The National University of Singapore (NUS) is investigating after cryptocurrency mining rigs were found in a resident’s apartment during routine inspection last week.
In an email sent by Management Office to residents of UTown Residence on Apr. 11 seen by Singapore Forever, the management said the cryptocurrency mining rigs were found during a “routine inspection” last week in one of the resident’s apartment.
“These devices consume extremely high levels of energy which can overload our electrical circuit boards and cause power outages”, the email read.
The “higher than normal” level of heat emitted by these devices poses a greater risk of fire hazard, it added.
In response to media queries, a spokesperson from NUS’ UTown Residence said, residents at the hostel were informed that “crypto mining rigs were strictly prohibited”, as they “consume very high levels of energy and emit unusually large amounts of heat, posing a fire hazard and the risk of power outages”.
The spokesperson added that they are investigating the matter and have ordered the equipment to be removed “for the safety of [their] residents”.
CRYPTO MINING : Mining is the process that Bitcoin and several other cryptocurrencies use to generate new coins and verify new transactions. It involves vast, decentralized networks of computers around the world that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions. In return for contributing their processing power, computers on the network are rewarded with new coins. It’s a virtuous circle: the miners maintain and secure the blockchain, the blockchain awards the coins, the coins provide an incentive for the miners to maintain the blockchain.
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