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Version 1.01. Updated: 19 March 2025 |
POWER COMPUTING SERVICE AGREEMENT
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DISCLAIMER Engaging in any activities involving digital assets carries inherent risks, profitability is not guaranteed. Users should carefully review this Agreement, the Policies, and any referenced documents. If any terms are unclear, Users should seek clarification before proceeding. You may reach us for clarification or inquiries via email at: support@heatbit.com. By clicking "I ACCEPT" in the Heatbit App, you: If you do not agree to these terms, do not use the Heatbit App. |
This Power Computing Service Agreement (“Agreement”) is a binding contract between you (“User,” “you” or “your”) and Heatbit Inc. (“Heatbit,” “we,” “us,” or “our”).
Heatbit and User are individually referred to herein as a “Party” and collectively as the “Parties.”
- DEFINITIONS
- Certain Definitions.
Account – User’s registered account in the Heatbit App;
Balance – the amount of Rewards available within the Heatbit App, balance of which is shown in the interface of the Heatbit App;
Computational Power – computing power generated by the User’s Device, enabling the validation of blocks and the mining of digital assets;
Device – the device purchased by the User from Heatbit Inc. and used to generate Computational Power;
Effective Date – the date when the User accepts this Agreement by clicking "I ACCEPT" in the Heatbit App.
Heatbit App – the official Heatbit mobile application available at App Store or Google Play;
Minimum Requirement – the minimum Balance reflected in Satoshi or US Dollars, allowing the receiving the Payment;
Policies – collectively mean the Terms of Use (accessible at: [link]), the Privacy Policy (accessible at: [link]), and the General Risk Warning (accessible at: [link]);
Personal Data - any information related to any identified or identifiable person and any other additional data deemed as personal data under the applicable personal data protection laws.
Satoshi - the smallest denomination of the cryptocurrency Bitcoin;
Reward – compensation, including but not limited to cryptocurrency, fiat currency, credits, discounts, vouchers, or other benefits and incentives as determined by Heatbit at its sole discretion, provided to the User in exchange for Computational Power generated by the User’s Device.;
Type of User – the selected user category: “PRO” and “Lite”.
- Certain Rules of Construction.
For purposes of this Agreement, (a) the words "include," "includes," and "including" shall be deemed to be followed by the words "without limitation;" (b) the word "or" is not exclusive; and (c) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (i) to Articles, Sections, Disclosure Schedules, and Exhibits mean the Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (ii) to an agreement, instrument, or other document means such agreement, instrument, or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions thereof, and (iii) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.
- ACCESS TO COMPUTATIONAL POWER
Subject to terms and conditions of this Agreement, the User grants to Heatbit right to access and use the Computational Power generated by the User’s Device during the term of this Agreement.
- COMPUTING ACCESS
The User agrees to deliver to Heatbit the Computational Power generated by the User’s Device. In exchange for the Computational Power provided by the User, Heatbit agrees to make Rewards available to the User, as detailed in Article 5.
- USER TYPES
Upon account creation, the User may need to select a Type of User:
- PRO: Rewards denominated in Bitcoin (BTC).
- Lite: Rewards denominated in US Dollars (USD).
Upon activation and availability of this feature by Heatbit, the User may be able to switch between Types of Users in the Account at any time. Such action shall modify terms of making Payments as per Article 5. Upon selecting a Type of User, the Parties automatically enter into an additional agreement based on the terms of the then-current Power Computing Service Agreement. Once changed, the updated terms become effective immediately.
- REWARDS
- Calculation
Rewards are determined based on:
- Device operational time (in hours);
- Hash rate performance; and
- Mining difficulty and market conditions.
The User agrees and acknowledges that the determination of the due Rewards may be difficult, complex, and reliant on third-party data.
- Hash rate output and hash rate output conversion.
The Computational Power provided by the User may yield Rewards in cryptocurrency. The Reward calculation shall be determined by Heatbt at its sole discretion according to the market conditions.
- Balance.
The User’s Balance as reflected in the Heatbit App interface, denotes the amount of accrued Rewards. The Balance may be denominated in either BTC or USD, depending on the User’s selected Type of User account.
- Reward Disbursement.
The User may request Reward disbursement at any time, provided that their Balance meets the Minimum Requirements, unless otherwise specified.
If the Balance falls below the Minimum Requirement, Rewards shall not be disbursed until the threshold is met.
