ARTICLE 1: Definitions
Application: refers to the interface accessible to the Client allowing him to manage his investment portfolio: invest new funds, withdraw invested funds, view performance, access operating reports, add digital portfolios, access the user profile, change password, etc. The Application is accessible via the Company’s Website and at the following internet address: https://app.summitmining.io/.
Other operating costs: represents the costs (other than electricity) related to the use of the Equipment and the other operating costs resulting from the Services provided by third parties on behalf of the Company for the execution of the Service. These include maintenance costs, dust removal, security, repairs, monitoring, insurance, rental of premises, cooling, etc.
Blockchain: corresponds to a technology for storing and transmitting information, taking the form of a kind of large distributed database, which has the particularity of being shared simultaneously with all its users, and which does not depend on any central control body. The Blockchain allows the transfer of Crypto-assets and contains the history of all the exchanges carried out between its users since its creation. The information contained in public blockchains is transparent and accessible to everyone.
Principal: Sum of the Net Asset Value of the Client’s SMKs and the unused Credits.
Client: designates a natural or legal person who may or may not acquire a Service offered by the Company through the Site and bound by these General Conditions.
Operating costs: represents the cost of electricity linked to the use of the Equipment and other operating costs resulting from the Services provided by third parties on behalf of the Company for the performance of the Service.
Credits: refers to the Earnings and rewards that the Customer wishes to reinvest in one of the Services offered by the Company. Credits are accumulated as long as the Client does not choose to reinvest or withdraw the Credits in the form of Crypto-assets or fiat currency.
Crypto-assets: designates a virtual currency or digital asset whose creation and exchange take place through a computer network based on a decentralized technology called Blockchain.
Deposit: corresponds to the funds deposited by the Client in Crypto-assets or bank transfer in order to invest in the Company’s Service(s). Investments made using reinvestments of funds generated during the month through the Service are not considered deposits.
Equipment: designates the machines intended for the mining of Crypto-assets.
Discord: free instant messaging on which we have a public group and a private group intended for the Client.
Processing fee: represents the amount deducted from the Client’s investment. These fees cover the expenses prior to the installation of the Equipment: transport costs, insurance costs for logistics, Equipment installation costs, Equipment configuration costs, customs fees and duties, legal fees , administration fees, various taxes, deposit for electricity, purchase of equipment (container, turbine, cables, connectors, routers, etc.) and others.
Management fees: represent the consideration for the Service provided by the Company which the Customer must pay on a monthly basis. The Management Fee is a percentage of the Net Mined Amount.
Obsolescence costs: represent the amount deducted from the Mined Net Amount used to cover the maintenance, repair and replacement expenses of the Equipment.
Exceptional costs: refers to costs that may arise from unforeseeable events, for example the relocation of machines from one Mining Site to another. These fees cover the same expenses as the processing fees.
Earnings: refers to the Final Net Amount, which is the monthly profit from the operation of the Mining Park, net of all costs, paid to the Client in the form of Crypto-assets or SMK.
KYB (Know Your Business): English Know Your Business, or knowledge of the professional client. This is the name given to the process used to verify the identity of the Professional Client. Strong KYB policies and procedures are essential to ensure the safety and robustness of a financial service.
KYC (Know Your Customer): English Know Your Customer, or knowledge of the Customer. This is the name given to the process to verify the identity of the Customer. Strong KYC policies and procedures are essential to ensure the security and robustness of a financial service.
AML-FT: designates the Fight against Money Laundering and the Financing of Terrorism. The financial sector, including the one the company is part of, is exposed to this risk and regulations require that internal policies, procedures and controls are in place.
The Company or Summit Mining: Summit Mining Ltd. 5 the Grain Store, Distillery Lofts, Distillery Road, Drumcondra, Dublin 3, Ireland. Registration: 541537. VAT: IE3334164AH.
Summit Mining distribution Key or SMK: designates a token which corresponds to one euro invested by the Client in the purchase of Equipment.
Gross amount mined: corresponds to the total amount of Crypto-assets mined by the entire Mining Park during a calendar month.
Net amount mined: corresponds to the gross amount mined by the entire Mining Park during a calendar month, from which are deducted the operating costs and exceptional fees due during this same calendar month, in proportion to the number of Summit Mining Distribution Keys held by the Client.
Final net amount: corresponds to the net amount mined by the entire Mining Park during a calendar month, from which are deducted the monthly management fees in return for the Service provided by the Company.
Mining Park: The Mining Park includes all Equipment purchased by existing Customers plus Company-owned machines, if any.
Period: indicates the mining period which corresponds to a calendar month.
The Marketplace: means the section of the Dashboard in which the Customer can buy or resell all or part of his SMKs.
Compliance Department: refers to the department whose role is to ensure compliance with the rules established within the Company, in accordance with the administrative, legal and regulatory provisions, including the professional standards in force and the implementation of a compliance policy by deploying risk-based preventive procedures.
Services: corresponds to all the Services offered by the Company, grouped under the name of Summit Mining and accessible from the Application.
Site: corresponds to all the pages of the Website managed by the Company presenting the activities and Services, and accessible at the following web address: https://summit.io/mining, freely accessible, without username or password. past.
Mining site: physical location where Equipment is installed.
Dashboard: means our Application.
User: designates the Internet user or the person having access to public information published by the Company on all its communication channels. The User is considered a Customer as soon as he has subscribed to the Services and his customer account is validated.
ARTICLE 2: Service
Purpose of the Service
The Service mainly consists of the purchase, delivery, installation, configuration, maintenance and renewal of Crypto-asset mining Equipment with the funds invested by the Client, in exchange for which the Client will receive a participation in the Company’s Mining Park in the form of tokens issued ad hoc, the Summit Mining Distribution Keys, giving the Client the right to receive a monthly payment of Crypto-assets in proportion to the tokens held by the latter in the Mining Park and corresponding to the total amount mined by all the Equipment held in the Mining Park over the mining period, after the deductions provided for in the general conditions of the Service presented below.
Distinction with Cloud Mining
It should be noted that the Service is not a Cloud Mining service. Unlike Cloud Mining services in which the Client does not own any assets and completely loses his initial investment, the Service allows the Client to hold assets via the Summit Mining Distribution Keys issued by the Company, in proportion to the Summit Mining Distribution Keys held by the customer.
