Bitcoin Is Resonating With Students Who Are Using “Free” Electricity From Campus To Mine Cryptos

Students Use “Free” Electricity From Campuses To Mine Virtual Currencies

Cryptocurrency mining activities have been expanding around the world since Bitcoin (BTC) was launched to the market. Althoguh at the beginning it was possible to mine Bitcoin using CPU and GPU hardware, now it is necessary to have specialized devices known as ASIC.

These ASIC miners are very powerful. They are able to process the necessary tasks to mine Bitcoin better than other miners. However, they consume large amounts of energy, and this is something that has made crypto mining something very expensive.

There have been several reports of individuals mining virtual currencies at work or using electricity from other homes. It seems that now, college campuses are becoming very attractive for users to mine digital assets.

According to security researchers at Cisco, college campuses are very attractive for crypto miners. There are other sectors in the economy that are also providing electricity for crypto miners. The energy sector is the most popular followed by education, healthcare, media, governments and more.

Cisco explains that the energy and utility sector has the first position due to the fact that there are companies that run old computers and that can be infected with mining malware.

Students leave their miners working in their dormitories for four years and could have a large sum of money once they leave college. University students have fee electricity that is paid by their universities, thus, they do not have to pay for electricity while mining. This is very important for crypto miners because profits have been shrinking in the industry and electricity a few cents cheaper could make profitable several miners.

On the matter, Austin McBride, a threat researcher at Cisco, explained:

“Mining difficulty for a lot of coins is very high right now – which means it costs more for electricity and internet than the profit you can produce from mining those coins. If you don’t have to pay for those costs, then you are in a really good spot for making money on the university’s dime.”

In January 2018, Stanford issued a notice to students not to mine cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH) for personal gain using the resources provided by the University.

Bitcoin’s hash rate has been growing throughout the year. Since January, Bitcoin’s hash rate has grown 17% and it currently reached 48 million TH/s. However, it remains 20 percent down from its peak in August 2018.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide