CISCO Report Claims: College Campuses Are Becoming Popular Bitcoin Mining Spots

It is true; the world is becoming an extremely strange place to live in with the passage of time. Satoshi Nakamoto would have never thought ten years ago when Bitcoin was invented, that it will be mined in college campuses in the near future.

A new report presented by Austin McBride of CISCO, at the RSA Conference in San Francisco this week, claims that 22% of all crypto mining traffic comes from college campuses. This is a staggering statistic considering how a college campus is not a usual setting for crypto mining.

Another important observation that surfaced in the report was that 62% of all crypto mining traffic can be credited to the US, which is a major shift from the previous year’s Asian dominance over the crypto mining business. Umbrella, a product by CISCO, is behind this extensive research carried out on the crypto mining market.

Umbrella found out during their research, that energy/utilities companies and college campuses are the top two areas which contribute to the most crypto mining traffic. On the context of college campuses becoming a hotbed for crypto mining, McBride says:

“You leave [the mining rig] running in your dorm room for four years, you walk out of college with a big chunk of change. So you can run your mining rig in your dorm or school library and not worry about those costs eating into your mining profitability.”

This indicates clearly that a lot of college students are running their own mining rigs. The students living in dorms don’t have to pay their energy bills since those are paid by the administration. It is then, a supremely profitable activity for these college kids.

McBride also adds:

“Some of the systems that run our grids and other utilities are purpose build and do not get software and hardware updates as frequently as a Mac or PC would. So, there is more of a potential for vulnerabilities being unpatched for some time and this makes it an attractive target.”