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.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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