Furthermore, unlike Cloud Mining services, the Client does not have a fixed hash rate over a predefined period.
ARTICLE 3 : Purpose and fields of application
The purpose of these general conditions (known as “GC”) is to provide a legal framework for the terms and conditions for the provision of the Site and the Service by the Company, to define the conditions of access and use of the Service. The T&Cs are applicable regardless of the country in which the Customer is located.
These T&Cs are accessible on the Site under the heading “General Terms and Conditions”. They cancel and replace the previous contracts that the Client may have previously signed with Summit Mining before March 1, 2022. These T&Cs are applicable worldwide and written in French. The French version prevails over any translation.
Any registration with the Service, as well as the use of the Application or the Site, implies the acceptance without any reservation or restriction of these T&Cs. When registering on the Application via the Registration Form, these T&Cs are expressly accepted by checking the box preceding the following text: “By checking this box, I declare that I haver read and accept these General Conditions. I also acknowledge having read the risks associated with investments in Crypto-assets, in particular the risk of total or partial loss of the capital invested.
In the event of non-acceptance of the GCs stipulated in this document, the User must renounce access to the Services offered by Summit Mining. Summit Mining reserves the right to modify unilaterally and at any time the content of these applicable T&Cs upon their notification.
The invalidity in whole or in part of any of the provisions of these T&Cs under the terms of a legal or regulatory provision, or of a court decision that has become final, does not entail the invalidity of the other provisions or of part of the provision not vitiated by nullity.
ARTICLE 4 : Legal notices
The Site and Application are edited by Summit Mining Limited, operating as Summit Mining, 5 the Grain Store, Distillery Lofts, Distillery Road, Drumcondra, Dublin 3, D03 VR94, Ireland, Registration 541537. Address email: hello@summit.io.
The Site and Application are hosted by OVH SAS, a subsidiary of OVH Groupe SA, a company registered with the RCS of Lille under number 537 407 926 located at 2, rue Kellermann, 59100 Roubaix.
ARTICLE 5 : Access to the Site and the Application
The Site allows the User free access to information on the Service.
The Site and the Application are accessible free of charge, anywhere, to any User with Internet access. All costs borne by the User to access the Service (hardware, software, Internet connection, etc.) are his responsibility.
The non-member User does not have access to the reserved Services. To do this, he must register by completing the registration form on the Application. By agreeing to register for the Reserved Services, the Member User undertakes to provide sincere and accurate information.
To access the Services, the User must then identify himself using his username and password, which he creates himself on the Application.
Any event due to a case of force majeure resulting in a malfunction of the Site, Application or server and subject to any interruption or modification in the event of maintenance, does not engage the responsibility of the Site or the Application. In these cases, the User thus accepts not to hold the publisher responsible for any interruption or suspension of the Service, even without notice.
For any questions, the User has the possibility of contacting the Site by e-mail at the publisher’s e-mail address provided in the corresponding article. However, the use of encrypted emails requiring a decryption key, password or any other unusual manipulation is not allowed. Communications with self-destructing emails are also not permitted.
ARTICLE 6 : Access and terms of use of Discord
The Discord terms of use are described in the “Rules” thread. Failure to comply with the rules or behavior deemed inappropriate will result in banning or restriction of access at the sole discretion of the Company.
The Company is neither associated, nor affiliated, nor has a relationship of subordination with Discord. Any event due to a case of force majeure resulting in a malfunction of Discord and subject to any interruption or modification in the event of maintenance, does not engage the responsibility of the Company. In these cases, the User thus accepts not to hold the publisher responsible for any interruption or suspension of Discord, even without notice.
ARTICLE 7 : Data collection
As part of the use of the Site and the Application, the Company may collect personal data concerning Users, indicated in the document presenting the privacy policy. This document presents how this data is collected, used and the measures taken to ensure its protection in the context of the use of the Site and the business relationship with the Company.
The Company, data collector, undertakes to collect and process the data of Users of the Site and its Customers in a lawful, fair and transparent manner, in accordance with the General Data Protection Regulations (RGPD) and Law no. ° 78-17 of January 6, 1978 relating to data processing, files and freedoms.
Under the Data Protection Act, dated January 6, 1978, and the General Data Protection Regulations (RGPD), the User has a right of access, rectification, deletion and opposition. of his personal data. The User may exercise this right by email to hello@summit.io.
Some data will need to be kept for administrative reasons, such asi than legal, in connection with the regulations on the fight against money laundering and the financing of terrorism.
By accepting the T&Cs, the Customer acknowledges having read the provisions of the privacy policy available on the Site.
ARTICLE 8 : Liability
Source of information
The sources of the information disseminated on the Site and the Application are deemed reliable, but the Company does not guarantee that the content of the Site and the Application is free from defects, errors or omissions.
The information communicated on the Site and the Application is presented for information and general purposes, without contractual value. Despite regular updates, the Site and the Application cannot be held responsible for the modification of the administrative and legal provisions occurring after publication. Likewise, the Company cannot be held responsible for the use and interpretation of the information contained on the Site.
The Site and the Application cannot be held responsible for any viruses that could infect the computer or any computer equipment following use, access or download from the Site.
The Site and the Application cannot be held liable in the event of force majeure or the unforeseeable and insurmountable event of a third party on the Site.
Exceptional circumstances
The Company shall not be liable for circumstances beyond its control, including, but not limited to, force majeure, natural disaster, political unrest, embargo, severance of diplomatic relations, law or action taken by any government or by any third party, public authority, including without limitation the imposition of any export or import restriction, quota or prohibition, or otherwise not granting the license or the necessary consent, fail to comply with the obligations of service providers or subcontractors, or interrupt the public service.
ARTICLE 9 : Warning on investment risks
First of all, we remind you that, as a general rule, high performance is correlated with high risk and that past performance is not indicative of future performance.
We therefore recommend that all our Clients, before investing, read the risks on the “Risk Warning” page, obtain information, in particular through the free information provided by the Company, on the Discord, on the Site or any other medium outside of our Services. We also recommend our Clients to ensure that they have the necessary financial resources to bear the risks mentioned in this document.
