/her e-mail address may be used to reset passwords or to communicate with the User about the security of the Cloudmining.SG Account. Cloudmining.SG cannot be liable for the breach of an e-mail account resulting an unauthorized transaction to be executed with proper confirmation. In case any of the e-mail addresses registered with the User’s Cloudmining.SG Accounts are compromised, the User should without undue delay after becoming aware of this contact Customer Service and also contact his/her e-mail service provider.
11.6. Irrespective of whether the User is using a public, a shared or his/her own computer to access the Cloudmining.SG Account, the User must always ensure that his/her login details are not stored by the browser or cached or otherwise recorded. The User should never use any functionality that allows login details or passwords to be stored by the computer he/she is using.
11.7. Additional products or services the User uses may have additional security requirements and the User must familiarize with those as notified to him/her.
12. SERVICES AVAILABILITY
12.1. All services are provided without guarantees of any kind, either express or implied.
12.2. Cloudmining.SG will strive to keep the Site up and running; however, all online services suffer from occasional disruptions and outages, and Cloudmining.SG isn't liable for any disruption or loss you may suffer as a result. Thus, Cloudmining.SG does not provide any guarantees that access to the Site will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of information.
12.3. Cloudmining.SG will use reasonable endeavors to ensure that the User can normally access the Site in accordance with the Terms of Use. Cloudmining.SG may suspend use of the Site for maintenance and will make reasonable efforts to give the User notice. The User acknowledges that this may not be possible in an emergency.
13. FINANCIAL ADVICE CLOUDMINING.SG
Financial advide Cloudmining.SG does not provide any investment advice in connection with the Services contemplated by these Terms of Use. Cloudmining.SG may provide information on the price, range, volatility of Bitcoins and events that have affected the price of Bitcoins, but it should not be considered as an investment advice and should not be construed as such. Any decision to buy or sell cryptocurrencies and commodities is the User’s decision and Cloudmining.SG will not be liable for any loss suffered.
14. FINANCIAL REGULATION
Cloudmining.SG business model, and our Service, consists of facilitating the buying, selling and trading of cryptocurrencies and commodities and their use to purchase goods in an unregulated, international open payment system.
15. TAXATION
15.1. The User undertakes to pay all his/her taxes and duties, which can be resulted from the use of Cloudmining.SG Services and should be paid according the User’s state of residence regulations.
15.2. Cloudmining.SG does not responsible for any violation made by the User due to his/her obligation to calculate and pay taxes and duties.
16. E-MAIL
Email messages sent over the Internet are not secure and Cloudmining.SG is not responsible for any damages incurred by the result of sending email messages over the Internet. We suggest sending email in encrypted formats; you are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request.
17. GOVERNING LAW AND DISPUTE RESOLUTION
These Terms of Use shall be governed by and construed in accordance with the laws of the United Kingdom, unless otherwise expressly provided. All disputes and controversies arising out of or in connection with this website and these Terms of Use shall be submitted to the United Kingdom Court in London (main office), as the Court of first instance. If any portion of these Terms of Use shall be deemed invalid, void, or for any reason unenforceable, such portion shall be deemed severable and shall not affect the validity and enforceability of any remaining portion.
