New Terms & Conditions
coming on 1st May, 2021
As we shared before on our Telegram Community Channel, we were working on a more sustainable approach. And as the new Terms and Conditions were almost finished, we have received extra news. Since we could not accept the power-offs that we had in early April, the inbound energy price will be increased by 10%.
New Terms & Conditions
coming into force on 1st May, 2021
Some points are a mere clarification of existing practice. Some are new.
1. Hosting Prices go up by ~10%
Same tiered model stays. Price goes up by half-cent per kWh from 0,05…0,057 to 0,055..0,062€/kWh. That is very unfortunate, but we have to reflect the changes of our own energy supply conditions. Other miners in the region are facing the same new reality.
2. Miner ≠ Device.
Clarification in T&C: Miner is an abstract object representing the service of allocation of HR, incurring the user’s right to receive HR from a real hardware Device with specific Serial Number. Device is legally owned, hosted and maintained by Cyberian Mine. It was always this way in our legal framework. There are no other legal ways to own and operate equipment within Russia, otherwise customers would have to register as a Russian tax-payer and pay an extra 20% as VAT.
3. We pay for all repairs, maintenance, spare parts and consumables
for the lifetime of the device to keep HR as high as possible.
4. You can not take away the Device,
but you can sell it on the Marketplace and withdraw the money using SEPA or SWIFT wire transfer. It already functions like that for the last 9 months, but it was not always communicated clearly. Non-BTC miners that still use the traditional hosting model add more confusion. On the platform it never made much sense, since the underlying equipment can be exhausted, or even completely broken. Dealing with logistics, customs, lost time, risks and costs was always much less attractive than getting a good market price on the Marketplace hassle free. Especially when the Miner on the platform costs much more than the underlying hardware Device.
5. The lack of Hash Rate will be distributed across all the customers
This way if a miner fails you can never lose your miner completely, but HR can decrease over time as equipment fails beyond repair. It is exactly like insurance, where the risk of a failure is spread across many clients. There will be no guaranteed level of HR.
We publish statistics daily at bit.ly/CMDHR as a reference only. Currently we are covering the HR loss of around 6-8% from the Nominal Amount using HR Exchanges. After 1st May delivered HR may go down to 90-94% of the nominal amount.
This is a big change messaging-wise. Even though we didn’t have this promise in the T&C, we have had this open commitment – to keep it as close to 100% as possible and put a lot of effort and money to this. In the current market we can’t keep up with the growth pace of miners’ prices, repair time and prices, and backup hashrate costs. So we have to take these unpopular measures to get back our sustainability and go on as the “last mine standing” for the years to come.
Full Refund and Easy Exit
New Terms and Conditions come into effect on 1st May 2021. If you can not accept the changes, we understand and offer convenient ways to exit from the previous agreement with profit.
- Option 1. Full refund for your miners based on the price you paid, no matter when the initial purchase was made.
- Option 2. Sell your miners on the Marketplace, if the price is better.
Please choose whatever way is more convenient or profitable for you. Of course, you will keep all the coins you’ve mined up to date. You can see the refund as if you have had a miner lease for free for all this time.
If you won’t be able to sell your miners on the Marketplace by the 1st May, and won’t accept the new T&Cs, we will make the full refund automatically.
If you are going for the refund or have any other questions or concerns, please contact us by answering this email. Or send me a message on Telegram (@matrenitski), I will try and clarify all the pain points and will help you along the way.
On the sunny side
There is a chance that it all turns in a very positive way for everyone: We are offering full refund to clients, so if there will be miners returned to CM, all of them would go to the HR reserve. Whoever stays may even end up with a higher HR than now. For example, if 6%-8% of miners will be refunded, we may eventually get back to 100% of Nominal Hashrate for those who stay.
So now it’s time to read through the new T&Cs and take the decision.
CEO of Cyberian Mine GmbH / Cyberian Mine Rus LLC