College Students Take Full Advantage of Free Electricity For Mining Cryptocurrencies

crypto mining

There have been reports of a surge in cryptocurrency mining on college campuses.

 

According to a report published by a cybersecurity company called Vectra, there has been a surge in the level of cryptocurrency mining on campuses. The report asserts that some malicious hackers, and, opportunistic students are draining power from universities.

 

The analysis concluded that from August 2017 to January 2018, 85% of the cryptocurrency mining attack behaviors came from educational institutions. The leisure and entertainment industry followed this with only 6%, financial services industry with 3%, and, technology industry with 3%.

 

According to the report:

“The number of cryptocurrency hashes being processed by computers on campuses increased rapidly before the Bitcoin price crossed $4,000 last year. However, the sudden crash in Bitcoin price hasn’t stopped the students from taking advantage of this opportunity to mine cryptocurrency with free electricity. Even though Bitcoin price has fallen significantly, the stats haven’t changed.”

 

A Cheap Way To Mine Crypto?

 

An 18-year-old student from the Western Kentucky University, Joey Dilliha, told the media recently that he garners $30 weekly by running a Bitmain Antminer continuously in his dorm room.

 

Mr Dilliha said:

“I believe more people should take advantage of this cheap and fun way of mining cryptocurrencies.”

 

According to Dilliha, the university doesn’t permit mining. He continued: “On the check days, I turn it off and cover it with a blanket.”

 

Stanford University, in January, issued a notice in response to a sharp increase in cryptocurrency mining related incidences. The notice was more or less a reminder to students.

It stated:

“According to the university policy, resources of Stanford University must not be used by any student or staff for personal gains. Members of the community are prohibited from using Stanford resources including network services, computing equipment and electricity for mining cryptocurrency outside the research and coursework faculty.”

Chris Morales, the head of security analytics at Vectra said:

“Since students don’t pay for electricity, they are more likely to perform mining activities personally. Remember that the primary cost for mining cryptocurrencies is the cost of power.”

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