School Officials Caught in Crypto Mining Case at School!
Cryptocurrencies or digital currencies are growing in popularity around the world, but mining them can be energy-consuming. Recently, two top school officials in the United States were indicted on charges of running a crypto mining operation at the school where they worked. The case is in the spotlight because it involves misuse of school resources and alleged theft of electricity. Check out the full news below!
School Officials Allegedly Mining Crypto at School
Jeffrey Menge, assistant principal and chief business officer, and Eric Drabert, IT director, allegedly worked together to run crypto mining operations at 10 schools in the Patterson Joint Unified school district. They utilized school resources, such as electricity and computers, to mine cryptocurrency. As a result, the schools' electricity costs increased dramatically. According to a statement from the US Department of Justice, Menge and Drabert allegedly mined cryptocurrency and deposited the proceeds into their own digital wallets. However, the statement did not provide further information on the types of cryptocurrencies mined or how many schools were involved in these mining operations.
The Impact of Crypto Mining on Energy Consumption
Bitcoin mining vs household appliances (electricity consumption). Source: CoinGecko Cryptocurrency mining is known to be a very energy-intensive activity. It takes around 266,000 kilowatt-hours of electricity to mine just one Bitcoin. The mining process can take up to seven years and requires a monthly electricity consumption of 143 kWh. For comparison, the average monthly electricity consumption of a household in the United States in 2021 is about 143 kWh. The increasing crypto mining activity has come to the attention of the US government. The US Department of Energy recently issued a policy requiring crypto miners to report their energy consumption for the next six months. This policy aims to reduce energy wastage and maintain the stability of the national power grid.
Alleged Theft of School Funds
In addition to the illegal crypto mining charges, Menge and Drabert are also suspected of theft of school funds. Menge allegedly embezzled $1 million to $1.5 million of the school's money, while Drabert allegedly stole between $250,000 to $300,000. This case is a clear example of how crypto mining can negatively impact society. Not only does it consume a lot of energy, crypto mining can also be a means to commit criminal offenses, such as theft and misuse of public resources. Conclusion The case of crypto mining in schools is a warning for the government and society to be more aware of the potential negative impacts of crypto mining activities. The government needs to make strict regulations to govern crypto mining activities so as not to harm the community and the environment.
