Some Moments When Company Resources Were Used To Mine The Cryptocurrency


There was a lot of talk about the Bitcoin which was running with the help of energy. With the introduction of the scientific paper, it was used to calculate the consumption of energy that a cryptocurrency needs. According to the research, it is said that the consumption of energy will be doubled by the end of this year and if this continues by the end of 2019 the Bitcoin will be consuming more energy than the solar panels.

There was a calculation which was published in the journal Joule. The author Alex de Vries has mentioned in the journal when the electricity is stolen and abused and that is the things when it becomes more interesting.  There are many challenges which have come with the mining of the cryptocurrency.  There is a lot of cases of crypto jacking when the system was hacked to mine the cryptocurrency illegally. There is a lot of companies who did it like the shady apps, the corporate websites, and even Starbucks was involved. But during the mining process, the computer uses some power to do the mining. As the cryptocurrency has set a trend, but with the trend, there is numerous of the incident taking place related to the cryptocurrency. The incident has compelled the people to think about their decision twice before they start mining the cryptocurrency on their systems.

Also Read: Bloomberg Launches Its New Cryptocurrency Index

In the recent time there were many people across the globe who were caught using the company’s resources to mine the bitcoin. Some of the cases are listed below :-

(1.) The Russian nuclear scientist was caught mining the cryptocurrency on the government system

The scientist was working with the Federal Nuclear Center in Sarov. This is one of the organization which is dedicated for the nuclear research. Although there is a lot of tourist moving around the nuclear research centre and they are using  computers, it could have been anyone among them. But this was a different case in which the supercomputer is not connected to the internet, when one of the scientist tried to connect it a alert was sent to the security department and now a criminal enquiry has been set up to investigate the matter.

(2.) The employee busted in the Florida Department of Citrus

The incident took place in the month of March when an IT manager Matthew Davenport from the Florida Department of Citrus was arrested trying to mine the Bitcoin and the litecoin. The manager got trapped when there was a sudden increase in the energy bill which was $825 for a period of a month. With this many people in the department got suspicious. He has also spent around $20,000 of the state money to buy the processing unit which is used to mine the cryptocurrency.

(3.) A professor from the National Science Foundation was banned by US government

This was one of the shocking incident when a professor from the national science foundation was caught trying to use the supercomputer for his personal use. The incident was reported in March 2014. The researcher used over $150,000 in the computer usage at the two universities to generate the bitcoins which value was between $8,000 and $ 10,000. In the beginning the researcher said that he was conducting a test but the university administration didn’t allow him to conduct any test on system. According to the reports of the university the professor was using the system remotely. He had taken several steps to cover his activity which includes accessing one of the supercomputer with the help of the mirror site in Europe.

(4.) A Student from Harvard uses the supercomputer to mine the Dogecoin

It is very common among the students that they uses the internet services and free electricity in the university campus. Apart from other activities the students uses them to mine the cryptocurrency. A case came under the lens of media when a student in the university campus was trying to mine Dogecoin. It is a open source peer to peer digital currency which is controlled by the Shiba Inus. So far there is no any information that what happened to the students.

Also Read: Banks and the Cryptocurrency Industry Scenario in Asia

(5.) A employee from the Federal Reserve mines cryptocurrencies

This was one of the most wonderful cases which came into the limelight. Many people are aware about the organization US Federal Reserve. The organization is responsible for controlling the actual currency. The communication analyst did not believe that he had enough power. The Nicholas Berthaume was mining the cryptocurrency. He kept on mining for a period of two years without getting noticed in the organization. Berthaume denied about the action but later on he admitted that he was mining the cryptocurrency. After this he was sentenced to probation and he has to pay a penalty of $5,000.

So these are some of the cases which took place inside the organization. The incidents came into the limelight and give a message to everyone not to mine cryptocurrency using the company resources. The employee may be anyone working with any position in the organization like scientist, students, and teaching professionals or with any other profiles. While working with the reputed organization the employees need to be careful while using the company resources. The employees facing legal actions damage the impression of the company among the people. Apart from that, it breaks the trust of the company on the employees.


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