GENERAL TERMS OF OPERATION
§ 1 General Principles; Scope of Application
The following General Terms of Operation ("GTO") relating to the services provided on the website or are asosiated with www.mining4people.com The following terminology applies to these Terms and Conditions, Privacy Statement and any or all Agreements: "Miner", “You” and “Your” refers to you, the person accessing this website and accepting the pool’s terms and conditions. "The Pool", "Pool", “Ourselves”, “We” and "Us", refers to the mining pool service. Any use of the above terminology or other words in the singular, plural, capitalisation and/or he/she or they, are taken as interchangeable and therefore as referring to same.
By accessing and using the Services, you confirm that you have read these GTO and accept and agree to be bound by its provisions. Any factual participation in the Services will constitute such acceptance. If you do not agree to abide by these GTO, you are not allowed to use the Services.
By using the pool you accept all possible risks related to experimental software usage. Pool owner can't compensate any irreversible losses but will do his best to prevent worst case.
By using the Services you certify that you are abiding the local laws and regulations in regard to Cryptocurrencies and Cryptocurrency Mining as defined in the country or jurisdiction of your residence.
In order to use the Services as defined below and operated via the Website, you must be at least twenty-one (21) years old. By using the Services, you confirm to have reached the age of twenty-one (21).
§ 2 Definitions
Blocks and Transactions: Transaction data is permanently recorded in files called blocks. They can be thought of as the individual pages of a city recorder's recordbook (where changes to title to real estate are recorded) or a stock transaction ledger. Blocks are organized into a linear sequence over time ("Miner '' or "Worker") also known as the block chain). New transactions are constantly being processed by Miners (into new blocks which are added to the end of the chain and can never be changed or removed once accepted by the network. Each block contains, among other things, a record of some or all recent transactions, and a reference to the block that came immediately before it. It also contains an answer to a difficult-to-solve mathematical puzzle – the answer to which Page 2 of 6 is unique to each block. New blocks cannot be submitted to the network without the correct answer – the process of "mining" is essentially the process of competing to be the next to find the answer that "solves'' the current block. The mathematical problem in each block is extremely difficult to solve, but once a valid solution is found, it is very easy for the rest of the network to confirm that the solution is correct. There are multiple valid solutions for any given block – only one of the solutions needs to be found for the block to be solved. Because there is a reward of brand new cryptocurrency units for solving each block, every block also contains a record of which address is entitled to receive the reward. Transactions are broadcast to the network by the sender, and all peers trying to solve blocks collect the transaction records and add them to the block they are working to solve. Miners get incentive to include transactions in their blocks because of attached transaction fees. The difficulty of the mathematical problem is automatically adjusted by the network, such that it targets a goal of solving an average of (X) blocks per time interval (details are specified in the respective consensus rules of a cryptocurrency). The network comes to a consensus and automatically increases (or decreases) the difficulty of generating blocks. Because each block contains a reference to the prior block, the collection of all blocks in existence can be said to form a chain. However, it's possible for the chain to have temporary splits – for example, if two Miners arrive at two different valid solutions for the same block at the same time, unbeknownst to one another. The peer-to-peer network is designed to resolve these splits within a short period of time, so that only one branch of the chain survives. The client accepts the "longest" chain of blocks as valid. The "length" of the entire block chain refers to the chain with the most combined difficulty, not the one with the most blocks. [Source: https://en.bitcoin.it/wiki/Block ]
Uncles are orphaned blocks that contribute to the security of the main chain, but are not considered the canonical "truth" for that particular chain height. They only exist in Ethereum-based cryptocurrencies. For more information on Ethereums uncle mechanism please review the relevant section of the Ethereum wiki under https://eth.wiki/fundamentals/mining#mining-rewards [Source: https://ethereum.stackexchange.com/questions/34/what-is-an-uncle-ommer-block ]
Block chain is a decentralized and continually updated list of transactions occurring across a certain peer-to-peer network. Blocks of transactions are validated and linked together by specific methods of cryptography. Manipulating individual transaction records is hardly possible in this context. A blockchain provides a wide range of functionality. Besides establishing cryptocurrency and payment infrastructures, it can be used, for instance, to digitally sign documents (proving identity) or create verifiable records of business processes.
