Terms of Use
Updated: April 24, 2024
If you are accessing services as a customer of ECOS-M reseller, the terms below do not apply to you, and your agreement with your reseller governs your use of the ECOS-M Cloud Services.
This Terms of use (hereinafter – the “Agreement”) is made and entered into by and between CJSC ECOS-M, a company incorporated under the laws of the Armenia, with the legal address: 26/1, V.Sargsyan Str., Kentron 0010, Yerevan, Armenia (hereinafter – “ECOS-M”) and the entity or person (hereinafter – the “Customer”, “User” or “you”) agreeing and accepting the terms of the Agreement by continuing using services offered on this ECOS-M administrated website and / or mobile application (hereinafter – the “Platform”). The services are rendered in Republic of Armenia, Hrazdan, Gortsaranain street, 1.
This Agreement is effective as of the date that the Customer clicks to accept the Agreement (the “Effective Date”).
The services are considered to be rendered by the date of termination of the term of the selected contract. If you are accepting on behalf of the Customer, you represent and warrant that: (i) you have full legal authority to bind the Customer to this Agreement; (ii) you have read and understood this Agreement; and (iii) you agree, on behalf of the Customer, to this Agreement. If you do not have the legal authority to bind the Customer, please do not click to accept. This Agreement governs the Customer’s access to and use of the hosted computational services and other services performed by ECOS-M on the Platform (hereinafter – the “Services”). Terms of this Agreement are spreading its effect on all relationships performed on this website and /or mobile application offered by ECOS-M. For an offline variant of this Agreement, you may contact ECOS-M for more information.
The Privacy Policy and Refund Policy, as outlined in the appendices and detailed on the https://ecos.am/, are hereby considered integral parts of this Agreement. By entering into this Agreement, the Parties expressly agree to comply with and be bound by the terms and conditions contained in both the Privacy Policy and Refund Policy.
By continuing to use the services provided under this Agreement, the Parties hereby expressly acknowledge and agree to be bound by the Privacy Policy and Refund Policy. Any violation of the provisions contained within these Policies may be considered a breach of this Agreement, with accompanying consequences as outlined herein.
The minimal amount the Customer can withdraw is 0,001 BTC.
1.10.5. Promo-hash-rate
Results of the performance of computational power that was received by the Customer as a result of free promotional actions offered by ECOS-M (hereinafter – “Promo-hash-rate”) are not subject for withdrawal if the Customer did not perform a purchase on terms of clause 1.16 of the Agreement.
1.11. EQUIPMENT RENTAL
ECOS-M offers equipment rental services for BTC mining, subject to the following terms and conditions.
1.11.1. Rental period
Users have the option to rent mining equipment for a period specified on the order page. The rental duration commences from the date of confirmed order placement.
1.11.2. Rental price
The price for equipment rental is specified on the order page and is subject to change at ECOS-M’s discretion. Users agree to pay the equipment rental fee as indicated at the time of placing the order.
1.11.3. Purpose of rental
The rented equipment is solely intended for use in hosting at the ECOS-M’s hosting site, where it will be placed by ECOS-M engineers. Users are not permitted and will not be able to use the rented equipment for any other purpose.
1.11.4. Hosting fee and payment order
In addition to the equipment rental fee, users are responsible for paying the hosting fee on a regular basis. The terms and conditions governing the hosting fee are described in Section 1.13 of the Agreement. Users agree to make timely payments for both the equipment rental and hosting fees as specified in their respective order pages. Failure to make payments may result in suspension or termination of the rental agreement in accordance with provisions of Section 1.13 of the Agreement.
1.11.5. Ownership and maintenance
The rented equipment remains the property of ECOS-M throughout the rental period. Users do not acquire any ownership rights or interests in the rented equipment. ECOS-M is responsible for the maintenance and technical support of the rented equipment during the rental period. Users are encouraged to report any issues promptly to ECOS-M’s support team.
1.12. MINING FARM
1.12.1. Mining farm services
The Customer can order from ECOS-M services in the field of computer and telecommunication technologies on building, setting, and administering of Software and hardware complex (SHC), adaptation and modification of computer programs on terms of this Agreement (hereinafter – “Mining farm services”).
