14 year old boy and 9 year old sister made $ 160,000 in 7 months mining cryptocurrency
Since April of this year, 14-year-old Ishaan Thakur and 9-year-old sister Aanya have made nearly $ 160,000 mining cryptocurrencies.
Ishaan Thakur, 14 years old and sister Aanya, 9 years old
On the first day of mining, the brothers only made $ 3. But in the past seven months, their mining activity has increased significantly. In October alone, Ishaan and Aanya made $ 64,000. It became a profitable business that they called Flife Technologies.
“We configured our computer to continuously search for the most profitable coin and automatically convert it to that coin. Ether is the main coin that we mine, followed by Bitcoin and Ravencoin (RVN) in second and third place. ”
Bitcoin is the largest cryptocurrency by market value. Ether is the second largest coin and is derived from the Ethereum blockchain. And Ravencoin is an altcoin in the top 100.
The two cousins, who live in Frisco, Texas, can process 15 to 16 billion ether algorithms per second, according to Ishaan.
“Even though we are making a lot of money now, we are still as proud as we were when we only made $ 3 a day, because our main wage is not money, but learning and experience.
Ishaan and Aanya hope to continue investing in their businesses, but also use the hard-earned cash to save for college.
Just the beginning
Ishaan and Aanya first learned to mine cryptocurrencies by watching YouTube videos and searching the internet, but the mining process wasn’t easy.
Miners must compete to solve complex puzzles to validate cryptocurrency transactions. Not only is this difficult, but it can be very expensive as it requires a great deal of computer power and capacity.
The brothers own nearly 200 microprocessors, which their father Manish Raj, a former investment banker, financed through loans. Raj declined to disclose the exact amount of the loan, but the global scarcity of computer chips makes it much harder to find devices and drive prices up.
Ishaan Thakur met billionaire investor Mark Cuban after receiving a grand prize from the Texas Business Hall of Fame.
Ishaan and Aanya have around 100 Nvidia RTX 3090s, 50 Nvidia RTX 3070Tis, a mix of Nvidia 30-series processors and 24 dedicated Bitcoin miners. For example, an Nvidia RTX 3090 graphics card can cost around $ 2,500 to $ 3,000 each.
“We ordered more graphics cards so we will have over 200 processors by the end of this month,” Ishaan said, adding that he has built most of the computers that run in parallel.
“Because they’re all doing the same job at the same time, my homemade computer can process more graphics transactions per second than NASA. A lot of my friends love to play games on their computers. Instead, I just love building computers for fun. ”
The brothers’ mining operation was originally in a private garage but has now moved to a data center in Dallas, Texas. Each month they cost about $ 5,000 in electricity and about $ 4,000 for the technicians overseeing the miners.
“Since we went back to school, we haven’t had time to monitor our computers in the garage. So we put all the computers in a data center. We just build the computers in the garage and then send them to the data center. We also hired technicians to monitor the computers because we had to go to school. ”
“We only build in our free time,” said Ishaan.
Ishaan and Aanya’s parents, teachers, and friends are impressed with their business.
“All of my friends have read about our business on the Internet. In fact, my friends and teachers found it hard to believe! The principal wrote my name on the school bulletin. That makes me very proud, ”said Aanya.
“Our original goal was to spend money on college, but now we believe we can do a lot more.”
For them, mining is “just the beginning”. The brothers plan to launch their own cryptocurrency called Flifecoin later this year. They had developers and lawyers to help with the process.
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