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Ethereum

Some have found an alternative to get in possession of cryptocurrency. A Japanese man was caught using electricity from his company’s dormitory to mine Ethereum, reported Daily SPA.

The man who was reported for unauthorized use of free electricity provided by his company’s dormitory Sora-san told Daily SPA that: “Virtual currencies are processed cryptographically. He continued explaining that  “A miner is the machine that supports this encryption process. If you mine Bitcoin, you can process 12.5 bitcoins in 10 minutes, which would be the equivalent of 10 million yen, (US$ 90,000). If you mine Ether, you can make 3 ether worth 200,000 yen (US$ 1,800) in 10 minutes.

0.8 Ether per month= $ 500

However, Sora tried to make profits on the benefits provided by his company. Respectively, he used the electric power for which he did not pay anything in order to cut the standard costs of mining activities in Japan.

Because mining requires a huge amount of electricity, the common sense would be to do mining businesses in Mongolia or China, where electricity costs are very low, compared to Japan. But I live in a company dormitory. My electricity costs are null. I thought, I gotta take advantage of this opportunity,” the Japanese employee said.

The equipment installed by Sora was able to add per month 0.8 Ether, which by converting results in a value of about $ 500 or 50,000 yen. The Japanese man explained that once the machines were configured, he was just waiting for them to bring him extra income. “It’s really a ‘free’ income,” Sora claimed.

Sora-san installed the mining equipment in his dormitory provided by factory’s employer in January 2018. Before he started to mine, the Japanese man assured the maximum amount of electricity that could be used for free without being identified. With the help of a colleague, he acquired the necessary equipment and installed it to work nonstop. “I was worried that the dorm manager would notice it, but I was able to figure out the amount of usable watts.” According to Sora’s calculations, consumption would have cost him over 20,000 yen ($ 200).

Now that I found out that I can mine in my room, I am planning to extend installing miners in the rooms of my close colleagues,” Sora told jokingly.

Miner thinks the manager will not identify him even if electricity bills grow as the company’s dormitory has 100 employees.

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