ARTICLE 10 : Opening an account
Registration on the Application is free. Any User may subscribe to the Service, provided that they have an e-mail address, provide the required documents, respect the minimum investment amount, by strategy, defined at the time of the investment and are aware of the risks. of the investment, as stipulated in the corresponding article.
Only an approved account allows the User to become a Client and to invest. The approval of the Client’s account depends on several factors and only the Compliance Department is authorized to decide on the final validation of the Client’s account, on the basis of the data provided by the Client and the LCB-LT policy (which may change).
The Compliance Department may refuse the opening of an account without having to provide the reasons for the refusal.
Documents and information to provide for opening an account
The opening of a Client account is strictly personal. The account cannot be shared. A Client can open a personal account and a professional account provided they have two email addresses and separate means of payment specific to each of the accounts. The Client must be at least 18 years old to open an account.
The Customer must, in a timely manner, provide the Company with all documents, information, articles and elements, in any form reasonably required by the Company, in connection with the Services and ensure their accuracy and completeness.
Client natural person
The following list is not exhaustive and may vary depending on the Client’s situation:
- a legible and valid identity document, a photograph (a selfie or a liveness),
- a valid e-mail address,
- a mobile phone number,
- a primary residence address.
And in some cases:
- information about his income, profession, assets, etc.
Legal person client
The following list is not exhaustive and may vary depending on the structure of the legal entity:
- a KBIS (or equivalent) less than 3 months old,
- the statutes of the company,
- the register of beneficial owners,
- a bank account number,
- photograph, identity document and proof of address of the corporate officer as well as the partners holding 25% or more of the shares in the company.
Updating personal information
Within the framework of the business relationship, the Company may, at any time, ask a Client to update his personal documents or ask the Client to provide additional documents (proof of origin of funds, proof of income or assets, proof of purchase of Crypto-assets) in order to verify the validity of his Customer account, to allow him to continue to benefit from the current Service or to allow him to access new Services. The Company may also regularly ask the Customer to confirm that the information he has provided is always up to date, in particular his home address.
The Client is required to inform, as soon as possible, the Compliance Department in the event of a change of main residence, telephone number, financial or professional situation, or any other change which could affect his investment capacity, by sending a message to the following address compliance@summit.io.
The Compliance Department may decide to block or suspend a Client’s account as stipulated in the corresponding article of these General Terms and Conditions.
The Customer can modify his personal information at any time (email, telephone number, bank details, revoke the 2FA, etc.). However, for security purposes, certain information may be modified only after the execution of a specific procedure communicated by Customer Service and upon presentation of supporting documents, in order to ensure the identity of the person making the change. demand.
Account Creation Restrictions
The Company is required to comply with compliance rules in terms of international regulations. In connection with AML-LT and risk management measures, the Company may refuse access to its Investment Services to a Client whose country of nationality is on the list of countries under international sanction or to a Customer whose country of residence is not part of the list of countries authorized by the Company.The list of these countries is subject to change at any time, and without notice, in the event of changes in regulatory obligations or internal decisions by the Company’s Compliance Department. The Company cannot be held responsible for the consequences of the end of a business relationship with a Client in the event of suspension of the Client account in connection with restrictions related to his country of residence or nationality.
ARTICLE 11 : Pricing
The rates charged are mentioned in the Pricing tab of the Summit Mining page. They are also available upon simple written request to Customer Service at hello@summit.io.
All the prices of the Services offered for sale on the Website are expressed in euros (€), all taxes included.
The Company reserves the right, at its own discretion and according to terms of which it will be the sole judge, to propose promotional offers or price reductions.
In addition, the Company reserves the right to modify its prices at any time, it being understood that the price appearing on the Website on the day of subscription will be the only one applicable to the Customer.
ARTICLE 12 : Investment rounds.
The Client may invest in the Service(s) of Summit Mining according to the timing of the investment rounds. Each investment round ends on the mid-month Friday.
Friday in the middle of month N is defined as Friday 13, 14, 15, 16, 17, 18 or 19 of month N in question. An indicative countdown may be present on the Company’s Site to guide the Customer.
The Client’s funds must be received no later than 23:59 UTC on the Friday of the middle of month N in order to be integrated in whole or in part into the Service no earlier than the 1st of the following month N+1 and no later than the 1st of the month N+2.
If the funds are received after the mid-Friday of month N and no later than 11:59 p.m. on the mid-Friday of month N+1, they will be considered as part of the investment round for month N+1 and they will be therefore integrated into the Service in whole or in part no earlier than the 1st of the following month N+2 and no later than the 1st of the month N+3.
So, for example, knowing that the middle Friday of April 2022 is the 15th:
For a Client who sends funds on April 11, 2022, the funds will be fully integrated into the Service between May 1, 2022 and June 1, 2022.
For a Client who sends funds on April 24, 2022, the funds will be fully integrated into the Service between June 1, 2022 and July 1, 2022.
The Company reserves the right at any time and without notice of modificationier the start and end dates of the investment rounds.
ARTICLE 13 : Deposits
Min Deposit
The Client must make a minimum deposit of the amount indicated in the Pricing tab of the Summit Mining page. He can then make other deposits, for a minimum amount, as also indicated on this same page.
Blocking
Each deposit made by the Client is blocked for a minimum period of 6 months. Reinvested referral earnings and commissions are not affected by this rule.
The Company reserves the right to modify the minimum amount of the first deposit and successive deposits as well as their minimum holding period.
If the deposit received by the Company differs from the amount indicated by the Customer, the Company reserves the right not to start the Service.
Authorisation
The sending of funds is authorized only when all KYC and/or KYB formalities are in order and the Company gives its consent.
By accepting the GTC, the Client declares that the funds deposited have been acquired legally, that they are not the subject of an activity punishable by law as defined by the AML-FT in the broad sense and that they have not been entrusted to the Customer by a third party likely to infringe these same rules and that he is the sole owner.
The Customer acknowledges that he is fully responsible for the consequences of a false, incomplete or erroneous declaration. The Company cannot be held responsible for a false declaration by the Customer.
