Menu
New Bitcoin student club at MIT will promote the virtual currency

New Bitcoin student club at MIT will promote the virtual currency

All undergraduates will be offered $100 in bitcoins

Students at the Massachusetts Institute of Technology want to give Bitcoin a boost.

Two students at the prestigious university announced Tuesday the creation of the MIT Bitcoin Club, which will distribute US$100 in bitcoins to all of the school's 4,500-plus undergraduates who opt in to the program.

The project is aimed at creating a hyper-concentrated community of backers around the technology, which could support the development of new software and services built on top of bitcoin's infrastructure.

It could also be thought of as equal parts a mini bitcoin economy and techy social experiment.

"Bitcoin is a very important technology," said Jeremy Rubin, a sophomore studying computer science at MIT and the project's co-founder. "MIT is not super focused on it right now, but we should be innovating in this space."

Plans for the project involve a range of activities, including working with other professors and researchers to study how students use the bitcoins, as well as possible entrepreneurial activity at the school, the project's founders said in their announcement.

Their hope is to establish MIT as a global hub where Bitcoin-related research, ideas and ventures can be studied, discussed and developed.

The project has $500,000 in funding, the bulk of which comes from MIT alumni, with additional support from the bitcoin community. The funding will cover the distribution of the bitcoins to undergraduates, as well as infrastructure and informational activities. Rubin said they were still working out which exchange would be used to distribute the bitcoins.

At current exchange rates of roughly $444, $100 is equivalent to less than one-quarter of a bitcoin. Bitcoin also faces an uncertain future, given the risks of cyber theft and the increased oversight from government regulators.

By the time the fall semester comes around, the state of the industry could be vastly different from today.

Zach Miners covers social networking, search and general technology news for IDG News Service. Follow Zach on Twitter at @zachminers. Zach's e-mail address is zach_miners@idg.com

Subscribe here for up-to-date channel news

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags analyticsbusiness issuesInternet-based applications and servicessocial mediainternetBitcoin

Featured

Slideshows

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards

Revealed at a glitzy bash in Sydney at the Ivy Penthouse, the first StorageCraft Partner Awards locally saw the vendor honour its top-performing partners with ASI Solutions, SMBiT Pro, Webroot, ACA Pacific and Soft Solutions New Zealand taking home the top awards. Photos by Maria Stefina.

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards
Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip

Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip

​Synnex and Lenovo hosted 18 resellers for an action-packed weekend adventure in RotoVegas, taking in white water rafting on the Kaituna River, as well as quad biking and dinner at Stratosfare​, overlooking Lake Rotorua at the top of Mount Ngongotaha​. Photos by Synnex.

Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip
Show Comments