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PACMiC v4

2015-11-09 14:08:58 UTC jjal**** subscribe 10.0T PACMiC v4MORE

 PACMIC V4 Terms of Service

 

What is a Payout Accelerated Cloud Mining Contract (PACMiC)?

The PACMiC is a new value-added cloud mining service product from Hashnest. The PACMiC is an electronic contract structured in a new way. BITMAIN will pay all the maintaining cost of the mining rigs, and all the mining revenue will be used to pay back the PACMiC owners. When the principal is not fully paid back, it will share profit with buyers. When the principal is paid back, the mining rigs will belong to BITMAIN. Both principal and profit payments will be made to the contract holder based on the mining revenues of AntPool. Since PACMiC will not bear the maintenance cost, so the payout is accelerated.


Purchasing a PACMiC

In the initial sales open day, one PACMiC will be sold for one (1) bitcoin. Each PACMiC represents one terahash of hashing power. The contract will become active immediately upon receipt of full payment.


Computing principal and profit of an PACMiC

As soon as the PACMiC is activated, payouts will be made through Hashnest in accordance with the mining revenues generated by AntPool’s PPLNS payout method. Profit payments will be made beginning with the first block found by AntPool after the contract’s activation. From the first block until the contract’s expiry, profit will be accumulated every second.


Profit Calculation Method

Unpaid principal (BTC) * 0.45 (satoshis per BTC per second) * time to find a block (seconds)

For every block found, the remaining payout after the profit is paid will count towards the principal payment. After each principal payment is made, the amount is subtracted from the amount of remaining principal.

Please note: information on blocks found will only be transfered to Hashnest.com from AntPool after receiving six network confirmations. Because of this, profit and principal payments will be on a slight delay from the network.

 

Contract Suspension

If after 120 days, a PACMiC has still not recovered the initial capital for its user, and is not mining enough revenue to pay for its own electricity cost (fixed at 0.098 USD per kWh, calculated using an ideal AntMiner S7 hashing at 100% uptime per PPS payout), whether because of difficulty increase or BTC price decrease, the PACMiC will continue paying out for ten days as though it were running, even if the machine is turned off. If these conditions persist for ten continuous days, the contract will be considered temporarily suspended. During the suspension period, mining revenues and profit payments will also be temporarily stopped. If after the suspension period, difficulty has dropped or bitcoin price has risen, making mining possible again, the contract will be reinstated and pick up where it left off.


Contract Expiry

The contract expires at the moment that the principal has been paid back in full.

BITMAIN may pay extra Bitcoin to the owner of PACMiC before the principal has been paid back in full, which will accelerate the payout even more.


FAQ

 

Q: Can the PACMiC be sold or transferred to other users?

A: No, PACMiCs may not be traded on the exchange.

 

Q: Do PACMiCs deduct electricity and maintenance fees?

A: PACMiCs do not deduct electricity or maintenance fees separately, all fees covered by Bitmain.

 

Q: Can I redeem my PACMiC before contract expiry?

A: No. The contract will be closed automatically at the time that the principal has been repaid in full. Contracts may not be terminated prior to this.

 

Q: Does PACMIC returns miners after contract end?

A:No, PACMiC is different from Hashnest's other cloud mining services in this regard.

 

Q: If AntPool experiences bad luck, will this affect profit payments?

A: Profit payouts are calculated using the amount of unpaid initial cost, and are unrelated to the pool luck of AntPool. Changes in pool luck will affect the speed at which the cost is repaid.


Q:When does the user start to get the profit? Where does the bonus go?

A:Bonus payout begins accumulating when the first block is found after contract activation. Bonus will be paid directly to user’s wallet on Hashnest.com

 

Q: How does the customer make profit?

A: Bonus payouts are calculated using the formula: unpaid principal (BTC) * 0.45 (satoshis per BTC per second) * time to find a block (seconds). Mining revenue will first be used to make bonus payments, the remaining of mining revenue will be payment towards the purchase price.


Q: what is Auto-Rebuy feature ?

A：After enabling the Auto-Rebuy feature, your payout and profit payments will be used to automatically and incrementally purchase more PACMiC hashrate.
When you disable the feature, mining revenue and profit payments will continue accumulating inside your account balance as usual.


Q: I already bought a PACMiC, If I re-buy a part of new contract in PACMiC from my profit from old contract, how long will my new contract last?

A:Same terms as before -- a PACMiC expires only when the purchase price has been paid back to the owner. If the BTC price drops too low and the contract does not generate revenue, the contract becomes suspended (but not ended) until the time that it may generate revenue again.

Q:When does the contract end?

A:When the one BTC purchase price has been paid back in full.

 

Q:Is the PACMiC really risk-free?

A: Like all forms of bitcoin mining, there is a certain level of risk involved. If network difficulty unforeseeably skyrockets, or if the price of bitcoin drops too much, the Antminer S7 units backing the PACMiC may not be profitable to run and be forced to go offline, in which case contracts would be suspended (possibly indefinitely) and the user may not recover the initial cost of the miner. However, the AntMiner S7 is currently the most power efficient bitcoin miner available on the market, and would be among the last to be forced to power down under unfavorable market circumstances. It is our comprehensive evaluation that the likelihood of PACMiC holders not recovering their initial cost is indeed quite low. We ask that all users please understand the risks inherent to any sort of bitcoin mining, and also to understand that there is no such thing as a risk-free product.