A new breed of cryptocurrency miner has emerged as a growing force in this highly competitive marketplace. College students are increasingly turning to cryptocurrency mining as a means of generating an income while they study.
Cryptocurrency mining is becoming a very popular way of generating a passive income. However, while we often think of crypto mining as being firmly in the domain of individuals and entities with access to significant resources. Indeed, much of the Bitcoin mining going on today is concentrated in China and is occurring with the backing of the Chinese government.
Mining a cryptocurrency like Bitcoin requires a powerful computer and a lot of electricity. Not all cryptocurrency mining has such stringent requirements, but Bitcoin is the most popular currency to mine. Because of the way the Bitcoin network is designed, the more people mining it, the more difficult it becomes.
However, as reported by CNBC, a growing number of students are finding ways to set up mining operations in their own dorm rooms.
Mining cryptocurrency, at least in a meaningfully economic manner, requires more than simply setting up a computer. For one thing, drawing all that power will inevitably produce a large amount of heat. For a student in a small dorm room, dissipating all this heat presents a logistical challenge. But while crypto mining isn’t a particularly hazardous activity for students, it can pose some serious problems for universities.
First, there are the practical considerations. Crypto mining requires a lot of electricity, and this can send already high electricity bills soaring. There is also a growing number of malware threats which hijack processing power of infected machines in order to mine cryptocurrency on behalf of attackers. If a student’s mining setup becomes infected, this malware could potentially spread across the entire network.
For students, crypto mining seems like a harmless way to generate a passive income. However, for many universities, it is perceived as a growing threat to the security and integrity of their networks. Some universities seem untroubled by this development, while others have strict policies in place against it. Be sure to check with your university before you begin a cryptocurrency mining operation of your own.