The Company cannot be held responsible for a refusal to send funds and its consequences, in particular due to the receipt of a different amount linked to transaction fees or commissions, instructions incomplete or erroneous, making it impossible to associate the funds with the Client account or the refusal of the funds sent for reasons justified by the Compliance Department or in the case of funds sent to an erroneous bank account or digital wallet address.
The deposit may be suspended or refused according to the methods presented in the corresponding article of these GC.
Unsolicited and unsolicited deposits are not permitted, including those in anticipation of purchasing SMK in the Marketplace.
ARTICLE 14: Terms and means of payment
Terms of deposit
Deposits can be made according to the conditions in force in the Pricing tab of the Summit Mining page.
The Client can invest in fiat currency or Crypto-assets. Payment details for payments in fiduciary currency may be communicated by email to the Customer.
Deposits may be displayed in equivalent to other fiat currencies or Crypto-assets by following an exchange rate taken from the CryptoCompare.com site with a 15-minute refresh rate.
Regardless of the method of payment chosen by the Customer, bank transfer or transfer in Crypto-assets, the Company cannot guarantee the performance of the Service, in whole or in part, before receipt of payment in full. Once payment has been received in full, the Company undertakes to ensure the execution of the General Conditions within a reasonable time or within the deadlines agreed with the Customer.
The Company reserves the right at any time and without notice to modify the means of payment accepted and the amount of its costs on its Site.
Bank transfers
It should be noted that payments by bank transfer, if available, must come exclusively from a bank account in the Customer’s name. They cannot come from third parties. A private Client will not be able to send funds from a professional bank account. A legal entity Client will not be able to send funds from a personal bank account except in special cases (sole proprietorship).
Transactions in Crypto-assets
The amount of Crypto-assets deposited must come from a digital wallet belonging to the Client. It cannot come from third parties. A retail Client will not be able to send funds from a professional digital wallet. A Legal Entity Client will not be able to send funds from a personal digital wallet.
The Company can in no way be held liable for damages caused by an error in the digital wallet address attributable to the Customer, including, but not limited to, in the case of hacking of the Customer’s device. The Client undertakes to verify the deposit address for each deposit.
In the event of payment received within more than 15 minutes of the display of the exchange rate, or in the event of split payments, the Company reserves the right to retain the closing exchange rate of the minute in which the ( s) payment(s) has (have) actually been received on the Company’s wallet.
ARTICLE 15: Withdrawal period
According to the provisions of Article L. 221-28 paragraph 2 of the Consumer Code, the Service does not give rise to a right of withdrawal insofar as it isof the “supply of goods or Services whose price depends on fluctuations on the financial market beyond the control of the professional likely to occur during the withdrawal period”.
ARTICLE 16: Processing fees
The Client’s initial investment includes a provision for Processing Fees. No additional investment is required.
The amount of the Processing Fees is indicated in the Pricing tab of the Summit Mining page.
ARTICLE 17: Terms of withdrawal of capital
Purchase of Equipment
Purchase obligation
For each round of investment, the Company reserves the right to limit the quantity or number of deposits in order to protect the interests of Clients. The communication of such decisions is made directly on the Company’s Site. In the absence of communication, it is accepted that the investment round of one month N does not have a maximum limit amount.
In the absence of formal communication, in particular in the event of suspension of investments, the Company must accept Clients’ deposits and invest its funds as soon as possible. In the event of a deposit exceeding €500,000, the shipment is however subject to prior acceptance by the Company.
The Company cannot guarantee the final date of the purchase because it is based on several factors, such as the availability of the Equipment, its price, its estimated delivery date, the expected return on investment, etc.
Date of commissioning
At the end of each round of investment, the Company endeavors to purchase additional Equipment with the funds received as well as those reinvested by the Clients. Insofar as the Company does not fully control the entire supply chain of the Equipment, from its purchase to its installation, the Company cannot guarantee that the Equipment will be operational on a specific date. On the other hand, the Company undertakes that the Client’s SMKs will be, after the end of an investment round N, activated in whole or in part between the 1st of month N+1 and at the latest at 100% the 1st of month N+2. This means that in some exceptional cases, a Client could start mining while not all of the recently purchased Equipment is yet operational, thus taking advantage of already operational Equipment purchased and installed in the past. After the installation of the Equipment, it is integrated into the Mining Park and shared with all existing Clients.
Purchase amount
Company is not obligated to purchase for all funds received immediately. The Equipment is in fact purchased according to the opportunities and it sometimes happens that these are no longer available at the time of the purchase decision, or even sometimes once the purchase price of the Equipment has already been paid.
Delays
The means undertaken and the duration of installation of the Equipment is at the discretion of the Company, which will do its utmost to minimize delays.
The Customer understands and agrees that the installation and maintenance of the Equipment is not necessarily provided by the Company, but by one or more third-party partner(s) of the Company, subject to modifications from time to time. In cases where the installation of the Equipment is delayed or not completed, for whatever reason, the Customer is entitled to request a refund of the payment made. In this case, the reimbursement will be made within a period suitable for the Company and no Summit Mining Distribution Keys will be activated for the Client with the funds sent for the purchase of this Equipment. Issued SMKs will also be destroyed. However, all existing Summit Mining Distribution Keys owned by the Client from previous investments, if any, will remain valid.
Equipment Management
The Company is responsible for the installation and maintenance of the Equipment in accordance with the General Conditions.
The Company undertakes to ensure that the Equipment is maintained in optimal conditions for longevity (ambient temperature, ventilation, humidity, dust). In the event of failure of the Equipment, the Company undertakes, if possible, to procure, obtain or provide a repair or a solution that is most profitable for the Customer.
The Company will monitor the costs and investment values of the various types of Mining Equipment throughout the term of these Terms and Conditions.
The Company undertakes to contact the partner(s) within a reasonable time if the Equipment needs to be restarted or if maintenance is necessary.
The Company shall use reasonable efforts to ensure the repair or replacement of defective Equipment in accordance with the recommendations of the partners or the manufacturer of the Equipment.
