HBTC will be launching the Phase s Filecoin Cloud Mining product subscription events to benefit our users at 16:00 on July 28. Users who missed the previous Filecoin Cloud Mining product subscriptions can pay more attention to this subscription event, which will still be run at a first come, first served basis.
I Subscription Method
1. Mode of Payment: USDT
2. Eligibility: KYC 2 verified HBTC users
3. Subscription rules
a. Subscription Period: 16:00 July 28, 2020 -- 16:00 August 4, 2020 (UTC+8)
b. Total subscription quota for Phase 3: 13,800 T(FILM)
c. Subscription limit per user: 1T-300T(FILM)
d. Subscription price: 130USDT/FILM
Subscription Phase 1: Ended already (for details please see: https://www.hbtc.com/xo/item/FILM-USDT-6002-20200706121137
Subscription Phase 2: Ended already (for details please see: https://www.hbtc.com/xo/item/FILM-USDT-6002-20200708230234
1. Each FILM only represents 1TB of total computing power over a year, and there will be no FILM trading pair. The deposit and withdrawal of FILM will be available (after the subscription is completed).
A 24-hour cooling-off period provided by the platform. Users can still apply for refund by HBTC official customer service within 24 hours after the end of the subscription. No refund will be entertained after the cooling period expire.
II Product Overview
1. What is Filecoin Cloud Mining?
Filecoin Cloud Mining Product is a process where the unutilized mining capacity of mining machines are tokenize in FILM (Filecoin Mining) tokens and distributed to users through subscription.
Each FILM (Filecoin Mining) token is represented by 1TB of computing power over a year. As such, it helps to lower the barrier of entry for users. Through the cloud mining product, users can enjoy high-quality professional cloud mining services at the lowest without the need to own and entire mining machines which also require professional maintenance.Therefore, holders of FILM tokens, will be receive corresponding amount of mining rewards in FIL tokens.
2. About HBTC Filecoin Cloud Mining Product
Cloud Mining Token Name : FILM (Filecoin Mining)
Token value: 1 FILM = 1 T of computing power over a year.
Product price: 1 FILM = 130 USDT
Total subscription quota : 13,800 T（FILM）
Subscription limit per user : 1T-300T (FILM) per phase
Product duration : 365 days (The mining of FILM will commence on the official launch day of Filecoin main net. The FILM cloud mining reward will be automatically suspended upon expiration.)
Management fee : 15% will be deducted from the daily output in Filecoin.
Rewards allocation : Filecoin rewards generated by the FILM cloud mining will be distributed to users according to their FILM holding amount, which is held on their HBTC account. (This product will commence mining as when Filecoin Main net goes live.)
Mining rewards : shall reach the average output level of the industry
III More Information
1. About the management fee
Filecoin Cloud Mining Service will deduct 15% of FIL from the daily output as management fee. The management fee will be spent on the upkeep and maintenance of mining farms, equipments, cost of deployments, cost of repair, technical and other related operating cost.
2. About the product cycles
a. The product shall be valid for 365 days (commencing on the launch day ofFilecoin Mainnet);
b. Upon expiration of the service period, the Filecoin cloud mining service will automatically suspend and become invalid. The platform will no longer undertake relevant support services, and the FILM held by the users will also be delisted and become invalid;
c. In the event of If the mining farms cannot continue its operation due to force majeure such as enforcement of laws, policies, war, natural disasters, fire or power failure, the Cloud Mining products will be terminated in advance and HBTC will not liable for any forms of compensation.
3.Filecoin Cloud Mining Token—FILM
a. The Filecoin Cloud Mining Token—FILM only represents the 365-day cloud mining services, which will be delisted and destroyed by HBTC after the service expires;
b. Users who hold FILM in their HBTC accounts enjoy this service. Daily FIL will be distributed according to the amount of FILM held in their accounts after the Filecoin mainnet is launched;
c. Users have to ensure that the FILM stays in their HBTC account in order to receive FIL output. Users will be solely responsible for their shortfall output if they withdraw FILM from their HBTC account.
