Seems fair. I started a newer xeon and a i7 with the same task and they kind of smushed the old servers power, with only 2 or 3 cores dedicated to mining...
Well technically we only have the right to have one server there, I think tops 4-6u or something. But since most people don't bother we can get away with several rack mounted of pretty much any size (reasonable for one student though) and several towers as well.
Getting static ip's, however, is limited. We have one each upon request, and you may get two or three given a good reason, otherwise you're expected to setup your own NAT, etc.
The association that manages the server room, https://www.ludd.ltu.se/w2/index.php/Main_Page, is built by and maintained by students and employees of the university.
They host a variety of project that, if you're in on it, gets different rules. Heck I think they currently have a full openstack setup running just to learn.
Go Luleå Tekniska Universitet! https://www.ltu.se/?l=en