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Ethereum [ETH] mining scam in school campus; principal gets sacked

Priyamvada Singh

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Ethereum [ETH] mining scam in school campus; principle gets sacked
Source: Pixabay

The blockchain community has had a massive impact on society, across multiple industries, since its inception in the 2000s. However, it is still debatable as to which of the sides – positive or negative – has a bigger imprint on the world. A veritable stress-worthy operation that often hits environmentalists in the throat is crypto-mining, due to its heavy consumption of power.

According to recent reports in the local news portals of China, it has been discovered that Ethereum [ETH], the second-largest coin on the index, has caused a Hunan-based school much trouble. The principal, Lei Hua of Puman Middle School in Chenzhou, Hunan province was sacked over mining ETH secretly inside the campus.

Hua began mining Ether last year, in the month of June. The total cost of the mining set up came up to around $1,440. However, the cost of electricity consumed by the operation was high, which caused Hua to run the mining process within the school campus. The miner used school resources such as electricity and free internet to mine the tokens successfully.

There were a total of nine machines that strained and exhausted the campus power to almost reach a point where the operation could have caused a fire in the school, also making the internet connection oddly slow. The authority concerned with the school infrastructure turned suspicious and launched an audit, leading to the discovery of the mining equipment.

The profits obtained by the cryptocurrency mining were also confiscated by the concerned authority, in addition to dispelling the culprit from the school.

This is not the first time that crypto-mining has been under the shadows of corruption. Monero [XMR], which is the leading privacy coin at the moment has also experienced multiple cases of scam, hack, crypto-jacking and more.

Amazon, a high-performing market stock and part of FANG [Facebook Amazon Netflix Google] also became the victim of the Monero crypto-jacking scam wherein the miners secretly ran Coinhive in the background of multiple website portals to mine Monero illegally.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Altcoins

Ethereum Classic releases Parity-Ethereum 2.5.2-beta to allow Atlantis hardfork on Morden, Kotti Classic networks

Arijit Sarkar

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Parity-Ethereum aims at mass adoption through hardforking updates
Source: PxHere

The original Ethereum [ETH] Co-founders, Vitalik Buterin and Charles Hoskinson, have contributed immensely to the crypto’s growth, while creating complete ecosystems as foundations to build future projects. Amidst the numerous hardforks, a continuation of the original Ethereum blockchain, Ethereum Classic [ETC], has also given rise to numerous projects that currently stand at the frontier of crypto-adoption and development.

The ETC-inspired Parity Ethereum is delivering updates aimed at enabling hard forks on various blockchain networks. One of its latest updates, Parity-Ethereum 2.5.2-beta, will enable users perform the Atlantis hardfork on Morden and Kotti Classic networks. The Atlantis hardfork is a protocol upgrade that can incorporate pre-activated EIPs on Ethereum. Additionally, it will also help in easier migration of DApps between networks.

The news was revealed by Ethereum Classic’s official twitter handle, which said,

“Update enables Atlantis support on the #Kotti and #Morden ETC testnets.
New Versions of ‘Parity-Ethereum’ Available: v2.5.2-beta; v2.4.7-stable”

The update was expanded upon by the Github page that calls the update “a bug-fix release that improves performance and stability.” The previous upgrade brought in hardforking capability by introducing Petersburg and Kovan Network community hardforks on the Rinkeby and POA-Core Networks.

While the supposedly fastest and lightest Ethereum client remains focused on delivering highly customizable blockchains for private use, speculators within the crypto-industry have taken notice of ETC’s rising market cap, which was $976 million, at press time. Further, the 18th-ranked cryptocurrency has also recorded a strong bullish trend since the beginning of 2019.

Crypto-enthusiasts have thus, taken to Twitter to pledge their long-term support for ETC. One such user, @con_gang, replied to the original post and tweeted,

“Let’s GO $ETC! Paaaaaaaaaaaaaaamp it Barry!!!!!!”

Both the beta and stable versions of the update also contain bug fixes that are related to the rejecting, rather than truncating timestamps. These updates will also work towards removing dead chain configs. Further, some experts have pointed out that Parity Ethereum’s update that involved reworking the Sha3/keccak256 hash calculation, had also improved the overall performance of the network.

While the GitHub link does not talk about light client support being fully functional yet, ETC’s game plan reflects an increased focus on long-term adoption rather than trading value recovery, which is similar to Ethereum and Cardano’s roadmap.





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