4.Mining output and allocation
a. The platform will allocate the actual mining output from Filecoin cloud mining product;
b. The mining output generated by Filecoin cloud mining product will be distributed in the form of FIL Tokens;
c. The mined FIL of the previous day will be distributed before 24:00 Singapore time on the next day, which is subjected to the mining pool's settlement time;
d. Distribution formula: users' daily FIL rewards = TB quantity of the FILM held by the user × daily output /TB × (1-15% management fee).
5.How to allocate the mined FILM?
Starting from the 8th day after Mainnet is launched, FIL output will be calculated and distributed daily according to the quantity of FILM held in your HBTC account. The FIL output of the previous day will be distributed before 24:00 Singapore time on the next day. You may view the records on "My Asset" page.
6.About the cancellation of subscription
Users will not be able to cancel or seek refund on the subscription after the 24 hours cooling off period. Please exercise prudence before subscribing. HBTC will also reserve all rights to cancel the FILM subscription in the event of uncertainty on Filecoin Mainnet's configuration and other risk factors.
7.HBTC Cloud Mining Service Agreement
It is deemed that you have completely read and accepted to the terms and conditions of HBTC Cloud Mining Service Agreement as attached in Annex 1 by participating in the subscription exercise.
IV Risk Tips
1. The price of FIL will fluctuate, and the mining difficulty will be adjusted from time to time. Both coin price fluctuation and mining difficulty adjustment could affect the profitability of Filecoin Cloud Mining. Therefore, there is no guarantee of breakeven or refund for the Filecoin Cloud Mining services. Users should carefully assess their own risk tolerance before subscribing to HBTC Cloud Ming Service. Filecoin reserves all rights of interpretation to this product and this agreement.
2. Users understand and accept that if Filecoin mining operations is stopped or prohibited due to the changes in circumstances including changes in laws, and regulations, the contract will be automatically terminated, and both parties agrees that they will not hold each other accountable for any losses or refunds.
3. No digital asset trading will be involved in this product. Users shall bear the relevant responsibilities and risks for participating in the digital trading.
1. The expected Filecoin mining rewards may deviate from the actual rewards due to fluctuation in coin prices and mining difficulty. Therefore, there is no guarantee of profit in Filecoin Cloud mining.
2. The official launch date of Filecoin's Mainnet shall be referred to Filecoin 's Official website. The mining rewards shall be subject to the actual mining data calculated after Filecoin Mainnet is launched.
3. HBTC shall reserves all rights to interpretation in this event.
1.What is IPFS
The Interplanetary File System (IPFS) is a protocol and peer-to-peer network for storing and sharing data in a distributed file system. IPFS uses content-addressing to uniquely identify each file in a global namespace connecting all computing devices. IPFS allows users to not only receive but host content, in a similar manner to BitTorrent. As opposed to a centrally located server, IPFS is built around a decentralized system of user-operators who hold a portion of the overall data, creating a resilient system of file storage and sharing. Any user in the network can serve a file by its content address, and other peers in the network can find and request that content from any node who has it using a distributed hash table (DHT).
2.What is Filecoin
Filecoin is the incentive of IPFS which uses the token incentive model of the blockchain to build a decentralized storage network. The symbol of the Filecoin token is FIL. Filecoin aims to build a storage system and retrieval market by Filecoin incentive model. By providing storage and retrieval services, miners can obtain the FIL tokens paid by users.
3.When will Filecoin mainnet be launched?
A: The Mainnet is estimated to launch at the end of August 2020 according to the their official website. Please refer to the official announcement at their website: https://Filecoin.io/
4. How does Filecoin calculate and allocate Filecoin output?
A: The FIL output will be allocated according to the proportion of FILM held by the users to the total quantity in the mining pool. Management fee will be deducted before distributing the FIL to users.
Annex 1: HBTC Cloud Mining Service Agreement
HBTC platform (hereinafter referred to HBTC) is committed to provide cloud mining as a service, using the latest technology to provide multi-algorithm, multi-currency cloud mining services.