You can find these services under the “Mining farm” section on the Platform.
When the Customer purchases the Mining farm services, the installation and activation date for the SHC is displayed on the Platform’s page during the order process. The date is established once the order is settled using any of the payment methods provided on the Platform or through an invoiced transaction.
The equipment utilized in the construction of the SHC remains the property of ECOS-M for the duration of the Mining farm services provided to the Customer. When purchasing the Mining farm services, ECOS-M gives the Customer a commitment to transfer equipment ownership at the end of the contract term upon the Customer’s request. In such cases, upon the expiration or termination of the Mining farm contract, the equipment’s ownership transitions to the Customer.
1.12.2. Term of Mining farm services
The Mining farm services are provided by ECOS-M to the Customer until the date specified on the Platform’s page during the order process.
1.12.3. Monitoring of SHC
Monitoring of SHC is available to the Customer in the Customer’s personal account at https://cp.ecos.am.
1.12.4. Termination of Mining farm services
The Customer can at any time request a termination of the Mining farm contract and to take the equipment used to build SHC from ECOS-M by contacting the ECOS-M support service. Choosing to terminate based on the Customer’s initiative does not entitle them to a complete or partial refund. Every termination request will be evaluated on a case-by-case basis. Any transportation, customs, or other associated fees regarding the delivery of equipment from ECOS-M to the address provided by the Customer under this provision will be borne solely by the Customer.
1.12.5. Warranty period for SHC
ECOS-M is responsible for any malfunction of SHC arising during the period of 6 months after the purchase of the Mining farm services on the Platform and will provide the repair of equipment during this warranty period.
ECOS-M is responsible for performing installation of SHC on date set in offer, account or agreement (in dependence what is applicable) but not later than on 83rd calendar day starting since the next day after the day Customer performed relative payment.
1.12.6. Payment methods for Mining farm services
The Customer may select from any of the payment methods provided on the platform for Mining farm services. If the Customer opts to make multiple payments and fails to complete one, ECOS-M will halt service delivery, and the Customer forfeits the right to seek a transfer of equipment ownership.
1.13. EQUIPMENT HOSTING SERVICE FEE
1.13.1. Payment for the hosting services for Mining Farm
Payment for the hosting of equipment is made monthly at the beginning of the billing period. The amount of hosting fee is fixed when paid for the hosting service and remains unchangeable for 3 months, according to the accepted Offer, confirmed by the Customer by his first payment. After a 3 months period the hosting fee may be increased by ECOS-M on which ECOS-M shall notify you via email / or in the Customer’s personal account.
1.13.2. Reward
The reward for the calculations made by the equipment on the hosting is cryptocurrency (Bitcoin). The reward is daily credited to the Customer’s wallet in the system, which is available to the Customer in the personal account of ECOS-M.
1.13.3. Suspension of services
In case of absence of a monthly payment for the hosting at the beginning of the billing period, according to the Agreement, the Customer’s equipment located on the ECOS-M hosting is de-installed and the Customer stops receiving the Reward for this period, about which the Customer is informed by email / or in the Customer’s personal account.
1.13.4. Responsibility for the delay of payment
In case the debt for the hosting services exceeds 1 month, Customer is obliged to pay a penalty – 50% of hosting fee for each month of delay, about which the Customer is informed by email / or in the Customer’s personal account.
To reset this debt period, the client must completely repay their hosting debt, including penalties, for the full period of delay.
1.13.5. Transfer of ownership due to unpaid hosting services
In case the Customer’s debt for the hosting services exceeds 6 months, ECOS-M will withhold the Equipment hosted at its site as payment for hosting services. Thereby, all property rights for the equipment transition to ECOS-M, about which the Customer is informed by email / or in the Customer’s personal account, and the Customer forfeits the right to seek a transfer of equipment ownership under clause 1.12 of the Agreement.
