American college students actually use the campus power supply for bitcoin mining, crazy enough!
Cryptocurrency mining is becoming increasingly common on American university campuses, especially in schools where electricity bills are included in tuition fees.
Josey Dilliha, an 18-year-old freshman at Western Kentucky University, claimed that his Bitland Ant Mine Machine can earn $30 worth of cryptocurrencies per week. "I believe many people will do this," Joey Dilliha told Financial MarketWatch. "This is a fun, cool and cheap way to mine."
Joey Dilliha bought the mining machine for $250 on eBay, a well-known shopping site, and has earned $180 so far.
According to network security company Vectra, about 60% of mining traffic comes from IP addresses and computers in universities. Probably because mining requires a lot of electricity, the uninterrupted supply of electricity in university housing has been targeted by students and cryptographers. Chris Morales, head of Vectra's safety analysis:
Because there is no need to pay for electricity, students are more likely to conduct cryptocurrency mining, and electricity bills are the main cost of mining.
The total energy consumption of the Bitcoin network is equivalent to the power consumption of 2 million U.S. households, and the power consumption per transaction is as high as 215 kilowatt-hours. According to Morgan Stanley, the cost of digging a bitcoin in the United States may be between $3,000 and nearly $10,000, depending on the cost of electricity in a particular region.
Some schools have explicitly banned this practice. For example, in January of this year, Stanford University warned students that mining “has destroyed the system, leading to the misuse of computer equipment in universities and personally owned mining equipment that consume a lot of campus power.” The blog writes:
According to university regulations, Stanford’s resources cannot be used for personal gain. Therefore, in addition to teacher-approved research and courses, community members are prohibited from using university resources (including computing devices, web services, and electricity) for cryptocurrency mining activities.
At Western Kentucky University, Joey Dilliha stated that his mining equipment was banned, but not because of the use of electricity, but because of fire hazards. He said:
When the dormitory was inspected, I had to turn it off and put a blanket on it. We stay likes to come in and discuss mine with mine.
Since the boom in bitcoin prices at the end of last year, millennial college students have become increasingly interested in cryptocurrencies. According to the latest information collected in the Student Loan Report, one in five students indicated that they used student loan money to purchase cryptocurrency.
Josey Dilliha, an 18-year-old freshman at Western Kentucky University, claimed that his Bitland Ant Mine Machine can earn $30 worth of cryptocurrencies per week. "I believe many people will do this," Joey Dilliha told Financial MarketWatch. "This is a fun, cool and cheap way to mine."
Joey Dilliha bought the mining machine for $250 on eBay, a well-known shopping site, and has earned $180 so far.
According to network security company Vectra, about 60% of mining traffic comes from IP addresses and computers in universities. Probably because mining requires a lot of electricity, the uninterrupted supply of electricity in university housing has been targeted by students and cryptographers. Chris Morales, head of Vectra's safety analysis:
Because there is no need to pay for electricity, students are more likely to conduct cryptocurrency mining, and electricity bills are the main cost of mining.
The total energy consumption of the Bitcoin network is equivalent to the power consumption of 2 million U.S. households, and the power consumption per transaction is as high as 215 kilowatt-hours. According to Morgan Stanley, the cost of digging a bitcoin in the United States may be between $3,000 and nearly $10,000, depending on the cost of electricity in a particular region.
Some schools have explicitly banned this practice. For example, in January of this year, Stanford University warned students that mining “has destroyed the system, leading to the misuse of computer equipment in universities and personally owned mining equipment that consume a lot of campus power.” The blog writes:
According to university regulations, Stanford’s resources cannot be used for personal gain. Therefore, in addition to teacher-approved research and courses, community members are prohibited from using university resources (including computing devices, web services, and electricity) for cryptocurrency mining activities.
At Western Kentucky University, Joey Dilliha stated that his mining equipment was banned, but not because of the use of electricity, but because of fire hazards. He said:
When the dormitory was inspected, I had to turn it off and put a blanket on it. We stay likes to come in and discuss mine with mine.
Since the boom in bitcoin prices at the end of last year, millennial college students have become increasingly interested in cryptocurrencies. According to the latest information collected in the Student Loan Report, one in five students indicated that they used student loan money to purchase cryptocurrency.