Mining is the process of adding transaction records to a cryptocurrencies public ledger of past transactions. This ledger of past transactions is called the block chain (see above 2.3) as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Cryptocurrency nodes use the block chain to distinguish legitimate transactions from attempts to re-spend coins that have already been spent elsewhere. Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by Miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other nodes each time they receive a block. Ethereum uses the "ethash" proof-of-work function while Zcash uses the "equihash" algorithm. The primary purpose of mining is to allow nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce new units of cryptocurrency into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. These both serve the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system. Mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground. [ Source: https://en.bitcoin.it/wiki/Mining ] To ensure mining can be carried out reasonably, certain hardware demands are to be fulfilled; mining entails a high level of power consumption. The process of mining is conducted using specialized software available for different operating systems. Each cryptocurrency defines a unique mining reward scheme. For more information on the rewarding scheme employed by the Ethereum cryptocurrency please consult the Ethereum Yellow Paper under https://github.com/ethereum/yellowpaper.
Mining pools pursue the objective to solve blocks more quickly and split the rewards equally. Participants of a mining pool presenting a valid proof of work are awarded a "share". A share is a hash, smaller than a specified difficulty, but generally without value as only the hash smaller than the target value solving a block and determined by difficulty is of importance. Mining pools are available in a range of forms and arrangements as well as for different types of cryptocurrency. Depending on the mining pool, various payout schemes may be applied, whereby those of relevance will be outlined under § 4.
A Share is awarded by the mining pool to the clients who present a valid proof of work of the same type as the proof of work that is used for creating blocks, but of lesser difficulty, so that it requires less time on average to generate. [Source:https://en.bitcoin.it/wiki/Pooled_mining ]
Wallet is the term to describe the digital environment to access and spend cryptocurrency. In an untechnical way of thinking, the units are "stored" within. A secure private key with a corresponding public key is necessary to sign and verify transactions. Wallets are associated with a specific address ("Address") and exist in various forms, particularly desktop, mobile, web and hardware wallets
§ 3 Exclusions and Limitations
The information on this website is provided on an "as is" basis. To the fullest extent permitted by law, this Pool: excludes all representations and warranties relating to this website and its contents or which is or may be provided by any affiliates or any other third party, including in relation to any inaccuracies or omissions in this website and/or the Pool’s literature; and excludes all liability for damages arising out of or in connection with your use of this website. This includes, without limitation, direct loss, loss of business or profits (whether or not the loss of such profits was foreseeable, arose in the normal course of things or you have advised the Pool of the possibility of such potential loss), damage caused to your computer, computer software, systems and programs and the data thereon or any other direct or indirect, consequential and incidental damages.
The Pool is not an e-wallet or a bank for your coins. The Pool and its operators are not responsible for any loss of coins which are stored on the Pool. It is your responsibility to configure your account so that the coins you mine are regularly transferred to your own secured offline wallet. The uptime of the pool or website is not guaranteed, maintenance and downtime may be required at times. Users are responsible for configuring their miners so that they will automatically reconnect, switch to all the pools we offer or a backup pool in the case of downtime.
As mining is an intensive task for the hardware of your computer (CPU, GPU), the process can cause high costs for electricity. The Pool is not responsible for any such charges.
§ 4 Terms of Payment
Depending on the selected coin and pool type, available payout schemes is PPLNS or SOLO. PPLNS pool fee is 1% if not stated different on the selected coin in fee on pool stats, SOLO pool fee is 2% if not stated different on the selected coin in fee on pool stats. The pool fee deducted from the payout amount before the payment to the miners done.
The PPLNS "Pay Per Last N Shares" reward system is used to prevent "pool hopping". Pool checks how many shares you've sent from the last N (number) of pool shares and makes the payouts based on that value. Mining pools get solutions from all the connected miners, and if one of those numerous solutions appears to be a proper one, the pool gets a reward for the created block. This reward is shared proportionally to the efforts applied by the miners and forwarded to their wallets.
The SOLO reward system is a type of cryptocurrency mining while using your own (or leased) hardware but without any help from other miners. If a miner finds a block, the full reward goes to his wallet after pool fee is taken off.
§ 5 Log Files
We use IP addresses and cryptocurrency wallet addresses to analyze trends, administer the site, track user actions, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information. Additionally, for systems administration, detecting usage patterns and troubleshooting purposes, our web servers automatically log standard access information including browser type, access times/open mail, URL requested. This information is not shared with third parties and is used only within this Pool on a need-to-know basis. Any individually identifiable information related to this data will never be used in any way different to that stated above without your explicit permission.
§ 6 Force Majeure
In an event or circumstance which is beyond the control of Website, including but not limited to acts of Gods, riots, wars, floods, fires, explosion, strikes and other similar events, will not be held liable for any delay, failure or disruption to provide already committed mining services.
§ 7 Inactive accounts
Accounts showing no significant mining activity for longer than three months (90 days) may be reset at the sole discretion of the Pool Operators. Any remaining balance will be considered as a donation to the Pool.