Never though of this when I'm still in school but this is clearly profitable given the free source of electricity. I was so amazed by the creativity and intellect of those students taking advantage of the situation.

Really? Stealing electricity is intellect and creativity? If I am the principal of the school, I will sue them and make their parents pay for the electricity they steal.
Pretty much. There's probably some Terms of Service that the students agreed to though, that they are not allowed to do things similar to cryptocurrency mining that simply hogs the electricity. Or probably a maximum amount of electricity per month or something.