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⭐ Features
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Most Profitable Cryptocurrency Miners? College Students Mining from Dorms

  • David Dinkins
    ⭐ Features

    College dorm mining operations may be small, but they are immensely profitable due to free electricity.

Most Profitable Cryptocurrency Miners? College Students Mining from Dorms
Cover image via u.today

Cryptocurrency mining is surging across college campuses in the United States, as students take advantage of free electricity provided by their dorms. One recent study put the cost of mining a single Bitcoin at $8,000, though areas with inexpensive hydroelectric power can mine a Bitcoin for about $2,000. Nothing beats a college kid in his dorm room though - because his cost basis is $0.

Free electricity

Mining requires specialized equipment, either ASICs for currencies like Bitcoin, Litecoin, and Dash, or GPUs for the likes of Ethereum and others. Beyond the cost of this equipment, a small-scale miner’s only real expense is electricity - electricity to run the mining equipment, and electricity to run the air conditioning that cools the equipment. If electricity is free, then miners only face the one-time cost of purchasing the proper equipment.

Free electricity drastically changes the cost equation in other ways, too. Industrial-scale miners that have to pay for their electricity typically spend a great deal of money investing in newer, more powerful mining equipment. As mining difficulty rises, old equipment produces less and less rewards for the same energy cost. Buying newer, more powerful miners helps restore balance to the equation. The new machines use about the same amount of electricity but are able to mine more cryptocurrency per watt of power used.

Changing the equation

Joey Dilliha at Western Kentucky University realized that if electricity was free, he didn’t need the newest and most powerful mining equipment in order to mine Bitcoin. Due to the speed of Bitcoin’s mining arms race, old, less efficient miners are sold for cheap on eBay. Dilliha found an inexpensive piece of older equipment on eBay, paying $250 for an old Antminer. Because of his free electricity (and free air conditioning), he has already paid for the rig and is turning a profit of $30 per week.

Some colleges, like Stanford, have policies against running miners in dorms. Others, like WKU, have banned the practice as a fire hazard, rather than for economic reasons. While the ethics of mining cryptocurrency on somebody else’s dime may be questionable, college kids in need of funds are sure to take advantage of any opportunity to turn a profit. It’s not surprising that they’ve figured out the free electricity loophole - college kids are smart, by definition, and financial need creates the perfect catalyst for invention.

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About the author

David Dinkins is a freelance writer who holds a Master of Arts in history from Louisiana Tech University and has extensive teaching experience both at LSU – Shreveport and University of Phoenix. He got involved with cryptocurrency in early 2014 working as part of the Dash Core Team and have served in the role of writer/editor (mostly editor) during that time. He has edited a huge number of documents for the Core Team, including the Evolution whitepaper, the PrivateSend whitepaper, and many of Evan Duffield’s communications with the Dash Community.

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📰 News
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XRP Currently Bringing 80% of Total Trading Volume on Ripple-Funded Bitso Exchange

  • Yuri Molchan
    📰 News

    A major XRP community member shares data that XRP is generating 80% of volume on Bitso exchange that is Ripple’s partner at introducing On-Demand Liquidity in Mexico

 XRP Currently Bringing 80% of Total Trading Volume on Ripple-Funded Bitso Exchange
Cover image via www.123rf.com

After Ripple had rebranded its xRapid product as On-Demand Liquidity (ODL) and partnered with the largest Mexican exchange Bitso, the introduction of ODL in cooperation with MoneyGram starts bringing its first fruits. As part of the collaboration, Ripple has invested in Bitso and got them to add one of its top executives to the board of directors.

 

On-Demand Liquidity successfully integrated on Bitso

A member of the XRP community @XrpCenter reports that things are looking good for XRP on the largest Mexican exchange Bitso and for Ripple’s ODL product. ODL was introduced there after the crypto giant invested an undisclosed amount in the trading platform.

The chart in the tweet shows that the XRP/MXN pair now accounts for 80 percent of the overall trading volume of Bitso.

Bitso became the key partner of Ripple and MoneyGram at introducing On-Demand Liquidity to the Mexican market. So far, the implementation has been going successfully.

This has not impacted the XRP price much though, since over the last 24 hours it rose merely by 0.54 percent. Unlike it, BTC and its forks – BCH and BSV – have posted much higher gains, as reported by U.Today earlier.

XRP price
Image via Coinmarketcap

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Ripple Dispels XRP FUD Allegations, Q3 Report Blames Twitter Bots

Ripple Dispels XRP FUD Allegations, Q3 Report Blames Twitter Bots

Ripple releases its Q3 report

At the end of last week, Friday, Ripple issued its regular report on the results of Q3. In the document, Ripple covered several major issues, such as movements of XRP from escrow and back to it, recent Ripple’s partnerships with Logos, Algrim and other startups, Coinme crypto ATM network.

Ripple also addressed the issues of FUD (fear, uncertainty, doubt) that has been recently actively spreading around the company and its XRP asset.

Ripple Q3 report
Image via www.ripple.com

What are your thoughts on the Ripple expanding XRP use in Mexico? Share them in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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