The following terms are our terms of service (hereinafter referred to as “this agreement”), we will be jointly bound by the terms of service, through the terms of service to establish legal rights and obligations by your operation on our website platform. Please read the terms of Service carefully and fully understand the agreement and the terms, and strictly abide by it.
By using the Platform services, confirming through the web pages or otherwise accepting this Agreement, you shall be deemed to have fully understood all the terms of this Agreement and agree to enter into this Agreement with us.
If you have any doubts or objections about the contents of this Agreement before agreeing to enter into this Agreement, please contact us so that we can explain and explain to you so that you can fully understand and help you decide whether to accept this Agreement and whether to use our services.
In accordance with the relevant laws and regulations of the country where the parties are located and through equal and voluntary negotiation, the parties hereby agree as follows on matters concerning the leasing of mining machines from the HBTC platform and entrusting the platform to provide hosted services.
I Leasing of Mining Capacity
Leasing mining capacity: The Platform provides users with mining capacity, which users shall have the right to use the mining machines during the term hereof. The user shall entrust the HBTC Platform to manage the mining infrastructures & capabilities to maximize the user's computing power and protect the user's rights and interests to the maximum extent.
II Contents of hosted management services for mining machinery
2.1 Site supporting services: HBTC Platform provides host site, power supporting facilities and broadband for users who rent mining machines, Network support, security monitoring, hosted management and troubleshooting, and assist the manufacturer or the interested party in maintenance and other hosting services.
2.2 Daily monitoring services: HBTC platform shall carry out daily monitoring to ensure the smooth operation of the mining machines that users rent, and management entrusted.
2.3 Network and information security: HBTC Platform keep platform shall cooperate with relevant national departments to handle Internet and information security as required
2.4Maximum computing power guarantee: HBTC Platform shall try its best to ensure the monthly mining hours of the leased mining machine, so as to ensure that the users can achieve maximum computing power income within the lease term; HBTC Platform will guarantee that the customer will make up for the loss of mining machine downtime time caused by power failure in a one-to-one manner. In other words, for every hour of power failure, the platform will compensate the customer for an extra hour of mining machine rental time.
III Term of lease and hosted management
The operation period of the mining machine rented and entrusted to the management by the user shall be :12 months (counting from the time when the user pays the lease fee, which is subject to the information on Leasing Page). The mining machine operation and maintenance costs (hereinafter refer as “operation and maintenance costs “) shall be borne by HBTC Platform, and the user shall not bear the operation and maintenance costs.
IV Expense burden
The fees that users need to pay to the Platform include: annual mining machine lease fee, entrustment management fee and basic electricity fee, etc.
V Rights and obligations of users and HBTC platform
5.1 Rights and obligations of users
5.1.1 Users shall be entitled to rent the mining machine, store and withdraw the accordingly digital assets on HBTC platform.
5.1.2 Users shall be entitled to check all accounts information under HBTC platform, use or operate the functions provided by HBTC.
5.1.3 HBTC commits to provide other services to our customers.
5.1.4 The User shall not maliciously register any account with the HBTC platform by any means, including but not limited to registering and controlling multiple accounts for the purpose of profiteering, speculative operations, illegal cash-ins, illicit awards, among others. Nor may the User use the account or any other user in the absence of proper authorization.
HBTC owns the right to take all necessary measures if a user violates the above provisions, the necessary measures including but not limited to: suspending or closing the account of user, cancelling all profits user has obtained from the violations, or even charging user for his/her legal liability through lawsuit and etc.
5.1.5The User is prohibited from using the HBTC as a venue, platform or medium to engage in any kind of illegal activities. Without due authorization or permission by the HBTC, the User may not use the name of this Website to engage in any business activity, nor may the User use the HBTC as a venue, platform or medium for business activities in any manner whatsoever.
