HASHING24 THE RULES OT ORGANIZING AND HOLDING THE AUCTION

THE RULES OF ORGANIZING AND HOLDING THE AUCTION

These rules are designed for proper regulation of organizing and holding of the Auction by Hashing24 as specified in the Terms and Conditions, and regulate the legal relations between participants of the Auction (hereinafter, the Rules).

1. TERMS

   1. The Internet Auction — The parties understand the Internet auction as the virtual project on the website hashing24.com, by means of which each Participant has the opportunity to submit any Bid, but not less than the Starting Price, while knowing the Bids submitted by other Participants of the Auction (hereinafter, the Auction).
   2. Bid — participant's bid for the purchase of the lot. Bidding rates are set in bitcoins.
   3. Lot — the object of bidding in the Auction.
   4. The Owner of the Lot — the customer of Hashing24 who owns and manages the object of bidding.
   5. The Object of bidding — bitcoin mining contracts purchased at the website hashing24.com.
   6. The Organizer of the Internet Auction — Hashing24 as specified in the Terms and Conditions (hereinafter, the Organizer).
   7. Website — https://hashing24.com/.
   8. The Participant Number — the unique identification number of the Auction Participant.
   9. The Auction Participant — a legally competent customer of Hashing24, who has contractual relations with the Organizer and has the intention to sell or purchase the Object of bidding in the Auction.
   10. Seller — a customer of Hashing24, who has contractual relations with the Organizer and offers the Object of bidding for sale in the Auction.
   11. Buyer — an Auction Participant, who has contractual relations with the Organizer and has the intention to buy the Object of bidding in the Auction.
   12. Starting Price — the initial price of the Lot, from which the auction for this Lot begins.
   13. The Current Bid — The Participant’s price for the Lot. Bids on the Auction are set in bitcoins.
   14. The Best Bid — the highest Bid among all the Participants of the Auction.
   15. Bid Increment — the stated interval for which an Auction Participant can increase the Bid. (1 increment — 0.001 BTC).
   16. Selling Price — the price that the Buyer ultimately pays for the purchased Lot, which is the Best Bid of the Buyer.
   17. Winning Bidder — an active Participant of the Auction, who has won the bidding in accordance with the herein Rules.
   18. Organizer's Commission — a payment from the Seller to the Auction Organizer for organizing and holding of the auction for the sale of the Lot, which is determined as a percentage of the auction price of the Lot.

2. GENERAL TERMS

   1. The rules herein establish the procedure for holding of the Auction, and are binding for all Auction Participants.
   2. With the help of the Website, the Auction Organizer provides the Auction Participants with access to information about the Lots, for the purpose of further prospective purchase and sale of the Lots.
   3. The Auction Participants are the Seller and the Buyer.
   4. The official language of the Auction and all the accompanying documents is English.
   5. The price for the submitted Lot (Starting Price) is indicated by the Seller.

3. THE AUCTION ORGANIZER

   1. The Auction Organizer is Hashing24 as specified in the Terms and Conditions.

4. METHOD OF ACCEPTANCE OF THE RULES

   1. Acceptance of these Rules as generally binding takes place on the Website in the manner and under the conditions established by these Rules. The moment when the customer clicks the "Submit" button located at the bottom of this page is considered the moment when the Rules come into effect.
   2. The Seller is obliged to undergo identity verification according to the AML/KYC Policy.
   3. Changes and/or additions to the current Rules are made by placing the relevant changes, additions or new edition of the Rules on the website by the Auction Organizer.
   4. Changes, additions or new edition of these Rules come into effect from the date of their placement on the website by the Auction Organizer.
   5. The consent of the customer to the changes or additions introduced into the Rules, or new edition of the Rules, is confirmed by continuation of use of the services of the Auction Organizer, and by the customer's stay on the Website.

5. PROCEDURE FOR HOLDING OF THE AUCTION

   1. The auction is held in electronic form on-line on the website.
   2. The main goal of the auction participation is purchase/sale of the Objects of bidding, represented as Lots.
   3. Only customers of Hashing24 who meet the requirements of clauses 1.9 and 4.2 of the Rules have the right to apply for participation in the Auction.
   4. The price increase is made in one Bid Increment according to clause 1.15 of the Rules.
   5. The time of the Auction close for every Lot is determined by the Seller of the Auction at their own discretion.
   6. An Auction for each Lot is considered to be completed if the time of the Auction expires.

6. RULES OF PURCHASE

   1. The Bid cannot be equal to the previous Bid for this Lot.
   2. Any Participant of the Auction has the right to bid on several Lots if they have sufficient funds on their balance.
   3. The bidder (Buyer) cannot cancel their Bid, the Bid can only be increased.
   4. If the Bid of an Auction Participant proves to be the best, the amount equal to that Bid is placed on hold in the Auction Participant’s account. If the Auction Participant has been outbid, the amount gets returned to their balance.
   5. An outbid occurs when another Auction Participant has placed a better Bid than the previous Auction Participant.
   6. Unless an outbid occurs, the amount of the Bid is placed on hold on the bidder’s balance until the end of the Auction.
   7. After completion of the Auction the amount of the Best Bid is deducted from the balance of the Winning Bidder instantly.

7. RULES OF SALE

   1. The Auction period for each lot is determined by the Seller from 1 to 7 days.
   2. The Seller determines the Starting Price for the Lot in BTC at their own discretion.
   3. The Seller can cancel the Lot sale only in case there were no Bids made until the moment of the cancellation, in other cases the Lot cancellation is impossible.
   4. The Auction Organizer collects a commission from the Seller for organizing and holding the Auction. For each Lot, the commission is 20% of the Selling Price, and is collected during the Seller’s receipt of the payment for each sold Lot.
   5. After completion of the Auction, the Seller receives payment to their balance for their lot in the currency indicated during the sale according to clause 2.5, minus the Organizer's Commission according to clause 7.4.
   6. At the end of the Auction time and in case of no bids made, automatic Lot cancellation occurs.

8. WINNING AN AUCTION

   1. The Participant who made the Best Bid is considered the Winning Bidder of the Auction.

9. PAYMENT/LOT TRANSFER

   1. The payment for the Lot is made automatically by deducting the amount placed on hold from the balance of the Winning Bidder immediately after the announcement of the results.
   2. The Buyer makes payment for the Lot in the amount equal to the Lot’s Selling Price.
   3. After the Auction completion and calculation of all financial obligations of the Winning Bidder, the Seller, and the Auction Organizer, the right to use the Lot is transferred.
   4. The Lot is transferred the next day after the Auction close at 00:00 UTC time.
   5. The next day after the Lot sale, the Seller receives the mining earnings for the previous (last) mining day of their contract.
   6. The Lot (mining contract) starts working on the day of its transfer to the Winning Bidder at 00:00 UTC. The earning for that mining day will be credited the following day.
   7. The Auction results are not subject to appeal.