Mining pools
The Client understands that the Equipment will by nature be connected to one or more mining pool(s). The Client understands that the mining pool(s) may not belongr to the Company. The Client understands that the mining pool(s) may charge a fee which will be deducted from the net mining profit. The Company undertakes to choose the most popular pool(s), in the interest of the Client.
ARTICLE 18 : Summit Mining Distribution Key (SMK)
Each euro invested by the Customer in the purchase of Equipment corresponds to one SMK. The total number of SMKs held by a Client is therefore based solely on the amount of funds invested by each Client.
Summit Mining Distribution Key are exclusive and 100% private assets issued by the Company. They are issued ad hoc and cannot be traded on financial markets. As such, they do not fall under financial securities as defined by financial market regulators. In addition, Summit Mining Distribution Key are not tokens from ICO (Initial Coin Offering), nor even Crypto-asset tokens. Summit Mining Distribution Key are not ordinary shares of the Company. Accordingly, the holder of Summit Mining Distribution Key is not entitled to receive any rights or benefits arising from the possession of ordinary shares of the Company, in particular the right to vote or decision.
If the Company decides to sell its Summit Mining Distribution Keys, the same conditions apply as when selling Summit Mining Distribution Keys by a Client.
In the event of termination of the business relationship of one or other of the parties, the Summit Mining Distribution Keys will be resold for the benefit of the Client under the conditions described above. Only the Client may benefit from the funds received during the resale of said Summit Mining Distribution Keys.
The legal ownership of the Equipment remains at all times with the Company, which however holds it in trust for the Customer. Consequently, the Client retains the effective ownership and use of the Equipment, in proportion to the Summit Mining Distribution Keys held by it. Thus, the Company cannot in any case benefit from the income generated by the Customer’s Equipment, nor from the funds acquired during the resale of the Equipment. Likewise, the Company is required to execute the Customer’s decisions which are linked to its desire to dispose of the Equipment upon termination of the business relationship.
The price of the Equipment is not fixed and may therefore vary over time, upwards or downwards. If the Client decides to terminate the business relationship, the Company cannot guarantee any resale price of the Client’s Equipment or Summit Mining Distribution Keys. A case-by-case study and decision may be required to determine the appropriate timing.
ARTICLE 19 : Certificates
Upon installation of the Equipment, a certificate of participation indicating the number of Summit Mining Distribution Keys held in the Mining Park is issued by the Company on behalf of the Customer and must be sent to the Customer. Each SMK held by the Client entitles the Client to receive a monthly payment, if his account fulfills all the conditions of validity.
If a Client decides to reinvest his Earnings or invest again with his own funds, a new participation certificate indicating the new number of Summit Mining Distribution Keys held by the Client will be issued.
The date indicated on the participation certificate is not necessarily the starting date for the calculation of the payment amounts.
ARTICLE 20 : Gross mined amount
The Gross Mined Amount corresponds to the total amount mined by the entire Mining Park during a calendar month.
The Mined Gross Amount will be returned to the Client after deducting the various Costs and Fees.
ARTICLE 21: Operating costs
The Operating Costs may include the rental of facilities (rental of premises, cooling system, security on the Site), maintenance (24 hour surveillance, regular cleaning), repairs, insurance, pool, or any other service provided by a third party in cases where the Equipment is sold or shipped elsewhere (as necessary to continue the Service and at the discretion of the Company).
Operating Costs may vary depending on the type and quantity of Equipment used for the Service. At its sole discretion, the Company will pay the Operating Costs as they arise or it will take care of provisioning them once or several times a month; Mining Costs will be deducted from the Total Gross Amount mined by the entire Mining Park.
In the event of termination of the Service, the Customer agrees to pay the operating costs related to the execution of the service on a pro rata basis.of its number of Summit Mining Distribution Keys, until the effective date of termination.
ARTICLE 22: Net mined amount
The Net Amount mined corresponds to the Gross Amount mined by the entire Mining Park during a calendar month, from which are deducted the Operating Costs due during this same calendar month and possibly exceptional costs. In the event of the appearance of exceptional costs, the Company reserves the right to make a disbursement over several days, weeks, or months in order to minimize the impact on profitability.
The Net Mined Amount is shared between all existing Clients, the Client and the Company, in proportion to the Summit Mining Distribution Keys held by each stakeholder. When the Net Mined Amount is positive, the Company undertakes to transfer the profits to the Client in the mined Crypto-asset(s) within ten days of the end of the mining period, except in exceptional cases. .
ARTICLE 23: Management fees
In return for the Service, the Client must pay the monthly Management Fee applicable to the Net Mined Amount, as defined in the Fees page of the Site. The Management Fees are valid for the entire duration of the Service.
ARTICLE 24: Obsolescence costs
To compensate for the obsolescence and constantly improve the condition of the Mining Park, the Company may be required to deduct Obsolescence Fees from the Net Mined Amount. The application of these Obsolescence Charges is as defined in the Pricing tab of the Summit Mining page. Obsolescence Charges are valid for the duration of the Service.
*Fees will be applicable as of September 1, 2022.
ARTICLE 25 : Final net amount
The Final Net Amount is the Net Amount mined by the Client less the Management Fee and corresponds to the final profit paid back to the Client.
The Final Net Amount may be reinvested by the Client in the purchase of new Equipment the following month (in the form of automatic reinvestment) or sent to the Client in the form of Crypto-assets on his digital wallet.
In certain exceptional circumstances, such as an inconsequential Final Net Amount (particularly during the Client’s first month of mining), hacking, theft, etc., the Client’s payment may be postponed, delayed or canceled at the sole discretion of the Company. Under no circumstances may the Services Company appropriate for its own account the funds mined by the Client, nor even the payment of the Client.
ARTICLE 26 : Valuation of the SMK
The value of the SMK is backed by the net value of the Mining Park. The latter is calculated on the basis of the actual resale price of each machine making up the Mining Park and not on a book value subject to depreciation.
In order to avoid any speculative behavior that could harm Customers within the Service, the value of the SMK is limited upwards to €1.
The value is not fixed, it tends to decrease over time due to the natural wear of the machines as well as the increasing difficulty of mining. These phenomena are grouped under the notion of obsolescence.