1.13.6. Payment for the hosting services for rented equipment
For rented equipment, the hosting fee can be paid in two modes: Daily Post-payment and Monthly Prepayment. In the Daily Post-payment mode, the hosting fee is deducted daily from mining earnings upon receipt, covering expenses for electricity, 24/7 maintenance, and security of the rented ASICs in our own data center. Alternatively, in the Monthly Prepayment mode, payments are made at the beginning of each month for the hosting fee of the rented equipment, encompassing the same expenses for electricity, maintenance, and security in our dedicated data center. The hosting fee may be subject to unilateral changes by ECOS-M.
1.14. REFERRAL PROGRAM
The details of the referral program are written here: https://static.ecos.am/pdf/referral_program.pdf
1.15. CRYPTO-to-CRYPTO exchange.
1.15.1. Exchange via API
ECOS-M declares that it DOES NOT perform, offer or responsible for any exchange services (the “Exchange”) performed at the Platform. The Exchange is offered and performed via API (Application programming interface) by third parties (the “Third party”, the “Third party Services”).
1.15.2. Responsibility for Exchange
If Customer willing to use the Exchange nevertheless it is accessible on the Platform he enters into relationships with the Third party, accepts its offer and terms of use and is solely responsible for accuracy of searching and understanding of these rules. Customer is solely responsible for all consequences and risks according to this entry.
1.15.3. Use of Cryptocurrency Exchange
While using services that are offered by ECOS-M Customer may use the Exchange that is available on the Platform and that may be used only to exchange a digital asset that uses cryptographic technologies to maintain possibility of using its operations as a currency (hereinafter – the “cryptocurrency”) to another cryptocurrency in accordance with requirements of applicable laws and regulations (local and federal), this Agreement and terms of exchange issued by the Third party that executes exchange processing.
1.15.4. Exchange rates and fees
To use the Exchange Customer selects a pair of cryptocurrencies he is willing to use in this service and its quantity. After the cryptocurrency and quantity selection is complete the Platform transfers Customer’s request to the Third party and returns the Third party offer with ECOS-M’ market maker’s commission (service fee) added to this offer. After that, Customers on his sole risk gives orders to perform the Exchange and pay ECOS-M the commission for market making or declines the offer. The final exchange rates are offered and are subject to acceptance on the exchange confirmation page by pressing the “EXCHANGE CONFIRMATION” button that also confirms the order to perform the Exchange mentioned above.
1.15.5. Term of execution
If Customer gives order to perform the Exchange on offered conditions, ECOS-M within 1 (one) hour executes results of the Exchange and commission disbursement on Customer’s personal account and cryptocurrency wallets after the Third party performed the Exchange.
1.15.6. Disbursement of the commission
If the Exchange is not performed due technical errors, system fails or other issues commission does not disburse.
1.16. ACTIVE PERIOD OF THE HASH RATE AND THE RESULTS OF ITS PERFORMANCE.
1.16.1. Duration
The computational power at a hash rate that was purchased by the Customer is active within the period of offer and / or contracts that was purchased (accepted) by the Customer.
1.16.2. Activation Timeline
The computational power at a hash rate that was received by the Customer as a result of the Promo-hash-rate is active since 0:00 GMT+3 of the following day since the moment it was activated within the period due following parameters:
*since the moment of receiving this power by the Customer by performing certain actions that are set in the corresponding promotional action. Different active periods can be set for the hash rate received as a result of the Promo-hash-rate in certain corresponding promotional offers.
1.16.3. Performance Results
The results of the performance of Promo-hash-rate are active within 48 hours since the moment the power received as a result of the Promo-hash-rate is expired due terms of clause 1.16.2. of the Agreement. If the Customer is willing to leave the results mentioned above in this clause active he has to purchase a contract on terms of the Services within the corresponding 48 hours mentioned above.
1.17. ASSETS
The Platform includes tab “Assets” that contains and displays the Customer’ purchased Services, contracts, results of performance of computational power, includes tabs “Wallet”, “Indexes”, other tabs and information based on ECOS-M’ solely expert opinion that might be correlated with the Customers activities on the Platform or might be interesting for the Customer.
1.17.1. Wallet
The Platform includes a tab “Wallet” that contains and displays the Customer’ digital assets.
