A report from Dallas News recently mentioned this 9 and 14-year-old sibling duo who are bringing in thousands of dollars just by mining Ethereum, the most popular cryptocurrency after Bitcoin. At this age, when most of the kids are busy playing computer games, Ishaan and Aanya Thakur, who are siblings, have found a way to make lots of money by putting their computers to great use. The brother and sister duo is currently making a staggering $32,000 from their Ethereum mining operation, which they had set up in their garage.
The siblings began to investigate cryptocurrencies after their father had sparked off an interest in them regarding Bitcoin. At that time, the brother and sister duo decided to purchase the cryptocurrency but since the price of Bitcoin had gone up a lot by then, they decided to opt for the mining of the crypto. However, while doing so, they found out that the market for mining Bitcoins was already oversaturated. It was then that they decided that they should opt for Ethereum, which is the second-largest cryptocurrency by market cap.
The sibling duo began their crypto mining journey with an old gaming laptop which they were in possession of and in the very first month of their little operation, they had successfully earned an estimated $1000 from it. This initial burst of profit-motivated the pair of kids to take this to a whole new level. They were really inspired by the amount of profit they had made just by using an old gaming laptop. However, in order to mine crypto, one must need to have chips that need to be mined, and this is exactly where the kids had to come face to face with an initial challenge.
Covid-19 Pandemic and shortage of chips
The siblings Ishaan and Aanya were looking for ways in which they could expand their mining operations further, but unfortunately due to the Covid-19 pandemic, there was a shortage in the availability of chips. Since most of the countries started going under lockdowns and people globally started adopting the working from a home model of work, manufacturers were unable to maintain a stable flow of products. As a result, it became quite a problem to get a chip for mining. The kids had only two directions to head go for. They could either purchase chips from the resellers from the internet at a mixed market price or they could simply wait for the chips to be available in the market once again. However, they decided to wait.
Aanya and Ishaan, who are just 9 and 14 years olds, had signed up for updates regarding the supply of chips from retailers such as Micro Center and Best Buy. They would receive mail regarding the hardware and the chip for their mining purposes, wherever they were available. The kids were so dedicated that they would line up outside the retailers place the following day even before they opened the store, just to make sure that they can receive all the parts necessary.
The strategy seems to have paid off for the siblings as they have been able to expand their mining operations beyond their garage at home. The rigs they had set up were generating a lot of heat for them to confine their activities in that garage. As a result, they have now moved out to an air-conditioned data centre which is located in downtown Dallas. It is where the sibling duo keeps most of their mining rigs. Even then they still maintain about 30 cards in their home garage.
Utilizing Ethereum for expanding the college fund
The siblings are keen on saving most of the profits that they gather from mining. Even then they occasionally had to sell off some amounts of crypto because they needed to pay the running cost of this mining activity including electricity, and parts that were necessary to expand the mining operations. Ishaan explained that the profits generated from mining Ethereum primarily will go for their college education. Both Ishaan and Aanya are willing to become doctors in the future and for that purpose, Ishaan would like to visit the University of Pennsylvania, whereas his sister Aanya would love to go to the University of New York. They are very hopeful that mining Ethereum will eventually help them achieve their dreams of going to the desired colleges.
Their mining setup is made up of 14 rigs which contain 82 processors that are used to mine the cryptocurrency. For the previous month itself, they had paid electricity bills amounting to almost $2500 but that is nothing compared to the staggering $32000 they had made through their mining activities. They have named their company Flifer Technologies and currently, they have ordered four mining rigs from China that have processors built in them, to add to their operations and expand the company even further.