5.2 Rights and obligations of HBTC
5.2.1 HBTC shall be entitled to charge the service fee according to the regulations when users use the mining machine leasing service HBTC provided. HBTC owns to regulate and modify the service fee unless otherwise stated or agreed, users agree HBTC deduct the above-mentioned service fee from the assets in users’ accounts.
5.2.2 Where by means of technical testing or manual sampling, among others, HBTC reasonably suspects that the information you provide is wrong, untrue, invalid or incomplete, HBTC shall have the right to notify you to correct or update the information or suspend or terminate its supply of the services to you.
5.2.3 HBTC shall have the right to correct any information displayed on HBTC Website when it uncovers any obvious error in such information.
5.2.4 HBTC reserves the right to modify, suspend, or terminate the Mining machine Leasing Services at any time, and HBTC will inform users by website announcement when using Service modification or suspension rights.
5.2.5 HBTC shall take necessary technical means and management measures to ensure the normal operation of the mining machines.
5.2.6 HBTC will secure the users’ asset and hosted management by strengthen technical investment and improving security protections, shall be obliged to inform users as early as possible when foreseeable security risks appear.
VI Legal Statement on Maximization of user computing power
HBTC platform is committed to providing users with one-stop digital currency computing solutions. However, the revenue brought by digital currency computing power is affected by the corresponding digital currency market's final strength, mining and distribution scheme of digital currency in a certain period, corresponding currency fluctuation and other aspects, which are unpredictable. Each customer must make an independent judgment about the benefits of buying or leasing the mining machinery and should consider the risks and their own circumstances when choosing whether to buy or lease the mining machinery. HBTC Platform is not responsible for the mining income of customers.
VII Modification, rescission, termination and assignment of rights and obligations
7.1 Modification of The Agreement
HBTC Platform reserves the right to modify the transaction method, custody duration and other contents of the agreement from time to time according to the needs of the market.
It shall be considered as reasonable or necessary under the principle of good faith.
7.2 Rescission and Termination of this Agreement
During your use of the Platform services, we may unilaterally terminate this Agreement if:
7.2.1 Your account is cancelled for any reason;
7.2.2 Using the platform service in the name of another person or using another person's account falsely;
7.2.3 Use the platform services for illegal purposes;
7.2.4 Engage in any behavior that may infringe upon the platform system and data;
7.2.5 Violate any laws and regulations or provisions of this Agreement;
7.2.6 The services provided by the platform are no longer in compliance with relevant regulatory provisions in the opinion of the regulatory authority;
7.2.7 In addition to the above reasons, we may terminate the provision of certain services to you according to the risks and the needs of our business operation. At that time, the company will notice or inform according to the situation. Since this is a normal business decision, you cannot make it. You understand that we are not liable for any restrictions on the use of the platform services.
7.3 Assignment of rights and obligations
We may change or add performance subjects based on the needs of the Platform services. If you continue to use the Platform services, it shall be deemed as you agree the performance subjects changed or added as the other party to your performance of this agreement.
VIII Dispute Resolution
The conclusion, validity, interpretation, performance and dispute settlement of this Agreement shall be governed by the laws of the country where the agreement is made. During the performance of this Agreement, all disputes and disputes arising out of or in connection with this Agreement shall be settled by the parties through negotiation. If no agreement can be reached through negotiation, the parties agree to submit the case to the court in the place where the defendant is located for settlement through litigation.
During the performance of this Agreement, the written notice we send to you includes the mailing of a paper notice, the platform announcement, E-mail, SMS and fax, etc.
10.1 The annexes hereto and the supplements, amendments or changes thereto shall form an integral part of this Agreement and shall be in accordance with this Agreement. The text of the discussion shall have the same legal effect.
10.2 Each party hereto shall bear its own taxes related to this Agreement in accordance with laws, regulations and relevant provisions.
10.3 Matters not covered herein shall be dealt with by the parties through negotiation or in accordance with relevant national laws and regulations.
Digital Asset Trading can be a challenging and potentially profitable opportunity for investors. Users are strongly encouraged to carefully consider their investment objectives, level of experience, and risk appetite.
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July 27, 2020