1.17.2. Signals / Indexes
Signals / Indexes allows the Customer to purchase instantly several tokens for the limited period based on the information provided at the platform in the section titled “Signals / Indexes”. By using the Platform, the Customer authorizes the acquisition of cryptocurrency under the conditions described in the designated section. The Customer is responsible for purchasing the cryptocurrency via the Platform. The acquired cryptocurrency will be then automatically sold either upon the expiry of the set duration or upon the occurrence of a pre-defined event, as described.
The allocation of tokens, expressed in percentages, is detailed in the description of the relevant Signal. By using Signals, you agree to pay the ECOS-M service fee displayed in the description of the relevant Signal / Index. Prior to placing an order, the Customer must thoroughly review the description.
ECOS-M DOES NOT PURCHASE OR SELL TO / FROM THE CUSTOMER ANY CRYPTOCURRENCY OR PORTFOLIOS OF CRYPTOCURRENCIES. ANY CRYPTOCURRENCIES AVAILABLE ON THE PLATFORM FOR ACQUISITION COME THROUGH THIRD-PARTY SERVICES. CUSTOMERS UNDERTAKE THESE TRANSACTIONS AT THEIR OWN LEGAL DISCRETION AND ASSUME ALL ASSOCIATED RISKS.
1.17.3. Not an advisor
All information placed on the Platform (including out of tab “Assets”) about cryptocurrencies, other digital assets or portfolios of cryptocurrencies can not be treated as an investment advice, consulting advice, trading or any other kind of advice, promise or responsibility for future values or market pricing of cryptocurrency or portfolios of cryptocurrencies. ECOS-M is not a broker, advisor or any kind party that could be treated as obliged to the Customer or to other users of the Platform in connection with any trading decisions. The Customer or other user of the Platform before registering on the Platform and or performing any actions on the Platform or making any decision should make personal legal and tax research, order professional consulting and advice by regard of his (her) residence, local laws, personal financial circumstances, risk tolerance and obligations. The Platform CAN NOT be treated as a business or investment instrument and can be used only for personal use.
All names, labels or any graphic designations in relation to cryptocurrencies or portfolios of cryptocurrencies are made on the Platform for individualization purposes only and have no correlation to any investing indicators, prognosis or any personal investing choices or advice.
1.18. MARKETPLACE
The Platform includes a tab named “Marketplace”, where available equipment that has been previously utilized to build Software and hardware complex (SHC) for other Customers is listed. This section is intended for Customers who wish to discontinue their Mining farm services and are prepared to transfer their rights to the equipment for compensation, which is clearly stated on the order page. The Marketplace serves as a central location for initiating and concluding such transactions.
1.18.1. Posting Offers
Customers intending to terminate their Mining farm services and relinquish the rights to the equipment involved in building SHC can place an offer for their Mining farm services contract on the Marketplace. This is facilitated through a specific section of the Platform designed for listing these offers.
1.18.2. Setting the Reward
Customers have the freedom to set the desired compensation for their Mining farm services contract. Please be aware that the compensation will be reduced by the ECOS-M commission, which is specified on the screen during the offer placement process.
While any price can be established by the Customer, the Platform recommends a price based on an assessment of the equipment used to build SHC. This recommended price is displayed on the order page to assist the Customer in making informed decisions.
1.18.3. Browsing Offers
The Marketplace tab allows Customers to browse and view offers posted by other Customers. This feature is designed to facilitate the discovery of available contracts and to enable Customers to evaluate different opportunities.
1.18.4. Equipment Score
Each piece of equipment listed in the Marketplace is assessed by our engineers and assigned a score ranging from 1 to 99. This score reflects the condition of the equipment used to build SHC, aiding Customers in making knowledgeable choices based on equipment quality.
1.18.5. Purchasing Contracts
When a Customer decides to purchase a contract listed on the Marketplace, they select the desired contract. The order page provides detailed information about the equipment used to build SHC, including the hosting fee that will remain unchangeable for 3 months after the purchase. If the conditions on the order page are acceptable, the Customer proceeds to select a payment method and complete the purchase of the contract.