The User shall provide the details of the digital wallet and/or bank account in the Heatbit app. The User is solely responsible for ensuring that all wallet addresses and banking details provided in the Account are accurate and up to date. Heatbit shall bear no liability for disbursement failures, delays, or misallocations due to incorrect or outdated information provided by the User. Any financial losses incurred due to such errors shall be the sole responsibility of the User.
Heatbit reserves the right to engage third-party service providers, including but not limited to banks, financial institutions, payment processors, and card processing companies, to facilitate Reward disbursements.
Heatbit reserves the right to request additional information or documentation from the User at any time for verification purposes, including but not limited to identity verification, proof of ownership of the provided wallet or bank account, and confirmation of transaction legitimacy. Failure to provide the requested information within the specified timeframe may result in delayed, suspended, or declined payments at Heatbit’s sole discretion.
Heatbit’s services, disbursement of rewards, and withdrawals, may be subject to jurisdictional restrictions. Certain features, reward types, and payment methods may not be available in specific regions due to regulatory, compliance, or operational limitations. The availability of services shall be determined at Heatbit’s sole discretion and may change without prior notice.
The User acknowledges and agrees to comply with all applicable laws, regulations, and policies governing digital transactions, anti-money laundering (AML), counter-terrorism financing (CTF), and sanctions programs. Heatbit reserves the right to impose additional compliance measures, including but not limited to transaction limits, reporting obligations, or suspensions of payments where necessary to comply with legal or regulatory requirements.
Heatbit retains the right to modify, restrict, or terminate access to payment and reward features, either generally or in specific jurisdictions, to comply with regulatory obligations, operational requirements, or security concerns. The User acknowledges that Heatbit is under no obligation to provide unrestricted access to rewards in all regions.
- TERM
This Agreement shall commence and be deemed valid as of the Effective Date. The term of the Agreement remain in effect until and unless terminated as ascribed in Article 7 herein.
- TERMINATION
- Termination.
Heatbit may suspend, restrict, or terminate the Agreement if:
- Upon receipt of a subpoena, court order, or compulsory order from a public authority;
- If Heatbit. In its’ sole discretion, determines User’s failure to comply with the applicable laws, regulations, terms of this Agreement and/or the Policies;
- Heatbit determines that the User’s use of the Heatbit App poses a security risk to Heatbit, the Heatbit App or any third party, or could adversely impact Heatbit’s systems, the Heatbit App or any other user, or could subject Heatbit, its affiliates, or any third party to liability, or could be fraudulent;
- The User initiated a chargeback or dispute with respect to any transaction or Reward under this Agreement, unless the dispute is not resolved within reasonable time;
- There is a threat or attack, improper use of Heatbit’s intellectual property;
- User is using the intellectual property of Heatbit in a fraudulent or illegal way; or
- Any third-party services or products required to enable User to receive Rewards are unavailable or inaccessible.
The User retains the right to inform Heatbit of their decision to terminate this Agreement at any time by submitting a request to the support team using the contact details provided in the disclaimer herein. Upon termination or cancellation, Heatbit will make reasonable efforts to disburse any remaining balance to the User within a reasonable timeframe. However, Heatbit reserves the right to withhold disbursement for a period of up to six (6) months, if necessary, to complete verification procedures, comply with regulatory requirements, or address any outstanding compliance obligations.
- Effect of Termination.
Following the termination, all User’s rights under the Agreement shall terminate without prejudice to the rights of Heatbit, unless provided otherwise. The User shall reserve all rights, interests and titles relating to the User’s Device and earned Rewards (currency and/or digital assets) due to the User under the Agreement, unless transfer of Rewards to the User would be illegal, technically impossible or of the transaction cost is higher than the remaining earned rewards.
- WARRANTIES, LIMITATION OF LIABILITY, INDEMNIFICATION
- Warranties.
TO THE EXTENT PERMITTED UNDER THE APPLICABLE LAW, HEATBIT AND ITS SUPPLIERS, DISTRIBUTORS, RESELLERS, AND CONTENT PROVIDERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, GUARANTEES, OR CONDITIONS, INCLUDING FOR MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, WORKMANLIKE EFFORT, TITLE, OR NON-INFRINGEMENT.
