Connect with us

Ethereum

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

Priyamvada Singh

Published

on

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.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



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.

Ethereum

Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks

Akash Anand

Published

on

Source: Pixabay

Ethereum [ETH]’s movement on the cryptocurrency charts has been termed ‘slow’ or ‘unresponsive’ by many people involved in the world of digital assets. This subtle attack on the Vitalik Buterin co-founded network has been a prolonged process with many betting on the “death of the Ethereum network” due to the rise of faster and more efficient technologies and blockchain networks.

The second largest cryptocurrency, however, seems to have taken all these comments in stride as new data emerged that 6 of the 10 highest usage days in Ethereum’s history occurred over the past 3 weeks. Data from Etherscan.io showed a rise to a peak as Ethereum recovered well after the downturn in mid-January. The astounding peaks in terms of usage were also made evident when compared to the usage data in December/January 2018, the time period when the cryptocurrency market had reached its all-time high.

Some users in the cryptocurrency space were still critical about the data, with dk_holdnaut, a cryptocurrency enthusiast tweeting:



“I have never seen or even heard about anyone using any Ethereum app. If it was truly decentralized and censorship resistant I believe the people that value these perks the most atm and have the most funds to devote would’ve build a drug market dApp by now.”

However, Ethereum’s competition, EOS and Tron are not far behind. Just recently Tron, the Justin Sun-led cryptocurrency had announced that the TRX mainnet had crossed 2.5 million accounts, beating Ethereum with 8 million blocks. Ethereum, despite having the chronological advantage, had only 7.5 million blocks.

Ethereum had taken another hit when EOS set the record for the most number of cryptocurrency transactions in one day. Daniel Larimer, the CTO of Block.one had tweeted:

“#eos recently set a record of over 70m actions processed in one day. An average of over 810 actions per second. Our team is making great strides in further optimization and scaling. #B1JUNE”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending