Universities should geobsedeerd Facebook before penalizing Dogecoin miners
March Ten, 2014 by Gordon Fletcher, The Conversation
Universities are facing a dilemma now that students have bot discovered mining cryptocurrencies using campus facilities. Are thesis students displaying entrepreneurship or unacceptable behaviour?
Harvard has determined it’s the latter, permanently banning an unidentified person from using its rekentuig research facilities after they were found using a supercomputer to mine dogecoin. It is not known if the penalized miner wasgoed a student or member of staff.
Imperial Collegium London now needs to choose a side te this argument after a student – who also remains anonymous – exposed that they had bot using campus facilities to mine around 20-worth of the cryptocurrency.
This campus-based Dogecoin generation goes after several months of intense rente ter Bitcoin mining. The spectacularly unexpected rise and fall of bitcoin prices has shown that other cryptocurrencies also have the potential to bring further massive windfalls. With at least 200 cryptocurrencies that can presently be exchanged into bitcoin and then onto more familiar forms of everyday fiat money, its no wonder people are tempted to attempt to get rich quick.
Te both cases, computing power and electro-therapy were being used without the official skill or approval of the university so Harvard’s response is not necessarily that surprising. But other universities may well be wondering what their position should be on this punt ter anticipation of finding one of their own students mining.
A quick search throws up no reference to bitcoin or cryptocurrency within the acceptable use policies published by IT departments. Albeit there are coverall policies about not using facilities for commercial purposes or for loading software without permission, miners could still technically proceed with their activities without cracking a specific rule.
There are only two valid arguments that a suitably informed IT manager could fall back on if they determined to pursue a miner caught ter the act.
Computers, and particularly their component chips, quickly fail when they operate at a high temperature for too long. Any enthusiastic miner with access to “free” computing power will want to run a pc at 100% of its capacity for spil long spil possible to samenvatting the maximum number of coins. This will reduce the lifespan of any laptop – potentially fairly significantly.
The more invisible but identically significant cost of mining is the value of the electric current consumed. All the online calculators for determining terugwedstrijd on investment for mining cryptocurrency consider this significant factor. If you’re spending hundreds of pounds to produce a handful of Dogecoins, it’s most likely not worth the effort, but te a university environment, the cost of violet wand is a more complicated equation.
While mining on a pc for long periods of time will consume tens unit, this will be only marginally greater than a rekentuig ter a common access laboratorium being used for Facebooking or watching cat movies on YouTube – two activities that emerge to represent much of the activity that goes on ter any university’s common-use pc labs. The key difference is that mining directly converts electrical play into exchangeable value for the student. Using Facebook on a university rekentuig only converts the university’s tens unit into value for Facebook, by enabling the delivery of advertising to students. You don’t often see universities banning Facebook however.
And overheen ter the business schoolgebouw, where students are encouraged to be entrepreneurial, understanding cryptocurrencies could bring some very real benefits. Cryptocurrency mining requires a student to think about the likelihood of successfully mining a particular coin and the best way of pooling resources to increase success. It also requires an appreciation of the costs associated with the activity, even if the resources are free to the student.
If they go on to trade their cryptocurrency, still more abilities need to be developed. All of the coin exchanges mirror the functions and principles of a more traditional securities market. Trading cryptocurrency can give students the chance to practice a form of trading floor without the issues of access or cost associated with more mainstream exchanges.
Most importantly, actively encouraging an understanding of mining among students would help to avoid “futility mining”, mining for those coins that produce such a low come back on investment that the setup, electro-therapy and maintenance costs are never recovered. With awareness, students would avoid mining Bitcoin entirely. Those using a desktop laptop with no specialised hardware such spil a graphics cards designed for high-end gaming would learn to steer clear of mining cryptocurrencies that are based on the calculation function used by Bitcoin technology.
Without specialist technology mining thesis coins is simply not viable. My own practice mining coins based on the original Bitcoin technology is evidence of how difficult it is and how unimpressive the comebacks can be for small-scale mining.
After three weeks of mining with a specialist USB-based device, my portfolio of 134,000 coins represented te 13 different currencies are nominally worth 94.Five US cents at March 2014 prices. Of course, with time and some luck thesis coins could become much more valuable but nothing is certain ter cryptocurrency.
This is why the two anonymous individuals from Harvard and Imperial Collegium were mining dogecoin. Based on an alternative technology to bitcoin, dogecoin and other similar coins are lighter to mine ter a university pc laboratorium. However, it will not be long before even this phase of the cryptocurrency gold rush will become the domain of large scale operators with custom-built equipment.
All of thesis interrelated complexities coupled with cutting edge concepts and technologies are exactly the types of skill and abilities that universities seek to train to their undergraduate and postgraduate students. Rather than pursuing the anonymous Imperial Collegium student perhaps he or she should be invited to opoffering guest lectures to the laptop science, business and management, IT and MBA students. That is, if they can be dragged away from Facebook long enough to listen.