YOUR PURCHASE OF HEATBIT DEVICE AND USE OF HEATBIT APP IS AT YOUR OWN RISK. WE PROVIDE ACCESS TO THE HEATBIT APP ON “AS IS'', "WITH ALL FAULTS" AND “AS AVAILABLE”, THE USERS ASSUME THE ENTIRE RISK AS TO THEIR QUALITY AND PERFORMANCE; AND SHOULD THEY PROVE DEFECTIVE, THE USERS ASSUME THE ENTIRE COST OF ALL NECESSARY SERVICING OR REPAIR. EXCEPT FOR THE LIMITED WARRANTY SET FORTH IN THIS SECTION
8.1 HEATBIT MAKES NO WARRANTY OF ANY KIND THAT HEATBIT APP OR RESULTS OF THE USE THEREOF, WILL MEET USER’S OR ANY OTHER PERSON'S REQUIREMENTS, OPERATE WITHOUT INTERRUPTION, ACHIEVE ANY INTENDED RESULT, BE COMPATIBLE OR WORK WITH ANY SOFTWARE, SYSTEM, OR OTHER SERVICE, OR BE SECURE, ACCURATE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR FREE. THERE IS NO GUARANTEE THAT COMPUTATIONAL POWER WILL GENERATE ANY REWARDS. HEATBIT, ITS AFFILIATES, AND ITS SUPPLIERS ARE NOT RESPONSIBLE OR LIABLE FOR THE DELETION, FAILURE TO STORE, OR ANY LOSS OF ANY USER DATA, INCLUDING BLOCKCHAIN DATA AND BANK DETAILS, MAINTAINED, OR TRANSMITTED THROUGH USE OF THE HEATBIT APP. THE USER IS RESPONSIBLE FOR SECURING ITS USER DATA. HEATBIT, ITS AFFILIATES, AND ITS SUPPLIERS ARE NOT RESPONSIBLE OR LIABLE FOR ANY LOSSES OR OPPORTUNITY COSTS RESULTING FROM BLOCKCHAIN NETWORK AND PROTOCOL OR THIRD-PARTY SOFTWARE ISSUES, WHICH MAY IN TURN RESULT IN THE INABILITY TO PROCESS TRANSACTION ON THE BLOCKCHAIN AT ALL OR WITHOUT INCURRING SUBSTANTIAL FEES.
- Limitation of liability.
To the maximum extent permitted by law, Heatbit disclaims all liability for:
- Any change in the exchange rate of digital assets, i.e., cryptocurrency;
- Any change in the difficulty of mining;
- Any changes in applicable law or regulation, or the acts of any legislator or regulator in any part of the world;
- Any actions or inactions of third parties, such as banks and other credit and financial institutions, and similar institutions, payment systems, payment service providers, card processing companies, that are engaged in the process of transferring Rewards.
To the maximum extent permitted by law, Heatbit excludes liability for any losses or damages which the User may suffer, whether the same are suffered directly or indirectly or are immediate or consequential, which fall within any of the following categories:
- Special damage even though that Party was aware of the circumstances in which such special damage could arise;
- Loss of anticipated savings;
- Loss of currency or digital assets arising as a result of any of the User’s acts or omissions or those of any third party;
- Loss arising out of or in connection with:
- Any defect or insecurity in any systems the User uses to store or transmit currency or digital assets or to access or use the Heatbit App;
- Any inaccurate or incomplete information the User provides, including digital wallet or bank details;
- Any changes to the amount of the Payment due to the User;
- Any changes to the regulatory, legislative or technical environment applicable to digital assets;
- The acts or omissions of any bank or provider of banking services.
CAP ON MONETARY LIABILITY. IN NO EVENT WILL THE AGGREGATE LIABILITY OF HEATBIT AND ITS AFFILIATES ARISING OUT OF OR RELATED TO THE AGREEMENT, WHETHER ARISING UNDER OR RELATED TO BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR ANY OTHER LEGAL OR EQUITABLE THEORY, EXCEED USD $1,000.00. THE FOREGOING LIMITATIONS APPLY EVEN IF ANY REMEDY FAILS OF ITS ESSENTIAL PURPOSE.
- Indemnification.
The User hereby agrees to indemnify, defend and hold Heatbit Inc., Heatbit Tech Inc.. and their respective officers, directors, agents, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) harmless from and against any and all liability and costs (including reasonable legal fees) incurred by the Indemnified Parties in connection with any claim arising out of:
- Any fraud or fraudulent misrepresentation the User commits;
- Any inaccuracy or defect in any of the information the User has provided;
- Any breach of applicable law or regulation the User commits;
- Any other person’s use of the User’s Account;
- Any breach by the User of the Agreement; and
- Third-party claims arising from the User’s use of the Heatbit App or use of the Device.
