Crypto mining rigs discovered in NUS UTown hostel, student asked to remove equipment

While some students take up part-time jobs such as as tutoring or waiting tables to supplement their allowance, others have found more innovative albeit riskier ways to earn that extra income.

On April 12, a screenshot of an email sent by the National University of Singapore's (NUS) UTown Residence Management Office was posted on Reddit warning hostel residents of the dangers of crypto mining after rigs were discovered in a resident's apartment.

The email said that the mining rig was found during a routine inspection of the dorms and was "emitting unusually high heat dissipation".

When contacted, a spokesperson from NUS' UTown Residence told AsiaOne that a resident was recently found to have installed crypto mining equipment in the residential premises.

"We are investigating this matter and have ordered the equipment to be removed for the safety of our residents," said the spokesperson. 

The spokesperson said residents of UTown Residence have been informed that crypto mining rigs are strictly prohibited.

This is because they consume very high levels of energy and emit unusually large amounts of heat, posing a fire hazard and the risk of power outages, explained the university. 

While some Reddit users were shocked by the audacity of someone being "bold/dumb enough to actually" operate a crypto mining rig in the residences, one user thought otherwise.

"When I was staying on campus a few years ago there were already a few rooms I know that people were using to mine," the comment wrote. "F****** noisy though, [I don't know] how they slept."

Other Redditors found the email humorous and one even likened the situation to "killing two birds with one stone" as the student was "mining bitcoin while studying".

Although running these rigs may be risky, these students may find the monetary rewards worth the risks.

According to Fortune, the global Bitcoin mining business earns no less than $18.4 billion per year.

Granted, a student likely won't be pulling anywhere near that amount per annum, but wanting a slice of that immense crypto pie is suddenly very understandable.

A quick check of mining rig prices on Lazada suggests that they can go for approximately $1,200, depending on the quality and quantity of GPUs utilised.

READ ALSO: Intel is making a cryptocurrency chip because that's where the money is

khooyihang@asiaone.com