ITE intern, a cryptocurrency ‘expert’, assembles mining rigs at retail shop
Mr Jeric, an ITE final year student, installing the components of a Bitcoin mining rig, taken on January 26, 2018. Photo: Koh Mui Fong/TODAY
SINGAPORE — An Institute of Technical Education (ITE) student on an internship is working at a shop in electronics goods mall Sim Lim Square, installing components to create a cryptocurrency mining rig.
Jeric, who did not want to give his full name and age, first became interested in cryptocurrencies seven years ago, and boasts knowledge that investors double his age would be proud to have.
A final-year student studying games designing, he is able to tell you about the various gaming computer components such as the graphics processing units (GPUs), the different processing speeds and how they work.
When mining cryptocurrencies or digital currencies, GPUs can speed up a computer, making the mining process faster. The mining rigs save users the hassle of having to put together their own hardware from different components.
At IT retailer and wholesaler TechDeals, a part of Jeric’s jobscope includes installing and selling cryptocurrency mining rigs. He started his internship at the company earlier this month. When there are questions from customers enquiring about the mining and its processes at the shop, he is eager to answer: “A hash is an algorithm, information being processed. It is the power or speed in which the cryptocurrency Ethereum can be mined.”
Ethereum and Bitcoin are two of the largest cryptocurrencies around, and they are obtained through a peer-to-peer computer process known as mining. Miners have to solve mathematical problems related to an algorithm as part of the process.
Jeric received his internship appointment through his teacher last year. When he found out about the role, he was excited about it because he himself has been fascinated by cryptocurrencies since secondary school, and mines cryptocurrencies “for the fun of it”.
“I do this as an experiment. As a general rule, when you are investing in anything, don’t put in money you are not willing to lose. That is a good rule,” he said.
The components in a cryptocurrency mining rig are not that different from those in gaming units, Jeric explained. The knowledge on programming, specifications of systems, building of personal computers and systems for gaming that are learnt in school are used at his “workplace” in the Sim Lim Square shop. “Over here, I am learning on the job. I apply the technical knowledge into use.”
Jeric added that the job has been an “eye opener”, as he gets to interact with different people and even had to search for a manufacturer in Singapore that sells components to add to the rig.
His friends his age are also cryptocurrency “experts”, he said. A secondary schoolmate, for instance, mined Bitcoin using the school desktop when the coin was valued at US$0.20 seven years ago and ended up making 200 coins. Another friend who does it as a hobby recently mined US$5 (S$6.50) worth of cryptocurrencies.
Jeric’s parents are not exactly complaining about it. “I would say that one of my parents is fond of it. The other is not supportive of it, but thinks currency trading is a better value proposition, for some reason,” he quipped. The teen will be going into National Service after he leaves ITE, and he plans to further his studies after serving in the army.
There are no plans to give up his interest in mining cryptocurrencies — he is saving up to buy a rig from his employer by the end of his internship stint in March. With a “professional rig”, he would be able to enhance his game, he said.