The fall in the price of Crypto-Assets also tends to lower the value of mining machines overall, due to a drop in profitability. This is not unique to Summit Mining. However, this may result within the Service in a decrease in the value of the SMK. Conversely, the rise in the price of Crypto-Assets tends to maintain the value of the SMK or, following a fall, to raise its price.
The theft, seizure or destruction of the Equipment has a direct impact on the value of the Summit Mining Distribution Keys insofar as, all other things being equal, the number of SMK remains the same but the number of machines that make up the park of mining decreases accordingly.
Processing Fees incurred when purchasing Equipment are not included in the net value of the Mining Park, as these Processing Fees are purely costs and not assets.
ARTICLE 27: Resale of Equipment
When the Service provider resells certain Used Equipment, the number of machines in the Mining Park is reduced by the same amount and the net value of the Mining Park is reduced accordingly. The resale of certain Equipment has the sole purpose of renewing the Mining Park with more sophisticated or more efficient Equipment. Thus, the funds obtained during the sale of this Equipment must be reinvested when a new investment opportunity arises. The Company is not permitted to retain sale funds for its own purposes.
In certain circumstances, when the Client decides to terminate the Service, the Company may have to sell part of the Equipment in order to cover the resale of the Client’s Summit Mining Distribution Keys. In this case, the funds from the sale are intended to be transferred to the Client and not reinvested in the Mining Park.
ARTICLE 28: Resale and purchases of SMK
If the Customer wants to resell all or part of his SMKs, he can do it only via the Marketplace or with the Company (depending on the pricing).
The only ways to sell SMKs are:
1 - The Marketplace, with no certainty to sell,
2 - The Delegated Sale, with a 25% tax relief.
The Customer is authorized to resell only the SMKs which have exceeded the blocking period, as defined in the corresponding article.
In the event of a total or partial withdrawal of the capital on the Marketplace, the request must be made on the Dashboard in the “Marketplace” section, the conditions of which are mentioned in the said section.
The conditions of use of the Marketplace are accessible via the Customer’s Dashboard, in the corresponding section.
The Company reserves the right at any time and without notice to modify the conditions of the Marketplace presented explicitly directly on the Customer’s Dashboard.
Resale price of SMKs
When the Customer puts his SMKs up for sale, the sale price is the one displayed on the Dashboard on the 1st day of the month. This is the actual price of SMK. In other words, if the Client places a sell order on January 15, 2022, for example, the value of the SMK will be that displayed on the Dashboard on January 1, 2022.
In the event that the Client would make a sales proposal, it would not be possible for him to buy SMK during the same month.
The Client undertakes to read the Marketplace conditions presented in detail on the Dashboard before placing a sell order.
Delegated Sale
In the event that the Client cannot or does not wish to wait for the Marketplace to be held, a total or partial withdrawal of the capital may take place, under the conditions described in the Pricing tab of the Summit Mining page.
Purchasing SMKs
If investments are not suspended, the Client can buy SMKs in the classic way during an investment round. He can also position himself on the Marketplace to try to buy the SMKs that sellers put up for sale on the Marketplace.
The Client undertakes to read the Marketplace conditions presented in detail on the Dashboard before placing a purchase order.
In the event that a purchase order is executed, partially or totally, the Client agrees to pay €1 per SMK, regardless of the value of the SMK displayed on the Dashboard on the 1st day of the month. If there is a difference, it will help combat the obsolescence of the Equipment.
In the event that a purchase order is executed, the Customer undertakes to pay the amount due within 48 hours of the end of the sale.
ARTICLE 29: Withdrawal of capital
Blocking period
For each deposit, any withdrawal taking place before the expiry of the minimum 6 months, as defined by these T&Cs, will be subject to a penalty of 25% of the amount withdrawn still subject to the blocking period. The value of the amount withdrawn is calculated by multiplying the value of the SMK by the number of SMKs withdrawn.
Refund method
The repayment of the investment will be made according to the currency used for the payment of the initial investment received. If the Customer has sent his funds in fiat currency, the refund will be made by bank transfer in the same fiat currency as when sending. If the Client has sent his funds in Crypto-assets, he will be reimbursed in Crypto-assets. The Winnings, for their part, will be reimbursed according to the possible payment methods presented on the Dashboard.
The Company reserves the right at any time and without notice to modify the terms of withdrawal.
Treatment delays
The processing time for withdrawals of all or part of the capital is a maximum of 30 days. For amounts over 500,000 euros, this period is extended to 45 days. The delays do not take into account those induced by Crypto-asset transfer or bank transfer operators.
If the Client chooses to withdraw his funds in other fiduciary currencies or Crypto-assets than those deposited, there may be a conversion at the time of sending which will be made by following an exchange rate taken from the CryptoCompare.com site. or Bloomberg. The costs are the responsibility of the Customer, in particular for withdrawals outside the SEPA zone.
The Customer must fill in the payment details if they have not been filled in beforehand. The Compliance Department may ask additional security questions or request additional supporting documents before making the withdrawal. In the event of a response deemed unsatisfactory by the Compliance Department, the withdrawal may be refused or suspended in accordance with the terms of the corresponding article of these T&Cs.
Note that the Customer is solely responsible for the bank details or digital wallet provided. Thus, the Company will in no way be held responsible for the consequences in the event of erroneous information indicated by the Customer.
Destruction of SMKs
When the Customer decides to terminate the Service, the Company may have to sell part of the Equipment in order to cover the resale of the Customer’s SMKs. When the Company’s only choice is to sell the Mining Park Equipment so that the Customer can sell its Summit Mining Distribution Keys, these tokens immediately cease to exist and are destroyed as soon as the Customer receives the payment corresponding to the sale of Summit Mining Distribution Keys. It should be noted that Processing Fees cannot be recovered or refunded as they are not part of the net value of the Mining Park.
ARTICLE 30: Distribution of Winnings
Amount of Winnings
Earnings are distributed monthly in proportion to the Summit Mining Distribution Keys held by the Client and in proportion to the length of time the Summit Mining Distribution Keys are held during the period. In the event of transfer of ownership of the Summit Mining Distribution Keys during a mining period, the Client is entitled to receive a Gain, pro rata temporis of the mining period.
