Instead of spending the entire summer video gaming, Ishaan and Aanya Thakur cannily picked up mining lessons from YouTube videos. And soon, Ishaan’s high-end Dell Alienware laptop turned into an Ethereum mining rig...
With the demand for cryptocurrency rising, crypto mining has become a lucrative profession. With average earnings of $5,600 a month, it is not hard to see why so many individuals have gone into crypto mining even though they may not fully grasp the technicalities. But when people think of crypto miners very few picture two young siblings not even in college yet.
Fourteen-year-old Ishaan Thakur and his sister, 9-year-old Aanya have managed to launch and operate a flourishing crypto mining business that is raking them over $30,000 a month.
“We started because we wanted to learn something new about technology -- and also make some money along the way,” Ishaan told CNBC.
The two are operating a mining operation that sees them mining for Bitcoin, Ether and Ravencoin -- three of the largest cryptocurrencies in the world by market capitalisation.
Instead of buying a mining rig, which many individuals do when entering the mining business, Ishan and Aanya learnt how to mine cryptocurrencies -- by watching YouTube videos. Making judicious use of the internet, the two figured out the basics on how to embark on their mining journey. Their first mining operation was borne out of Ishaan’s high-end Dell Alienware laptop, which soon turned into an Ethereum mining rig.
“We could have spent the entire summer playing video games, but instead we used our spare time to learn about technology,” Ishaan said.
The two were also helped by their parents in scaling and expanding their business. Their father, Manish Raj, helped the two create their mining company Flifer Technologies and helped fund their expansion to 97 processors by taking out a loan from the bank. These graphical processor units (GPUs) have seen their prices increase far above the maximum suggested retail price (MSRP) due to shortages borne out of a demand from crypto miners and the global semiconductor crisis. Aanya and Ishaan use the Nvidia RTX 3090 for most of their rigs. The GPU carries an MSRP of $1,499 (Rs 1.09 lakh) but actual costs are easily double that amount.
“We moved from my desk to the garage, since the house was getting too much heat and noise.
The two even use renewable energy, in order to keep up with the staggering energy requirements to mine cryptocurrency, especially Bitcoin. In total, the cost for renting the data centre and the energy costs run them around $3,000 (Rs 2.1 lakh) a month.
But with sweeping changes coming to Ethereum, which will essentially kick out dedicated miners from the cryptocurrency ecosystem, their profits may dip slightly next year. But that hasn’t deterred Ishaan, Aanya and many others who have made mining a full-time profession.
(Edited by : Shoma Bhattacharjee)
First Published: IST