Cisco Report Sees University Campuses as the Second Largest Miners of Cryptocurrency
Cisco, an American multinational technology conglomerate, has announced that their recent research has led them to the conclusion that university grounds are easily the second biggest miners of cryptocurrency. A security service by Cisco called Umbrella was responsible for this research. Umbrella is a service that was created for the purpose of keeping a constant watch on the network systems of their clients to detect, flag and report any kind of irregular goings-on that take place.
Details Of Cryptocurrency Mining On Student Campuses
According to the report, the highest concentration of miners who make up for 34 percent of all cryptocurrency mining is the energy and utility sector. College campuses come in at number two, accounting for 22 percent of all mining. Explaining the development, Austin McBride who is a Threat Researcher with Cisco, said that if
“you leave (the mining rig) running in your dorm room for four years, you walk out of college with a big chunk of change.”
Currently, miners have significant trouble with their mining rigs. This is because, normally, mining consumes so much electricity and is quite heavy on internet costs. Students, however, are able to circumvent these costs as they don’t have to pay for electricity.
McBride explained this better by saying:
“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.”
More Reports On Cryptocurrency Mining
According to Cisco’s research, the energy and utility sector comes first and is followed by college campuses. Coming in third on the list of the largest number of miners is the healthcare sector with seven percent and in fourth place is the media with six percent.
In April of 2018, it was revealed that college campuses had a high number of cryptocurrency miners but also had a large number of cryptojacking activities. This was revealed by Vectra – a firm who specializes in scanning for cyber-attacks – who also said the levels were becoming worrisome.
A little earlier but still in 2018, Stanford University officially asked its students to stop using the institution’s means for mining. The message warned that the school’s services
“must not be used for personal financial gain.”
The warning also said that
“Cryptocurrency mining is most lucrative when computing costs are minimized, which unfortunately has led to compromised systems, misused university computing equipment, and personally owned mining devices using campus power.”