CHINA — A Chinese school principal has been fired after he was found stealing the school's internet bandwidth and electricity to mine cryptocurrency.
Apparently Lei Hua, the school principal, used to mine crypto at home with a mining machine, but after he found out how expensive it was to do this, he decided to move it to the school where he worked.
Lei had since acquired eight more mining machines and shifted one of the machines to the dormitories at his school, and added the rest in the electronics lab of the school, according to Live Bitcoin News.
School teachers had complained of the noise caused by the machines, but the principal found multiple excuses and blamed the air conditioners or heating devices.
As expected, the 24-hour mining operation became a strain on the school's electrical cables and internet speeds also went way down.
Teachers also grew suspicious when they noticed a rise in electricity bills to roughly 14,700 yuan, or about US$2,114.
The principal was fired while all his profits were confiscated by the Chinese Communist Party, as crypto mining isn't legal in China.