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.
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.”
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.