Mining crypto

Sibling Children Earn Thousands Per Month Mining Cryptos Like Bitcoin, ETH

Ishaan Thakur, 14, and his sister, Aanya, 9, have spent their summer setting up a lucrative cryptocurrency mining business.

“We started because we wanted to learn something new about the technology – and also make some money along the way,” Ishaan told CNBC Make It.

And they have.

Each month, the siblings earn over $ 30,000 by mining three digital coins: Bitcoin, the largest cryptocurrency by market value; ether, the second in importance; and Ravencoin, a top 100 altcoin, says Ishaan.

To do this, Ishaan and Aanya, who are based in Frisco, TX, had to learn how to mine, which is no small feat. When mining for cryptocurrencies like bitcoin and ether, complex computers are programmed to compete to solve difficult puzzles in order to validate transactions.

“Crypto mining is like mining for gold or diamonds,” Ishaan explains. “Instead of using shovels, you mine with computers. Instead of finding a piece of gold or a diamond in the mine, you find cryptocurrency.”

After watching videos on YouTube and researching the internet, Ishaan converted his Alienware, a popular type of gaming computer, to an ether mining platform in April. (It did this using the graphics card, which can perform a high volume of calculations for mining.)

Her parents were supportive: “We could have spent the whole summer playing video games, but instead we used our free time to learn more about the technology,” Ishaan says.

Ishaan Thakur (L), 14, and his sister, Aanya (R), 9, started mining the cryptocurrency in April.

Courtesy of Manish Raj

The siblings started with ether, as bitcoin mining can be especially difficult. With its limited supply and growing demand, the competition when mining bitcoin can be more intense.

On the first day, “I won $ 3,” Ishaan says.

To formalize the business, Ishaan and Aanya formed their own mining company, Flifer Technologies, with help from their father, Manish Raj, on April 30.

“We liked it so much that we started to add more processors [or chips], and I won $ 1,000 in our first month of May, ”Ishaan says.

The siblings’ income continued to rise, and by the end of July they could afford to buy hardware, like Antminers and Nvidia RTX 3080-Ti graphics cards, to start mining bitcoin and ravencoin as well. To decide which one to mine, they chose Ravencoin because the equipment they had was “optimal” for mining it, Raj says.

In total, they expect to make around $ 36,000 in September based on the equipment currently on order, Raj said.

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“We can process just over 10 billion Ethereum algorithms per second,” says Ishaan.

Although Ishaan and Aanya have been successful, the process is far from easy.

Besides being very complicated, mining is certainly not cheap, as it requires expensive equipment, a lot of energy and computing power.

Ishaan and Aanya, for example, have over 97 processors, which their father Raj, a former investment banker, helped finance by taking out a loan.

Raj refused to disclose the exact loan amount. But, the global shortage of computer chips has made it much more difficult to find equipment and imposed high prices.

Ishaan and Aanya primarily use Nvidia RTX 3090 graphics cards, Ishaan says, and each card alone can cost between $ 2,500 and $ 3,000 to purchase.

Although at home, the siblings say they use “100% renewable energy for our mining,” because “we want to be environmentally friendly,” they also rent a data center at Dallas, Texas. In total, for both their home and the data center, the electric bill costs just under $ 3,000 per month, says Ishaan.

“We went from my office to the garage because the house was too hot and noisy. [W]We got too big for the garage because the heat and noise were too much for the garage, ”says Ishaan. “We now only use the garage to build and test mining rigs. When they’re ready, we move them to a professional, air-conditioned data center in downtown Dallas. “

Ishaan and Aanya were able to “step up” their operations during their school’s summer vacation, but in the future, they hope to continue growing their business and balancing it with the school.

When her friends ask, “I’m just telling them we’re just mining in the garage,” Aanya says.

With their profits, they plan to reinvest in their business. But, “I hope that the profits from our mining activities will be [also] pay our tuition fees, ”Ishaan says.

Ishaan hopes to attend the University of Pennsylvania, he says. There he would like to study medicine and become a doctor. Aanya also wants to study medicine, but would like to attend New York University instead.

However, they have a few years to spare – after all, Ishaan is just a freshman in high school and Aanya is a fourth grader in elementary school.

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