This sibling duo has been earning thousands of dollars by mining Ethereum. While most children are playing with their computers, Ishaan and Aanya Thakur are earning money with theirs. The brother-sister team currently earns $32,000 per month from their Ethereum mining business, which they began in their garage.
After their father told them about Bitcoin, the two became interested in cryptocurrencies. The siblings were interested in purchasing the cryptocurrency at the time, but because the price had risen so dramatically, they decided to mine instead. However, they discovered that bitcoin mining had become an oversaturated market. As a result, they chose Ethereum, the second-largest cryptocurrency by market cap.
They began by mining Ethereum on an old gaming laptop they had. And they had made $1,000 from their small mining operation in the first month. Given the profits they had made using only an old gaming laptop, this motivated the pair to take their activities to the next level. Crypto mining necessitates the use of chips, which is where the siblings ran into their first issue.
Chip Shortage Caused by COVID
Ishaan and Aanya, siblings, wanted to expand their mining operations, but there was a chip shortage due to the pandemic. Manufacturers were unable to keep up with demand as a result of countries going into lockdown and people being unable to go to work. As a result, obtaining a mining chip has become more difficult than ever. The duo had two choices: buy chips from resellers online at a premium or wait for chips to become available. They opted for the latter.
9-year-old Aanya and her 14-year-old brother Ishaan subscribed to supply updates from retailers such as Best Buy and Micro Center. When the chips and hardware required for their mining operations became available, they would be notified via email. And the siblings would line up outside the stores before they opened the next day to get the parts.
This strategy has proven profitable for them, as they have been able to expand their mining operations beyond the confines of their home garage. Their rigs generated too much heat to be kept in their garage, so they now have an air-conditioned data center in downtown Dallas where they keep the majority of their mining rigs. While they still have approximately 30 cards in their garage.
Ethereum is being used to increase the size of the college fund.
The majority of their mining profits are saved by the siblings. However, they had to sell some of their cryptocurrency in order to pay for things like electricity and parts to expand their mining operation. Profits from the mining operation, according to Ishaan, go to their college fund. Both siblings aspire to be doctors and plan to attend the University of Pennsylvania in Ishaan’s case and the University of New York in Aanya’s case. And they are hoping that mining Ethereum will help them achieve their goal of attending college.
In terms of electricity costs, their returns far outweigh the power bill they receive from mining. They had to pay a total of $2,500 for the previous month – $850 for their home electric bill and $1,650 for their data center electric bill. This is a large power bill, but it is nothing compared to the $32,000 that the siblings are bringing in for their mining operation.
Their current setup consists of 14 rigs with 82 processors that are used to mine Ethereum. The siblings then used five rigs with 12 processors to mine Ravencoin because these processors are not powerful enough to mine Ethereum. The siblings intend to expand their company, Flifer Technologies, and have currently ordered four additional mining rigs from China with built-in processors.