Mining Rewards Clause Samples
The Mining Rewards clause defines how rewards are distributed to participants who contribute computational resources to a blockchain network. Typically, this clause outlines the criteria for earning rewards, such as successfully validating transactions or adding new blocks, and may specify the form of the reward, like cryptocurrency tokens. Its core function is to incentivize network participation and security by providing a clear and fair mechanism for compensating miners for their efforts.
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Mining Rewards. Customer will create a new Mining Pool Account in the Customer Mining Pool and provide any required or requested connection information for such Mining Pool Account to Provider on or before the applicable Miner Delivery Date. On a real-time programmatic basis, the Provider will automatically perform a Hashrate Transfer to the Customer’s Mining Pool Account in an amount based on the aggregate Hashrate then being produced by the Customer’s Active Bitcoin Miners (not then subject to Suspension) as measured by reference to such Active Bitcoin Miners (the “Real Time Hashrate Transfer”); provided, however, that Provider shall have the option (in its sole and absolute discretion and without notice or any other obligation or condition) to increase (or decrease), from time to time and at any time, by overclocking up to [***] (or ramping down) Active Bitcoin Miners, the Real Time Hashrate Transfer beyond (or below) what it otherwise would be (and in such event, such aggregate Hashrate Transfer shall constitute the Real Time Hashrate Transfer for the relevant period for all purposes hereunder). Provider shall provide, with the monthly Invoices specified in Section 6.2, the calculations utilized by Provider and/or the Mining Pool in determining the Real Time Hashrate Transfer. For the avoidance of doubt, Provider shall be entitled to retain any amounts of Hashrate in excess of the Real Time Hashrate Transfer and Customer shall have no claim or ownership in such excess.