College Student Mines Cryptocurrency 'For Free' Using Fixed Electricity Plan

Image of a graduating woman with a graduation cap that features a physical Ethereum coin

One college student is taking advantage of their accommodation’s fixed-rate utilities by mining cryptocurrency for ‘free’.

The physics major, who uses an NVIDIA GeForce RTX 3080 GPU to mine Ethereum, estimates they will earn between $7-10 a day, without paying more for the extra electricity used.

Under their agreement with a student-focused apartment block located just outside their college, the student pays a flat rate of $100 per month for electricity. At this current rate, they could see profits of around $200 per month, alongside all utilities.

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Should Students Mine Cryptocurrency?

Speaking to Planet Crypto, the student, who we aren’t naming here, said other students should consider mining.

“I absolutely believe students should be looking to crypto to get some money,” they said. “And mining should be their primary consideration towards that goal because it’s the only reliable way to earn money consistently with crypto, given you have the right equipment for it and do it properly.”

Sharing the video that got them started, they recommended beginners use exchanges such as Celcius to store their mined coins.

However, they did warn that students would need to look into their tenancy agreement first to ensure mining is not prohibited under their contract.

They also accepted many students may not be able to afford the initial costs of mining. “If a student didn’t have my computer and didn’t have a couple of grand to throw around, it might be very difficult to start mining,” they said.

One symptom of crypto mining is the excess noise and heat produced, but the student says these aren’t too bad in their dorm room. “I’ve got a fan pointed at the intake fan on my computer. That’s about it. I wear headphones all the time and I actually like a fan noise when I’m trying to sleep,” they said.

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The student also said this is a “finite opportunity” that others would need to start sooner than later. With the Ethereum 2.0 update set to switch Ethereum over from mining to staking, mining mainstream coins may no longer be profitable.

Read More: How Powerful Will The NVIDIA RTX 40 Series GPUs Be For Crypto Mining?

[Image:MD Duran/Nick Chong/Unsplash]