The User shall cooperate with Heatbit in the defense of any claim. Heatbit reserves the right, at its own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by the User.
- FORCE MAJEURE EVENT
- Force Majeure Event.
Notwithstanding anything to the contrary provided herein, Heatbit shall not be liable or responsible to the User, or be deemed to have defaulted under or breached this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement, when and to the extent Heatbit’s failure or delay is caused by or results from the following force majeure events (“Force Majeure Event(s)”): (a) acts of God; (b) flood, fire, earthquake, epidemics, pandemics or explosion; (c) war, invasion, hostilities (whether war is declared or not), terrorist threats or acts, riot or other civil unrest; (d) government order, law, or action that renders the performance of the Agreement unlawful or that is so onerous it renders such performance not commercially practicable; (e) embargoes or blockades in effect on or after the date of this Agreement; (f) national or regional emergency; (g) strikes, labor stoppages or slowdowns, or other industrial disturbances; (h) telecommunication breakdowns, power outages or shortages, inadequate provision of services by Heatbit’s suppliers, or inability or delay in obtaining supplies of adequate or suitable materials; and (i) other similar events beyond the reasonable control of Heatbit. Heatbit shall resume the performance of its obligations as soon as reasonably practicable after the removal of the cause. In the event that a Force Majeure Event cannot be practically cured by Heatbit, the Parties shall discuss in good faith whether the contract should be terminated, in whole or in part, or remain in place.
- MISCELLANEOUS
- User Data.
User hereby grants to Heatbit a non-exclusive, royalty-free, worldwide license to reproduce, distribute, and otherwise use User’s data and perform all acts with respect to the User’s data as may be necessary for Heatbit perform contractual obligations under this Agreement.
- Entire agreement.
The Agreement will constitute the entire agreement between the Parties. Any prior understanding or representation of any kind preceding the Effective Date of the Agreement will not be binding on either Party.
- Modifications.
User acknowledges and agrees that Heatbit has the right, in its sole discretion, to modify this Agreement from time to time, and that modified terms become effective on posting. User is responsible for reviewing and becoming familiar with any such modifications. User’s continued provision of the Services after the effective date of the modifications will be deemed acceptance of the modified terms.
- Correspondence.
Any information provided in the Account by Heatbit is binding for the User and is deemed to be sufficiently delivered.
For communication purposes, the Parties acknowledge the legally binding effect of correspondence delivered to telephone numbers and the documents sent through them (including message contents). Additionally, Heatbit reserves the right, in specific cases, to request the User's email address. Correspondence and documents exchanged via the Parties’ email addresses are considered legally binding. Hence, the User is required to input a valid telephone number and email address into the Account and ensure that the information remains up to date.
The User acknowledges and agrees that any letters, applications, notifications, or other correspondence sent by Heatbit to the contact details provided by the User in their Account, including but not limited to email addresses and phone numbers, shall be deemed as valid and received by the User. The User is responsible for ensuring that their contact information remains accurate and up to date.
- Severability.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.
- Cooperation.
The User shall promptly, at any time and from time to time, execute and deliver to Heatbit such further instruments and documents and take such further action as Heatbit may from time to time request.
- Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.
- Survival.
The representations and warranties contained in the Agreement shall survive termination of the Agreement. It is hereby agreed that the warranties, representations, acknowledgments, and indemnities given and made pursuant to the Agreement shall be continuing obligations and shall survive the completion or termination of the Agreement.
- Assignment.
The User may not assign any of its rights or delegate any of its obligations under the Agreement, whether voluntarily, involuntarily, by operation of law, or otherwise, without the prior written consent of Heatbit. Any purported assignment or delegation in violation of this Section will be null and void. No assignment or delegation will relieve the assigning or delegating Party of any of its obligations under the Agreement.
- Governing law and Dispute Resolution.
This Agreement, all transactions through the App, and all related matters, regardless of your location, are governed solely by, and construed solely in accordance with, the laws of the State of Delaware, excluding any rules of private international law or conflict of laws that would lead to the application of any other laws.
In the event of any dispute, claim, question, or disagreement arising from or relating to this agreement or the breach thereof, the Parties hereto shall use their best efforts to settle the dispute, claim, question, or disagreement. To this effect, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to both parties.
If they do not reach such solution within a period of 60 days, then, upon notice by either party to the other, all disputes, claims, questions, or differences shall be finally settled by arbitration administered by the American Arbitration Association in accordance with the provisions of its Commercial Arbitration Rules.