The Client will receive a fraction of each Crypto-asset mined by the mining park on a proportional basis to the Summit Mining Distribution Keys he holds, if the net operating profit for a given Crypto-asset is positive.
Time limit
The monthly Earnings withdrawal method must be entered in advance on the Dashboard between the 6th and the last day of the month at 11:59 p.m. (UTC).
If the Customer does not provide the payment details, then the Winnings are kept until the Customer indicates his payment methods. The cumulative total will then be paid on the 5th of the following month.
The Customer understands that a certain delay may occur in the event of the detection of a bug or problem, and/or if the network costs are too high at the time of payment compared to the average of the last few days, the Company taking into charges network fees with monthly payments.
Receipt of payment may be delayed depending on the digital wallets used by the Client, as well as fees may be applied. The Company cannot be held responsible for the digital wallets used by the Client.
Winnings withdrawal method
The Client undertakes to provide the Company with a wallet corresponding to the Crypto-assets mined during a given month. If the Client does not have a wallet corresponding to one or more mined Crypto-assets during a given month, the Company may create or help the Client to create one (or more) wallets, at the Client’s request. If the Customer requests the Company’s help to create a wallet, the Customer understands the risks associated with wallets, in particular those related to the loss of private keys, the risk when sharing the private keys with third parties, the risk of hacking, etc. The Company cannot be held responsible for the security and data protection of the client’s wallet(s).
The Client has the following options for the generated Winnings:
- Option 1: reinvest 100% of the mined profits in new mining machines and increase its number of SMKs.
- Option 2: Receive 100% of profits mined in BTC only.
- Option 3: Receive 100% of profits mined in USDT only.
- Option 4: receive 100% of the profits mined in each of the 5 mined Crypto-assets.
- Option 5: reinvest 50% of mined profits in new mining machines and the remaining 50% in BTC.
- Option 6: reinvest 50% of mined profits in new mining machines and the remaining 50% in USDT.
- Option 7: reinvest 50% of mined profits in new mining machines and the remaining 50% in each of the 5 mined Crypto-assets.
- Option 8: reinvest 100% of mined funds in Summit Gravity. This option allows you to receive the Mining Gains of the month in the form of credits to invest in Summit Gravity or in Summit Tokens.
These credits can be used to:
- make an initial investment in Summit Gravity (Quantum and/or Impulse) for a minimum amount of €2,000,
- reinvest in Quantum and/or Impulse (from €100) subject to having invested the minimum amount provided for in each of the Services.
For the Client who has chosen the option of reinvesting mined funds in the 5 Crypto-assets, the Company takes into account the rate in euros against the Crypto-asset sent at the time when it is actually received by the Company, so as to be able to calculate the amount in SMK to which the Client’s Deposit corresponds. If the pair is not listed, the Company calculates the corresponding amount with EUR/USDT.
ARTICLE 31: Absence of guarantees of results
The Company cannot guarantee any results for the Service. The potential results discussed with the Client represent actual returns on current and past investments, and future returns and results may be higher or lower.
Winnings are subject to Operating Costs, which are themselves closely linked to Crypto-asset exchange rates.
Also, the Company cannot be held responsible for a variation in the amount of Winnings for the following reasons, for example and among others:
- problems that may arise during the transport of the Equipment to the partner’s facilities or delays related to the installation of the Equipment,
- the rise and fall of the Crypto-asset market or its consequences, in particular, but not exclusively, the correlation between the dollar and stable Crypto-assets,
- changes made to the algorithms of Crypto-assets mined on behalf of the Client, or its consequences,
- the change in mining difficulty, or its consequences,
- the change in the amount of the mining reward for block validation (the halving) or its consequences,
- of any decision taken by the Customer or of its consequences,
- regulatory, political, legislative or other decisions that may affect the Service.
if the places where the Equipment is installed should be closed, for whatever reason. However, the Company undertakes to do everything possible to try to transfer the Equipment to another location, in the same country or elsewhere. The costs of this transfer will be borne by the Client, in proportion to the Summit Mining Distribution Keys held by the Client, and may be requested from the Client before the transfer.
if the Equipment is temporarily shut down for several hours or days for maintenance or other reasons. However, the electricity bill for said stop will not be billed to the Customer.
If a major breakdown prevents a large part of the Equipment managed by the Company from functioning properly, the latter cannot guarantee any payment to the Client, regardless of the number of Summit Mining Distribution Keys held by the Client.
Directly or indirectly, financial, legal, commercial or other consequences that could affect the Customer and which would result from the Customer’s commitment to the Service.
ARTICLE 32: Negative profitability
Under certain circumstances, such as increasing Mining Costs, increasing mining difficulty, or Halving Crypto-assets, certain Equipment may no longer be profitable for an extended period of time, resulting in a net profit from mining zero or negative. In this case, in order to minimize or avoid any potential loss, the Company may decide to disconnect the Equipment, permanently or temporarily, based on the characteristics of each Crypto-asset. This is at the sole discretion of the Company.
When the Final Net Amount is negative, the Company may however be required to cover all losses so that the Client is not affected.
ARTICLE 33: Referrals
For each referred Customer, the referrer and the godson will be able to receive rewards as indicated in the Pricing tab of the Summit Mining page.
Each Customer can only benefit from one referral within the services offered by Summit. Thus, for example, a person referred for Summit Mining cannot be referred for Summit Gravity (another service offered by Summit).
All other referrals or affiliation schemes will be at the discretion of Summit, which may contract with each third party independently with specific conditions.
ARTICLE 34: Validity of the account
You must maintain the minimum investment required, as stipulated in the Pricing tab of the Summit Mining page, to keep your account active.
As long as the Client holds Summit Mining Distribution Keys, the Client may receive payment, except in certain exceptional circumstances, such as the freezing or suspension of his account by the Compliance Department.
