Mining Pool Service Terms
These mining pool service terms (“Service Terms”) set forth the terms and conditions governing your participation in BitFuFu Pool (as defined below).
These terms specifically govern your access to and use of the “Mining Pool” (referred to as ‘BitFuFu Pool’) service and its ancillary services made available by BitFuFu (collectively, the “Mining Pool Services”) .
These Service Terms are supplemental to and shall be read in conjunction with the BitFuFu Terms of Use (“Terms of Use”), which are hereby incorporated by reference. In the event of any conflict or inconsistency between these Service Terms and the Terms of Use, the provisions in these Service Terms shall prevail with respect to the services contemplated hereunder. BitFuFu reserves the right to modify these Service Terms at any time in accordance with the Terms of Use.
Upon accessing or utilizing BitFuFu Pool, you acknowledge that you have read, understood, and agree to be bound by these Service Terms, together with any additional documents or terms referred to herein, as amended from time to time. If you do not agree to be bound by these Service Terms and the subsequent modifications, you may not access or use the Mining Pool Services anymore.
The Mining Pool Services provide you access to the platform's Mining Pools, enabling you to contribute your Hashrate to validate blocks and earn rewards.
To use the Mining Pool Services, you must:
BitFuFu may, at its sole discretion, refuse to offer the Mining Pool Services at any time and for any reason, without incurring any liability to you.
Under the circumstances where your participation in the Mining Pool, or the distribution of Mining Pool Rewards (as defined below) to you, is not permitted by or may result in contravention of applicable laws, or if BitFuFu determined that the Mining Pool Services are not available to you, BitFuFu is under no obligation to distribute any Mining Pool Rewards.
You must create an account (the “Mining Pool Account”) to track your contributed Hashrate. Sub-accounts may be required for specific mining protocols or pools. It is your responsibility to connect your Mining Pool Account to relevant Mining Pools and maintain up-to-date account details to remain eligible for rewards. You acknowledge and accept that it is your sole responsibility to meet all platform requirements and keep your account details current to remain eligible for Mining Pool Rewards. Failure to comply may result in the forfeiture of your rewards.
BitFuFu uses Full Pay Per Share (FPPS) Methodology to determine the quantity of Digital Assets you will be awarded for the Hashrate that you contribute to a Mining Pool (“Mining Pool Rewards”): You are awarded Digital Assets for the Hashrate you contribute to the Mining Pool, regardless of whether it generates Block Rewards or Transaction Fees on a relevant proof of work protocol.
Digital Assets awarded = Theoretical Average Daily Settlement Earnings * (1 + Transaction Fee Rate) * (1 - Mining Pool Fee Rate)
The Theoretical Average Daily Settlement Earnings and Transaction Fee can be found on a Block Explorer, and the Mining Pool Fee Rate is published on the platform and subject to change. Mining Pool Fees are deducted before distribution to your Mining Pool Account.
The Settlement Cycle starts at 00:00 (UTC) on a given day and ends at 00:00 (UTC) on the following day.
At the end of the Settlement Cycle, Mining Pool Rewards will be credited to your Mining Pool Account or your designated third-party wallet by 10:00 (UTC) on the immediately following day. You must provide a valid wallet address to receive the Mining Pool Rewards, including Fractional Bitcoin (FB). Failure to provide a valid address may result in the loss of your rewards.
The rewards credited to your Mining Pool Account will be in the same Digital Asset as awarded by the protocol your Hashrate was used to mine.
BitFuFu is not liable for any losses related to these Service Terms, including, but not limited to:
You acknowledge that mining demands significant computing power, leading to increased electricity consumption and wear on hardware. It is your responsibility to set up your software and hardware correctly, and BitFuFu is not responsible for losses from incorrect setup or failure to follow BitFuFu guidelines.
You confirm that your mining hardware has been acquired using your own legitimate funds in compliance with applicable laws.
“Block Explorer” means software for visualising blocks, transactions, and blockchain network metrics (as the theoretical average daily settlement earnings or transaction fee rate).
“Block Reward” means the Digital Assets awarded to a miner or mining pool for solving a block on a proof of work network.
“Hashrate” means the computational power you connect and contribute to the Mining Pool, in accordance with these Service Terms.
“Mining Pool Fee Rate” means the mining fees charged by BitFuFu to participate in the Mining Pool.
“Settlement Cycle” means the period during which the Mining Pool Rewards are calculated and at the end of which, they are distributed.
“Theoretical Average Daily Settlement Earnings” means the estimated Digital Assets awarded for the Hashrate provided to a proof of work network.
“Transaction Fees” means fees users of a proof of work network are charged, as published on a Block Explorer.
Last Updated: November 2024.