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Cryptocurrency mining rig found in NUS UTown Residence in Singapore

Staff Writer
·Editorial team
·1-min read
A cryptocurrency mining farm. (PHOTO: Getty Images)
A cryptocurrency mining farm. (PHOTO: Getty Images) (NiseriN via Getty Images)

SINGAPORE — A cryptocurrency mining rig was discovered in a National University of Singapore (NUS) residence last week.

The rig was found in the UTown Residence, a dormitory located in NUS’ University Town, during a routine inspection, according to media reports citing an advisory from the UTown Residence Management Office on Monday (11 April).

In a reply to Yahoo Finance Singapore’s queries, an NUS UTown Residence spokesperson said that its residents were informed that “crypto mining rigs are strictly prohibited as these consume very high levels of energy and emit unusually large amounts of heat, posing a fire hazard and the risk of power outage”.

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It added that it is currently investigating the matter and has ordered for the rig to be removed for the safety of residents.

Cryptocurrency mining involves deploying powerful and often costly specialised machines to solve complex mathematical problems in exchange for new cryptocurrency. As the process involves a high amount of energy, mining usually happens in giant data centres owned by firms or groups of people.

According to a New York Times report released last year, Bitcoin mining consumes around 91 terawatt-hours of electricity annually, which is more power than is used by Finland, a nation of some 5.5 million.

UK financial site Money Super Market calculated that every Bitcoin transaction consumes 1,173 kilowatt hours of electricity, which is enough to power a typical UK home for more than three months.

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