Cryptocurrency mining rig present in NUS Youtown residence

A cryptocurrency mining farm. (Picture: Getty Photographs)

SINGAPORE – Final week a cryptocurrency mining rig was found within the residence of a Nationwide College of Singapore (NUS).

Based on media stories citing an advisory from the Youtown Residence Administration Workplace on Monday (April 11), the rig was discovered on the Youtown Residence, a dormitory positioned in NUS College City.

in response to yahoo finance singaporeA spokesperson for NUS Utown Residences stated that its residents have been knowledgeable that “crypto mining rigs are strictly prohibited as a result of they eat very excessive ranges of power and emit unusually giant quantities of warmth, inflicting fires.” and there’s a hazard of an influence outage”.

It stated it’s at present investigating the matter and has ordered the elimination of the rig for the security of residents.

Cryptocurrency mining entails deploying highly effective and infrequently costly specialised machines to unravel complicated mathematical issues in alternate for brand spanking new cryptocurrencies. Because the course of entails a excessive quantity of power, mining normally takes place in large information facilities owned by companies or teams of individuals.

Based on a New York Instances report launched final yr, bitcoin mining consumes about 91 terawatt-hours of electrical energy yearly, which is greater than the electrical energy utilized by Finland, a rustic of about 5.5 million.

UK monetary web site Cash Grocery store calculated that every bitcoin transaction consumes 1,173 kilowatt hours of electrical energy, sufficient to energy a typical UK family for greater than three months.

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