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Cryptocurrency Mining Risks and GTIIT Policy

Cyrptocurrency mining risks and GTIIT policy

According to recently published government pronouncements, cryptocurrency mining and cryptocurrency-connected business are illegal financial activities in China. This includes the use of GTIIT or personally owned systems using university electrical or campus networking resources, as well as the use of GTIIT computer equipment.

What is Cryptocurrency Mining?

Cryptocurrency mining is an extremely energy-intensive process in which computers run complex math problems for cryptocurrency networks to get rewarded with cryptocurrency, such as Bitcoin.

Cryptocurrency Mining is banned in China

The central government has identified that crypto mining is an “extremely harmful” industry that jeopardizes the country’s pursuit of carbon neutrality. Accordingly, the Department of Education of Guangdong Province has instructed to prohibit staff or students from using public resources (including desktop computers, laptops, lab workstations, research computing servers, teaching computing servers, network services, and electricity) for cryptocurrency mining activities.

Infringement of Cryptocurrency mining ban policy

Following the government regulations, GTIIT has zero tolerance for any cryptocurrency mining activity on campus. Members of the GTIIT community who are found to be in breach of the cryptocurrency mining ban policy will be liable to disciplinary action under the relevant provisions for staff and students. Disciplinary actions may take the form of, but is not limited to, withdrawal of access to institute resources(e.g. sites, power supply, facilities), the imposition of a fine, the 1:1 conversation with the line manager.

Protect GTIIT, Protect Yourself

If you suspect the use of university resources for cryptocurrency mining, report it as a suspected security incident.

Protect yourself against unauthorized use of your own computer by following IT security best practices: keep your software and apps up-to-date, do not click suspicious links in email, do not open unknown shared documents or email attachments.

For more information, please refer to IT Policies and Guidelines.