Accéder au contenu principal

US Authorities Charge School Staff In Illegal Campus Mining Scandal

Two high-ranking officials from the Patterson Joint Unified School District in New Jersey face charges for allegedly operating a crypto mining farm on school premises, according to the US Department of Justice.

Abuse Of Power, Public Resources

Assistant Superintendent Jeffrey Menge and IT Director Eric Drabert are accused of utilizing school property and electricity to mine cryptocurrency for personal gain.

The Justice department claims they used high-end graphics cards and other district resources, potentially increasing electricity costs significantly. This raises serious concerns about the officials’ conduct and potential misuse of their positions.

While the specific type of cryptocurrency mined remains undisclosed, mining Bitcoin, a popular choice, requires substantial energy. Min.ing a single Bitcoin uses approximately 266,000 kilowatt-hours, equivalent to seven years of continuous mining with typical monthly consumption. This highlights the potential financial burden placed on the school district through increased electricity bills.

The district consists of 10 schools that cater to around 6,200 students. Furthermore, the specific coin that was mined was not revealed.

Crypto: Energy Concerns And Global Scrutiny

The case coincides with heightened scrutiny of crypto mining’s energy consumption. The US Department of Energy (DOE) recently mandated mandatory reporting of energy use by crypto miners for six months, citing concerns about rising Bitcoin prices and an influx of mining activity.

Total crypto market cap at $1.594 trillion on the daily chart: TradingView.com

Additionally, the US Energy Information Administration (EIA) launched a survey to measure local crypto mining companies’ electricity usage. These actions reflect wider global concerns, as evidenced by Indonesian authorities shutting down illegal Bitcoin mining operations in December 2023.

The DOE’s reporting mandate aims to increase transparency and accountability within the crypto mining industry. This data can inform policy decisions and ensure responsible resource management, mitigating potential environmental and financial harm.

Further Investigation Needed

While the DOJ alleges Menge embezzled $1 million to $1.5 million and Drabert stole $250,000 to $300,000, further investigation is crucial to fully understand the details and scope of their alleged activities.

According to a statement, Assistant US Attorney Jeffrey A. Spivak is in charge of the prosecution, while the FBI is in charge of the investigation, with assistance from the Stanislaus County Sheriff’s Office and the District Attorney Bureau of Investigation.

US District Judge Troy L. Nunley will preside over the sentence on May 30, 2024. Each defendant may face a maximum statutory punishment of 10 years in prison and a $250,000 fine.

The court will, however, be free to determine the actual sentences after taking into account statutory requirements and the Federal Sentencing Guidelines.

This case highlights broader ethical and environmental questions surrounding cryptocurrency mining. While the technology offers potential benefits, concerns about energy consumption, potential for illegal activities, and potential misuse of public resources demand careful consideration and responsible regulation.

Featured image from Adobe Stock, chart from TradingView


Source link

The post US Authorities Charge School Staff In Illegal Campus Mining Scandal appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Hong Kong SFC Raises Alert Over MEXC Imposter

The Hong Kong Securities and Futures Commission (SFC) has issued an alert on a suspected fraudulent platform impersonating the presence and operations of a popular cryptocurrency exchange MEXC. This development comes from a joint operation between the Hong Kong regulator and the local police force aimed at uncovering illicit activities of virtual asset trading platforms (VATPs). SFC Warns Hong Kong Citizens Of Fraudulent Trading Platform According to an announcement on February 9, the SFC is warning crypto enthusiasts and investors of an ambiguous trading platform that operates under the name “MEXC.” In a joint investigation with the Hong Kong police, the securities market regulator discovered that “MEXC” has lured several investors into becoming members of group chats in which it claimed to offer “free investment advice.” Through this medium, “MEXC” was able to direct unsuspecting investors into depositing funds through fraudulent websites in order to purchase cryptocurrencies. Th...
Enregistrer un commentaire
Lire la suite

What’s In Store For Bitcoin With 85% Of Holders In Profit

Amidst a renewed wave of optimism sweeping through the broader cryptocurrency landscape, the resurgence of Bitcoin (BTC) to the pivotal $37,500 price threshold has become a catalyst for positive shifts. At present, a staggering 85% of Bitcoin holders find themselves in a profitable position, a testament to the resilience and potential of the leading cryptocurrency. Encouragingly, key indicators hint at the likelihood of this percentage expanding in tandem with Bitcoin’s upward trajectory. Making Money With Bitcoin As the market plummeted from its all-time high in November 2021, the amount of Bitcoin supply in profit has reportedly hit levels last observed two years ago, according to Glassnode. The analytics service also stated that the amount of unrealized profit contained in these currencies is still very small. Based on the latest figures from blockchain analytics website IntoTheBlock, some 85% of Bitcoin holders are profitable at the current price of the first cryptocurrency,...
Enregistrer un commentaire
Lire la suite

Instagram Is Experimenting With an Option To Add Files to DMs

What if you could send files in your IG DMs? That may soon be an option, with app researcher Alessandro Paluzzi uncovering this process in the back-end data of the app. As you can see in this example, Instagram’s experimenting with a new option that would let you add files to your messages as attachments. Which is not overly surprising. You can already send documents within WhatsApp , and on Messenger (in limited capacity), and with Meta still working to integrate all of its messaging platforms into a single system , it makes sense that it would also need to replicate the functionality of each, to ensure full parity. So, basically, every function within Messenger, IG Direct and/or WhatsApp will eventually be available in each other app, as that will then enable Meta to link them all together into a singular messaging system. As such, I do think this is coming, and is more than just an experiment, which will provide expanded functionality within your IG DMs, and could be handy...
Enregistrer un commentaire
Lire la suite