18. LIMITATION OF LIABILITY
IN NO EVENT SHALL CLOUDMINING.SG, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND ALL THIRD PARTY SERVICE PROVIDERS, BE LIABLE TO YOU OR ANY OTHER PERSON OR ENTITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES WHATSOEVER, INCLUDING ANY THAT MAY RESULT FROM (I) THE ACCURACY, COMPLETENESS, OR CONTENT OF THIS SITE, (II) THE ACCURACY, COMPLETENESS, OR CONTENT OF ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (III) THE SERVICES FOUND AT THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (IV) PERSONAL INJURY OR PROPERTY DAMAGE OF ANY NATURE WHATSOEVER, (V) THIRD-PARTY CONDUCT OF ANY NATURE WHATSOEVER, (VI) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SERVERS AND/OR ANY AND ALL CONTENT, PERSONAL INFORMATION, FINANCIAL INFORMATION OR OTHER INFORMATION AND DATA STORED THEREIN, (VII) ANY INTERRUPTION OR CESSATION OF SERVICES TO OR FROM THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (VIII) ANY VIRUSES, WORMS, BUGS, TROJAN HORSES, OR THE LIKE, WHICH MAY BE TRANSMITTED TO OR FROM THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (IX) ANY USER CONTENT OR CONTENT THAT IS DEFAMATORY, HARASSING, ABUSIVE, HARMFUL TO MINORS OR ANY PROTECTED CLASS, PORNOGRAPHIC, “X-RATED”, OBSCENE OR OTHERWISE OBJECTIONABLE, AND/ OR (X) ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF YOUR USE OF THIS SITE OR THE SERVICES FOUND AT THIS SITE, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL OR EQUITABLE THEORY, AND WHETHER OR NOT CLOUDMINING.SG IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN ADDITION, YOU SPECIFICALLY ACKNOWLEDGE AND AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THIS SITE OR THE SERVICES FOUND AT THIS SITE MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES, OTHERWISE SUCH CAUSE OF ACTION SHALL BE PERMANENTLY BARRED. IN ADDITION, YOU SPECIFICALLY ACKNOWLEDGE AND AGREE THAT IN NO EVENT SHALL CLOUDMINING.SG’S TOTAL AGGREGATE LIABILITY EXCEED THE TOTAL AMOUNT PAID BY YOU FOR THE PARTICULAR SERVICES THAT ARE THE SUBJECT OF THE CAUSE OF ACTION. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW, AND SHALL SURVIVE ANY TERMINATION OR EXPIRATION OF THIS AGREEMENT OR YOUR USE OF THIS SITE OR THE SERVICES FOUND AT THIS SITE.
19. INDEMNITY
The User agrees to protect, defend, indemnify and hold harmless Cloudmining.SG and its officers, directors, employees, agents, and third party service providers from and against any and all claims, demands, costs, expenses, losses, liabilities and damages of every kind and nature (including, without limitation, reasonable attorneys’ fees) imposed upon or incurred by Cloudmining.SG directly or indirectly arising from (i) the User’s use of and access to this Site or the Services found at this Site; (ii) the User’s violation of any provision of the Terms of Use or the policies or agreements which are incorporated herein; and/or (iii) the User’s violation of any third-party right, including without limitation any intellectual property or other proprietary right. The indemnification obligations under this section shall survive any termination or expiration of the Terms of Use or the User’s use of this Site or the Services found on this Site.
20. MODIFICATION OF TERMS OF USE
Cloudmining.SG reserves the right to change, add or remove portions of these Terms, at any time, in an exercise of its sole discretion. You will be notified of any changes in advance through your Account. Upon such notification, it is your responsibility to review the amended Terms. Your continued use of the Site following the posting of a notice of changes to the Terms signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms.
21. MISCELLANEOUS
If Cloudmining.SG is unable to perform the Services outlined in the Terms of Use due to factors beyond its control including but not limited to an event of Force Majeure, change of law or change in sanctions policy Cloudmining.SG will not have any responsibility to the User with respect to the Services provided hereunder and for a time period coincident with the event.
22. LINKS TO THIRD-PARTY WEBSITES
This Site and the Services found at this Site may contain links to third-party websites that are not owned or controlled by Cloudmining.SG. Cloudmining.SG assumes no responsibility for the content, terms and conditions, privacy policies, or practices of any third-party websites. In addition, Cloudmining.SG does not censor or edit the content of any third-party websites. By using this Site or the Services found at this Site, you expressly release Cloudmining.SG from any and all liability arising from your use of any third-party website. Accordingly, Cloudmining.SG encourages you to be aware when you leave this Site or the Services found at this Site and to review the terms and conditions, privacy policies, and other governing documents of each other website that you may visit.
23. PRIVACY POLICY
Privacy Policy is a part of our terms of use. Please see it here: Privacy Policy
CONTACT US
If you have any questions relating to these Terms of Use, your rights and obligations arising from these Terms and/or your use of the Site and the Service, your Account, or any other matter, please contact us through our website.