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Author Topic: Mining Bitcoin Using Free Electricity  (Read 152 times)
PsylockReborn
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August 12, 2018, 10:27:42 PM
 #1

https://www.newsbtc.com/2018/08/12/students-are-mining-bitcoin-in-university-dorms-campuses-are-alert/

Never though of this when I'm still in school but this is clearly profitable given the free source of electricity. I was so amazed by the creativity and intellect of those students taking advantage of the situation.  Grin

I don't have much knowledge about cyber security, is it really possible that the school's network will be compromised due to students mining activities using the schools internet connection? Will there be any legal charges if the students will get caught? Share me your thoughts.

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August 13, 2018, 03:50:58 AM
 #2

they still have to buy a bitcoin miner, and as a student i wouldn't have wanted to pay $500-$3000 for a miner just because i could have had free electricity and take the risk of mining bitcoin and getting caught. and they are noisy which means you will be producing a lot of noise in the dorm Tongue

I don't have much knowledge about cyber security, is it really possible that the school's network will be compromised due to students mining activities using the schools internet connection? Will there be any legal charges if the students will get caught? Share me your thoughts.

why would the "network" be compromised?!!!
it is against the rules of the school to abuse the electricity they are providing for you for free. an explicit rule may even exist in some places that prohibits students from using it for mining cryptocurrencies.

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August 13, 2018, 04:51:56 AM
 #3

https://www.newsbtc.com/2018/08/12/students-are-mining-bitcoin-in-university-dorms-campuses-are-alert/

Never though of this when I'm still in school but this is clearly profitable given the free source of electricity. I was so amazed by the creativity and intellect of those students taking advantage of the situation.  Grin

I don't have much knowledge about cyber security, is it really possible that the school's network will be compromised due to students mining activities using the schools internet connection? Will there be any legal charges if the students will get caught? Share me your thoughts.

Whats creative about stealing electricity?
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August 13, 2018, 05:12:28 AM
 #4

As per my opinion This creative student compromised following;
1   Diverted his attention from studies to other activities; there by loss to his studies.
2.  Sold his honesty; integrity ; in exchange of electricity.
3.  Caused loss to the institution which was providing all the facilities so that he can get good education.
4.  Compromised his own health; because as stated by him there was very much heat ; to save him from that heat he had to open all the windows ; run all
     the fans etc.
5.  Compromised his mental peace.  Because whenever someone steals something; his mental peace is gone because of the fear of being caught by the
     administration.

    Very costly affair.   Not advised to choose this way.
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August 13, 2018, 05:18:10 AM
 #5

Sure the electricity is "free", but I'm pretty sure if the dorm authorities find about about this I'm pretty sure they're going to prohibit the residents on doing crypto mining. The "free" electricity is there for the basic necessities of the residents(shower heaters, air conditioners, phones, basic computer activities, etc).

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August 13, 2018, 05:20:57 AM
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I will not bring miner to school, its too heavy and produce a lot noises. Imagine you bring antminer s9 or GPU to school everyday Roll Eyes

Will there be any legal charges if the students will get caught? Share me your thoughts.
In my old school, if you caught doing something illegal such as abusing electricity for mining(because it consume too much electricity), they will take your miner and will keep it for 1 month and in bad case it will stay on there until you graduate from that school, idk about charge a money to pay that electricity.

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August 13, 2018, 05:45:08 AM
 #7

https://www.newsbtc.com/2018/08/12/students-are-mining-bitcoin-in-university-dorms-campuses-are-alert/

Never though of this when I'm still in school but this is clearly profitable given the free source of electricity. I was so amazed by the creativity and intellect of those students taking advantage of the situation.  Grin

I don't have much knowledge about cyber security, is it really possible that the school's network will be compromised due to students mining activities using the schools internet connection? Will there be any legal charges if the students will get caught? Share me your thoughts.
I think misuse in any case is still wrong, if indeed it is for something positive it might be better permits and in making mining more comfortable and safe
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August 13, 2018, 06:00:23 AM
 #8

There are no such free electricity.
 
Quote
Never though of this when I'm still in school but this is clearly profitable given the free source of electricity. I was so amazed by the creativity and intellect of those students taking advantage of the situation.  Grin
Really?  Stealing electricity is intellect and creativity?  If I am the principal of the school, I will sue them and make their parents pay for the electricity they steal.
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August 13, 2018, 06:03:50 AM
 #9

Quote
Never though of this when I'm still in school but this is clearly profitable given the free source of electricity. I was so amazed by the creativity and intellect of those students taking advantage of the situation.  Grin
Really?  Stealing electricity is intellect and creativity?  If I am the principal of the school, I will sue them and make their parents pay for the electricity they steal.

Pretty much. There's probably some Terms of Service that the students agreed to though, that they are not allowed to do things similar to cryptocurrency mining that simply hogs the electricity. Or probably a maximum amount of electricity per month or something.

