From the latest crypto news coming in from China, two school principals were caught mining the Ethereum cryptocurrency at work by using the school’s power.
According to a report from a Hong Kong news website, just yesterday in the Puman Middle School in the province of Hunan, higher noise levels were recorded which were louder than normal from the computers in a certain room of the school. This is the first time over the past few months this has been noticed. The school’s IT network also showed significant signs of slowing down while the electricity consumption even doubled from July.
At first, the school’s general manager believed that the high usage spike was due to the overuse of air conditioners but he didn’t really believe that air conditioners could spend so much electricity. This is why an investigation was conducted where it was revealed that the school’s principal Lei Hua and the vice Principal Wang Zhipeng, managed to install even nine computers.
The principal used the machines for mining at his home at first, but he was shocked when he received the electricity bill so he decided to move them to the school. He installed the machines in the school dormitory.
The school allegedly lost more than $2,000 for electricity bills and was instantly removed from his position at the school as well from the Communist Party where he was a member. The vice principal got off with only a warning.
However, this isn’t the first time this is happening. Back in early spring, a state employee at Florida’s Department of Citrus used official computers to mine cryptocurrencies.
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“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”As the website shows, MoneyGram is the second largest payments firm in the world. The coming altcoin news and its partnership with Ripple will also help the blockchain firm to gain presence in more than 200 countries (where MoneyGram actively operates). Much of the company's business lies in the remittances market, which value is estimated at around $600 billion. The CEO of Ripple, Brad Garlinghouse, also shared his excitement about the new Ripple and MoneyGram partnership, stating:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies."Payment processing and sending money globally through the blockchain are definitely something that can be improved with this new partnership. By joining Ripple's growing and global network, financial institutions can process their customers' payments anywhere in the world instantly, reliably as well as cost-effectively.
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“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.
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