1. What is a Payout Accelerated Cloud Mining Contract (PACMiC)?
The PACMiC is a new value-added cloud mining service product from Hashnest. The PACMiC is an electronic contract structured in a new way. BITMAIN will pay all the maintaining cost of the mining rigs, and all the mining revenue will be used to pay back the PACMiC owners. When the principal is not fully paid back, it will share profit with buyers. When the principal is paid back, the mining rigs will belong to BITMAIN. Both principal and profit payments will be made to the contract holder based on the mining revenues of AntPool. Since PACMiC will not bear the maintenance cost, so the payout is accelerated.
2. Purchasing a PACMiC
In the initial sales open day, one PACMiC will be sold for one (1) bitcoin. Each PACMiC represents 6 terahash of hashing power. The contract will become active immediately upon receipt of full payment.
3. Computing principal and profit of an PACMiC
As soon as the PACMiC is activated, payouts will be made through Hashnest in accordance with the mining revenues generated by AntPool’s PPLNS payout method. Profit payments will be made beginning with the first block found by AntPool after the contract’s activation. From the first block until the contract’s expiry, profit will be accumulated every second.
4. Profit Calculation Method
Unpaid principal (BTC) * 0.45 (satoshis per BTC per second) * time to find a block (seconds)
For every block found, the remaining payout after the profit is paid will count towards the principal payment. After each principal payment is made, the amount is subtracted from the amount of remaining principal.
Please note: information on blocks found will only be transfered to Hashnest.com from AntPool after receiving six network confirmations. Because of this, profit and principal payments will be on a slight delay from the network.
5. Contract Suspension
If after 120 days, a PACMiC has still not recovered the initial capital for its user, and is not mining enough revenue to pay for its own electricity cost (fixed at 0.098 USD per kWh, calculated using an ideal AntMiner S9 hashing at 100% uptime per PPS payout), whether because of difficulty increase or BTC price decrease, the PACMiC will continue paying out for ten days as though it were running, even if the machine is turned off. If these conditions persist for ten continuous days, the contract will be considered temporarily suspended. During the suspension period, mining revenues and profit payments will also be temporarily stopped. If after the suspension period, difficulty has dropped or bitcoin price has risen, making mining possible again, the contract will be reinstated and pick up where it left off.
6. Contract Expiry
The contract expires at the moment that the principal has been paid back in full.
BITMAIN may pay extra Bitcoin to the owner of PACMiC before the principal has been paid back in full, which will accelerate the payout even more.