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August 13, 2018, 06:11:08 AM
Merited by jamesblue1 (2)
 #10

https://www.newsbtc.com/2018/08/12/students-are-mining-bitcoin-in-university-dorms-campuses-are-alert/

Never though of this when I'm still in school but this is clearly profitable given the free source of electricity. I was so amazed by the creativity and intellect of those students taking advantage of the situation.  Grin

I don't have much knowledge about cyber security, is it really possible that the school's network will be compromised due to students mining activities using the schools internet connection? Will there be any legal charges if the students will get caught? Share me your thoughts.

Well that's profitable, right? Just don't get caught, As I know Even faculty members like teachers are mining BTC, altcoins in secret on the school premises like stay-in employees.

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August 13, 2018, 06:17:18 AM
 #11

It is unlikely that they are mining bitcoins due to the asics requirement. Most likely an altcoin like monero or something that can be gpu mined. I'm sure universities will change their policies though

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August 13, 2018, 06:30:40 AM
 #12

https://www.newsbtc.com/2018/08/12/students-are-mining-bitcoin-in-university-dorms-campuses-are-alert/

Never though of this when I'm still in school but this is clearly profitable given the free source of electricity. I was so amazed by the creativity and intellect of those students taking advantage of the situation.  Grin

I don't have much knowledge about cyber security, is it really possible that the school's network will be compromised due to students mining activities using the schools internet connection? Will there be any legal charges if the students will get caught? Share me your thoughts.

"I was so amazed by the creativity and intellect of those students taking advantage of the situation." NO NO NO and NO. They are stealing electricity and abusing the schools internet, would you employ such creativity and intellect if you were a business owner? I can guess the answer to that.  Wink
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August 13, 2018, 07:19:16 AM
 #13

I will not bring miner to school, its too heavy and produce a lot noises. Imagine you bring antminer s9 or GPU to school everyday Roll Eyes

GPU is just your graphic card inside your PC or laptop and it is different from a bitcoin ASIC miner which is a bigger thing with high sound. you can actually use your PC (maybe not laptop) with a strong gaming GPU to mine altcoins. that is still against the rules but at least it is much easier to conceal than an ASIC miner! and the usage can be similar to you just playing games with your PC.

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August 13, 2018, 08:25:29 AM
 #14

I don't have much knowledge about cyber security, is it really possible that the school's network will be compromised due to students mining activities using the schools internet connection?

Nope. Mining does not compromise local networks in any way. It doesn't typically use up much bandwidth either.

Will there be any legal charges if the students will get caught?

Only if the school loses a significant amount. Lawsuits take up a lot of money and resources, so I imagine they'll only go that route if you've racked up an electricity bill massive enough that a lawsuit could potentially be profitable for them. You could still be penalized in other ways though.

Share me your thoughts.

It's definitely tempting because it's essentially a promise of easy profits. Some universities even run their computer lab equipment 24/7 with proper air conditioning and all that. I would personally avoid it though, because school resources are not meant for that. Not worth the chance of getting kicked out (which is one of the lightest penalties you may receive) in my opinion. It gives crypto and its users a bad name too.

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August 13, 2018, 08:35:39 AM
 #15

https://www.newsbtc.com/2018/08/12/students-are-mining-bitcoin-in-university-dorms-campuses-are-alert/

Never though of this when I'm still in school but this is clearly profitable given the free source of electricity. I was so amazed by the creativity and intellect of those students taking advantage of the situation.  Grin

I don't have much knowledge about cyber security, is it really possible that the school's network will be compromised due to students mining activities using the schools internet connection? Will there be any legal charges if the students will get caught? Share me your thoughts.
By mining bitcoin using free electricity it does not make the value of bitcoin soar. Bitcoin soared at a high price is one factor due to expensive electricity rates. If you expect to mine bitcoin for free, it will make bitcoin worthless and investors will definitely leave. This is in my opinion
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August 13, 2018, 10:48:13 AM
 #16

I don't think students in schools should try to do this. It's obviously going to cost the school. Besides, mining in schools can make a lot of noise that can damage the school environment. A student should concentrate on his studies instead of doing other things during school.
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August 13, 2018, 10:48:57 AM
 #17

https://www.newsbtc.com/2018/08/12/students-are-mining-bitcoin-in-university-dorms-campuses-are-alert/

Never though of this when I'm still in school but this is clearly profitable given the free source of electricity. I was so amazed by the creativity and intellect of those students taking advantage of the situation.  Grin

I don't have much knowledge about cyber security, is it really possible that the school's network will be compromised due to students mining activities using the schools internet connection? Will there be any legal charges if the students will get caught? Share me your thoughts.

I think if you mining in some pool with no secure system, your network can exposed to some hacking.
Always using a reliable mining pool when you mining because usually they have a high security system in their pool

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August 13, 2018, 11:18:32 AM
 #18

BTC mining requires a lot of power, and BTC mining will produce a lot of noise!
Therefore, it is impossible to conduct mining in the school to "steal electricity". It is easy to be discovered!

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August 13, 2018, 11:24:22 AM
 #19

I think that it would be great if it would be possible to use free electricity for btc mining. To my mind, it is better to use btc mining as a source of income than doing something else as this is the most profitable variant

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August 13, 2018, 11:32:21 AM
 #20

if you get caught with your miner, the consequences will be rough.
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