College students are finding it’s harder to turn a profit by mining cryptocurrencies. Even with universities footing the energy bill, it’s getting more expensive to break into the mining business.
Equipment prices are soaring, even as digital currencies fall. “It’s gotten pretty ludicrous now the amount of money you have to spend to get in,” Alex Gilarde, a senior at Fairleigh Dickison University said.
Cryptocurrencies are created by a process called “mining.” Essentially, computers solve complex mathematical equations.
In exchange for lending their computing power, miners get digital coins. They can exchange those for other cryptocurrencies, hold onto them, or cash out.
But cryptomining takes up a lot of energy and computing power. So reliable electricity and hardware are a must. Read more from cnbc.com…
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