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College Campuses and Utility Companies Biggest Crypto Miners, Reason- Free Electricity

March 07, 2019 18:00
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CISCO’s Austin McBride has come out with a shocking report that published in PCMag on March 5th, claiming university campuses and power utility companies doing the most crypto mining.

The CISCO report investigated the origin of crypto traffic across multiple industry verticals and the research was carried under its security product Umbrella, which scans clients network connection to find out malicious activity.

As per the report, university campuses are ranked second biggest miners with a 22 per cent share across industry verticals and energy utility sector coming in at first spot with close to 34 per cent share. The list is followed by the media and healthcare sector which has 6-7 per cent share. Mining in the local government, manufacturing and financial services sector makes up about four three and two per cent respectively.

The traffic is quite distributed in college campuses, as McBridge believes that college students are running their own bitcoin mining rigs rather than concentrated effort.

McBride explained the trend:

“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.”

“Mining difficulty for a lot of coins is very high right now which means it costs more for electricity and internet than the profit you can produce from mining those coins. If you don’t have to pay for those costs, then you are in a really good spot for making money on the university’s dime.”

Similar trends were observed in April last year, cyber network analytics firm Vectra found an increase in incidences of intentional crypto mining and cryptojacking from university campuses than in any other in the industry.

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