ARTICLE 35: Suspension of the Client account
The Customer’s Account may be suspended, closed or blocked in the event of a violation of these T&Cs, with or without prior notice and warning, in particular for the following reasons:
- The Compliance Department decides this because of the LCB-FT and its evolution, in particular during the procedure of knowledge of the Customer (KYC) or knowledge of the company (KYB),
- At the express request of a competent authority,
- For all legitimate suspicions that the genuine Client is not at the origin of the transactions carried out (fraud, theft, etc.),
- In the absence of a response from the Client within a maximum period of 7 working days to questions and requests from the Compliance Department,
- Due to the behavior of the Client (insults, threats, abusive request, destabilization of the Company, attempted abuse, cheating and attempted cheating, manipulation, extortion - and attempted extortion, etc.) during his communications with any member of the team, any User or any other Client(s), by any means of communication whatsoever.
For all promotion of services, platforms, etc. unsolicited against other Customers or on social networks.
As a result, the Company reserves the right to take any appropriate measure and in particular to:
- Suspend or terminate access to the Services,
- Permanently close the account of the Client, for all the Services offered by the Company,
- Notify any relevant authority and/or initiate any necessary legal action.
The Client’s account may also be suspended if the number of SMK held falls below the 2000 SMK threshold.
ARTICLE 36: Definitive closing of the Client account
A Customer may request, at any time, to delete his Account, validated or not, by informing Customer Service by email.
His request will be taken into account as soon as possible and according to the provisions of the legislation in force at the time of the request.
The withdrawal of its capital will be carried out according to the methods described in the corresponding article of these GC.
The closing of a Customer account is subject to the validation of the Customer’s personal data, in the same way as at the time of opening the account.
Note that the Company is required to keep certain data for 5 years from the end of the business relationship in order to meet its legal and administrative obligations.
ARTICLE 37: Death
In the event of the Client’s death, the Company must freeze the account of the deceased while waiting to recover the deed of devolution, the death certificate and the IBAN of the notary in charge of the succession or the IBAN of the sole heir.
In the case of a single heir:
1. The account of the deceased Client will be closed and the available funds will be transferred to the notarial office or to the account of the heir.
2. A new Client account may be created in the name of the heir designated by the notary.
In case of several heirs:
1. The account of the deceased Client will be closed and the available funds will be transferred to the notarial office or to the account of the heirs according to the indications of the notarial office.
2. One or more new Client accounts may be created in the name of each of the heirs designated by the notary, provided that the terms of subscription to the Services, in particular concerning the minimum amount to be invested, are respected.
ARTICLE 38: Taxation
The Company does not provide tax advice. The value of any tax benefit depends on the individual financial circumstances and country of residence of the relevant Investor. If in doubt, we advise the Client to consult a financial adviser and the professional tax authorities in the Client’s country of residence.
ARTICLE 39: Intellectual property
The trademarks, logos, signs as well as all the content of the Site (texts, images, sound, etc.) are protected by the Intellectual Property Code and more particularly by copyright.
The User must seek the prior authorization of the Site for any reproduction, publication, copy of the various contents. It undertakes to use the content of the Site in a strictly private context, any use for commercial and advertising purposes is strictly prohibited.
Any total or partial representation of this Site by any process whatsoever, without the express authorization of the operator of the Website would constitute an infringement punishable by article L. 335-2 and following of the Intellectual Property Code.
It is reminded in accordance with Article L. 122-5 of the Intellectual Property Code that the User who reproduces, copies or publishes the protected content must cite the author and his source.
ARTICLE 40: Account security
Each Customer account is secured by default with an email address and a password. We recommend using a strong password comprising at least: 6 characters, a lowercase letter, an uppercase letter, a number and a special character.
The Company has also made available to the Client the possibility of using a 2FA application to protect his account. The Company strongly recommends that its Clients use double authentication (“2FA”) to access their account. The Company cannot be held responsible for the lack of security of the password, for the sharing of the latter, for a malfunction of the IT resources, the telephone or the 2FA applications of the Customer.
The User makes sure to keep his password secret. Any disclosure of the password, in whatever form, is prohibited. The User assumes the risks related to the use of his username and password.
The Company cannot be held responsible for any consequences of any kind whatsoever in connection with with the use of the personal password (loss, theft, hack, usurpation, disclosure to a third party, unavailability of accessing the email address, etc.). The Company will never ask you to provide the private addresses (or private keys) of your Crypto-asset digital wallets. Thus, the Company cannot be held responsible in the event of sharing of your private keys or any other information deemed confidential.
The Company authorizes the opening of only one individual account per person. This account is strictly personal and created for the sole use of the Customer. The Company cannot therefore be held responsible if the Customer is led to share his login credentials with another person.
ARTICLE 41: Hypertext links
Hypertext links may be present on the Site. The User is informed that by clicking on these links, he will leave the Site. The Site has no control over the web pages to which these links lead and cannot, under any circumstances, be responsible for their content.
ARTICLE 42: Cookies
The User is informed that during his visits to the Site, a Cookie may be automatically installed on his browser software.
Cookies are small files temporarily stored on the hard drive of the User’s computer by the browser and are necessary for the use of the Site.
Cookies do not contain personal information and cannot be used to identify anyone. A Cookie contains a unique, randomly generated and therefore anonymous identifier. Some Cookies expire at the end of the User’s visit, others remain.
The information contained in Cookies is used to improve the User experience on the Site. By browsing the Site, the User accepts them. However, the User must give his consent to the use of certain Cookies.
Failing acceptance, the User is informed that certain features or pages may be refused.
The User may deactivate Cookies via the parameters appearing in his browser software.
ARTICLE 43: Complaint
A Customer complaint corresponds to a written statement, presenting a Customer’s dissatisfaction relating to the provision of a Company Service.
The quality of the Services delivered and the satisfaction of the Customers being the Company’s priority, particular attention is paid to the management of these complaints in a transparent and efficient manner.
All complaints should be sent by email to compliance@summit.io and will be processed within a maximum of 7 working days. The processing of your complaint is completely free.
The Customer must add information allowing the processing of the complaint such as:
- the full identity of the applicant (surname and first name, postal address, telephone number),
- the description of the complaint and attach, if applicable, supporting documents.
ARTICLE 44: Applicable law and competent jurisdiction
The legislation of the country of domicile of the Company applies to these General Conditions. In the event of absence of amicable resolution of a dispute arising between the parties, the courts of the country concerned will have sole jurisdiction to hear it.
For any question relating to the application of these General Conditions, you can contact the publisher at the contact details listed in the legal notices.
