It is not uncommon for students to become smart when they aim to extract cryptocurrencies. Some use "free" electricity from their dormitory to extract Ethereum and others altcoins. In China, an entire school apparently had a secret Ethereum extraction operation going for a while. Economic electricity drives many interesting, though not always legitimate, business models to move forward.
Cryptocurrency mining in China remains popular
Nobody will deny China It has always been a difficult country when it comes to Bitcoin and other cryptocurrencies. The nation has maintained a ban on trade on crypto-a-CNY for quite some time. Although this has caused some discrepancies in terms of Bitcoin's price, the situation has become a thing of the past above all. This prohibition does not mean that the Chinese no longer worry about cryptocurrencies, however.
Indeed, in recent months there has been a revitalization of OTC and P2P trade in China. Investors and speculators circumvent government restrictions to obtain Bitcoin or altcoin when they deem it appropriate. Furthermore, the extraction of cryptocurrencies is still ongoing in China. Although the government tried to get rid of Bitcoin mining, their efforts had a negative effect.
A school in China, for example, was found guilty of secretly mining Ethereum. The school has access to very cheap electricity that is often not used. As such, the school principal decided to create an etereum mining operation, which worked for an undisclosed period of time. Puman Middle School has potentially generated thousands of dollars of Ethereum through this mining effort, even though their exact earnings have not been disclosed at this time.
This mining operation came to light only after the school's internal network stopped. After an investigation conducted by other staff members, they found that someone had created this mining operation at Ethereum. The principal, who was too aware of this problem, rejected the first complaints on the network as "external factors outside his control". Also the air conditioning was charged for the increase in noise production felt throughout the building at all hours of the day.
In the beginning, Principal Lei Hua had started a mining operation at Ethereum at home. This is the way most cryptocurrency enthusiasts work, even when the tracks are pulled out. However, it became quickly impossible to support this operation due to higher electricity costs and lower prices for Ether. After moving the installation to the school itself, it has been expanded at regular intervals.
For the school, its electricity bill has increased significantly during mining activity. The additional expenses of $ 2000 in the last year have aroused a lot of suspicion. The profits of this mining operation are still in the hands of the now dismissed principal and his deputy dean, although it seems certain that they had to pay for any costs and damages after the operation came to light.