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14 And 9-year-old Siblings Make $30,000 Of Minning Cryptocurrency Every Month

14 And 9-year-old Siblings Make $30,000 Of Minning Cryptocurrency Every Month

14 And 9-year-old Siblings Make $30,000 Of Minning Cryptocurrency Every Month

Ishaan Thakur, 14, and his 9-year-old sister, Aanya, devoted their summer to developing a successful cryptocurrency mining business.

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

According to Ishaan, the siblings earn over $30,000 per month mining Bitcoin, the largest cryptocurrency by market value; Either; and Ravencoin,

Ishaan and Aanya, who live in Frisco, Texas, learned how to mine coins to do so, which was no easy task. Sophisticated computer programming was done to solve challenging riddles to validate transactions when mining for cryptocurrencies like bitcoin and ether.

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

Ishaan transformed his Alienware, a popular type of gaming computer, into an ether mining set up in April after viewing videos on YouTube and exploring the internet. (He accomplished this by utilizing the graphics card, which is capable of handling a large number of calculations for mining.)

“We could have spent the entire summer playing video games, but instead we used our spare time to learn about technology,” Ishaan said.

As mining bitcoin can be challenging, because of its limited supply and rising demand, the siblings started with ether.

“I made $3 on the first day,” Ishaan said.

On April 30, Ishaan and Aanya established their own mining company, Flifer Technologies, with the assistance of their father, Manish Raj.

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

Their earnings continued to climb, and by late July, they were able to purchase mining equipment such as Antminers and Nvidia RTX 3080-Ti graphics cards to begin mining bitcoin and ravencoin as well. They chose raven coin to mine since the equipment they possessed was “ideal” for mining it, according to Raj.

Raj explained that based on the equipment now on order, they expect to make roughly $36,000 in September.

Ishaan claims that they can single-handedly process a little over 10 billion Ethereum algorithms per second.

Despite Ishaan and Aanya’s accomplishments, the process is far from simple.

Mining is not only difficult, but also expensive, as it necessitates expensive equipment, a lot of electricity, and a lot of computing power.

For instance, Ishaan and Aanya have over 97 processors, which Raj, their dad, who is a former investment banker, funded by getting a loan.

Raj refused to say how much the loan was. However, a global scarcity of computer chips made it much more difficult to locate the hardwares and drove up prices.

Ishaan and Aanya generally use Nvidia RTX 3090 graphics cards, which can cost anywhere between $2,500 and $3,000 each.

The siblings claim to utilize “100% renewable energy for our mining” at home because “we want to be environmentally friendly,” yet they also rent a data center in Dallas, Texas. According to Ishaan, the electric bill for both their home and the data center is just about $3,000 per month.

“We moved from my desk to the garage, since the house was getting too much heat and noise. We outgrew the garage since heat and noise were too much for the garage too. We now use the garage only for building and testing mining rigs. When they are ready, we move them to a professional, air-conditioned data center in downtown Dallas,” Ishaan explained.

They intend to continue to build their business while balancing it with the school.

“I simply tell them we’re just mining in the garage,” Aanya tells her friends when they ask.

They intend to reinvest their revenues in their company. Ishaan, on the other hand, believes that hopefully, income from their mining business will also pay for their college fees.

Ishaan says he wants to go to the University of Pennsylvania. He wants to study medicine and become a doctor there, while Aanya also wants to pursue medicine, but she wants to go to New York University instead.

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