Chinese School Principals to Mine ETH At Work

School from Hunan Province suffered losses in the amount of $ 2,163
09 November 2018   727

The director and the head teacher of the Chinese school from Hunan Province - Lei Hua and Won Tsipen - installed nine mining devices for Ethereum worth $ 7,000 right in the building of the educational institution. Because of this, for several months the school suffered losses in the amount of $ 2,163, reports CoinDesk.

Initially, Lei Hua installed the devices at home, but due to high electricity costs, he decided to move the mining farm to a school, where he carried out the theft of electricity.

Because of the secret mining from July to November, electricity consumption at school has almost doubled, and the speed of the IT network has also decreased. The school’s leadership initially suggested that this was due to the excessive use of air conditioners, but an investigation revealed that the cause was illegal mining.

The director, convicted of stealing electricity, was dismissed from his post and removed from his post in the Communist Party, while his assistant was reprimanded.

SBI Holdings to Start Mining Chips Manufacturing

The new enterprise will work in partnership with an unnamed major semiconductor manufacturer from the United States
22 March 2019   95

The Japanese financial conglomerate SBI Holdings announced the creation of a new enterprise that will focus on the production of chips and cryptocurrency mining systems.

The message on the company's website says that SBI Mining Chip Co. (SBIMC) is part of SBI Holdings digital asset strategy.

The new enterprise will work in partnership with an unnamed major semiconductor manufacturer from the United States, and a former head of Chip Estimate and WearSens Adam Trademan, will head it. Currently, Trademan heads the BRD mobile cryptocurrency wallet development company, in which SBI Holdings invested $ 15 million in January of this year.

Recall that its plans to launch a broad offensive against the cryptocurrency industry were announced by SBI Holdings in October 2017. Since then, the corporation has made numerous investments in various projects, and also intends to promote the mass adoption and practical use of the RR Xle XRP token.