1.18.6. After Purchase
Upon receipt of payment by ECOS-M, the provision of Mining farm services to the Customer who listed the contract is suspended. The purchased fining farm services are then assigned to the purchasing Customer within 24 working hours after ECOS-M receives the payment.
Please note that provision 1.12.5. (Warranty period for SHC) is not applicable to Mining farm services purchased via Marketplace.
1.18.7. Compensation
The Customer who placed the contract on the Marketplace will receive the agreed compensation or reward within three working days after the contract has been purchased by another Customer and the payment for such contract is received by ECOS-M. Please note that the ECOS-M commission, as specified at the time of placing the offer, will be deducted from the compensation.
1.18.8. Rights Waiver
By listing a contract on the Marketplace, the Customer acknowledges and agrees that once the contract is purchased, they irrevocably waive any rights to the equipment under the contract. This ensures a clear and seamless transfer of ownership and rights to the purchasing Customer.
ECOS-M reserves the right to make additional requirements for information and documents mentioned above to be provided by the Customer, including for their form, quality and content.
ECOS-M reserves the right to suspend personal account of part or all functionality without prior notification of the Customer in case of suspicion of unauthorized or fraudulent use of this personal account or connected accounts, violation of the provisions of the Agreement, attempt to fraud or malversation.
- PROVISION OF THE SERVICES
Identification status: | “Basic” | “Verified” | “Advanced” | |||
Limits: | Lifetime turnover | 0,0075 BTC | Daily withdrawal | 0.5 BTC | Daily withdrawal | 1 BTC |
Monthly withdrawal | 1 BTC | Monthly withdrawal | 10 BTC |
Amount of power received as a result of the Promo-hash-rate: | Active period:* |
0,5 Th/s | 720 hours |
20 Th/s | 24 hours |
- PAYMENT TERMS, FEES, AND TAXES
- CUSTOMER OBLIGATIONS
Identification status | “Basic” | “Verified” | “Advanced” |
Provided information | Full name, Email, Phone number | In addition to information provided in the “Basic” identification status: Picture of identification document, selfie (self-made picture) of the Customer (that required to contain the Customers full face) with identification document | In addition to information provided in the “Verified” identification status: proof of residence (utility bill or bank statement issued within 30 calendar days prior to upload) |
- TEMPORARY SUSPENSION
- TERM AND TERMINATION
- CONFIDENTIAL INFORMATION
- PUBLICITY
- REPRESENTATIONS AND WARRANTIES
- DISCLAIMER
- ECOS-M has unconditional right to modify and cancel without warning all the transactions and their results if the Customer does not comply with the terms of the Agreement or that are happened due to the Customer fraudulent activities or abuse of rights or Third party’s or ECOS-M’s system failures or other events that led to ECOS-M’ or the Customer’s unjust enrichment or income.
- The Customer would abide by relevant laws and regulations to ensure that the sources of any digital information on the Platform that can be valued are legitimate and compliant when using the Platform.
- When the Customer uses any services on the Platform, he (she) fully recognizes the risks of investing or performing any transactions with using the Platform and operates cautiously.
- The Customer agrees that all investment operations conducted on the Platform represent the Customer’s true investment intentions and that he (she) unconditionally accepts the potential risks and benefits of investment decisions and actions performed on the Platform.
- ECOS-M reserves the right to suspend or terminate the Platform at any time.
- Due to network delay, computer system failures and other uncontrolled and unintended by ECOS-M or Third party’s events, which may led to delay, suspension, termination or deviation of execution of services that are performed on the Platform, ECOS-M will use reasonable effort to ensure but not promise that the Platform execution system runs stably and effectively. The Customer agrees that ECOS-M does not take any responsibility if the final execution fails to match the Customer’s expectations due to the factors mentioned above.
- LIMITATION OF LIABILITY
- INDEMNIFICATION
- CREDIT CARD SERVICE PROVIDER TERMS
- MISCELLANEOUS
- PROMOTION
- Privacy Policy, available at https://ecos.am/en/info/privacy_policy;
- Refund Policy, available at https://ecos.am/en/info/refund_policy.