Two 14- and 9-year-old brothers used their summer vacation to devote themselves entirely to an activity somewhat unusual for their age: cryptocurrency mining. Ishaan, the eldest, and Aanya, the youngest, managed to raise an impressive $30,000 in about a month, after studying the technology a lot. They want to use the money to fund their education in the future and further improve their bitcoin (BTC), ether (ETH) and ravencoin (RVN) mining capabilities.
With the lucrative vacation activity, they also rented a data center in Dallas to increase their hash rate and hence their mining profit. “We started because we wanted to learn something new about technology and also earn some money along the way,” Ishaan told CNBC.
The brothers live in the state of Texas, in the United States, a place that has become one of the main destinations for bitcoin miners after the exodus that occurred when China began to tighten restrictions on activity in the country even more, even cutting energy facilities dedicated to the extraction of cryptocurrencies. So Ishaan and Aanya are already in one of the regions offering the best profit potential due to their cheap electricity.
Learning to mine cryptocurrencies on YouTube
“Cryptocurrency mining is like gold or diamond mining,” commented Ishaan. “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.” The brothers also said that they learned how to do this through YouTube and some internet research.
After studying hard, they felt comfortable getting started. Ishaan converted his gamer computer into an ether mining platform in April. Gaming PCs often have components, such as more powerful GPUs, that can allow the activity to be carried out with a good profit margin, depending on the cryptocurrency being extracted and the method used.
Ishaan made the conversion using his graphics card capable of performing the large volume of calculations required for mining. His parents were very supportive of the venture, as the young man said: “We could have spent the whole summer playing video games, but instead we used our free time to learn about technology.”
Brothers expanded mining to bitcoin and ravencoin
The pair started with ether mining, as bitcoin mining is known to be especially difficult. Ishaan pointed out that on the first day, they only earned $3. However, the duo wanted to continue anyway, so to make their business official, they created their own mining company: Filfer Technologies.
“We liked it so much that we started adding more GPUs and earned $1,000 in the first month,” added Ishaan. In late July, they were able to buy extra equipment like Antminers and high-end graphics chips that allowed them to start mining bitcoin and ravencoin, a rising altcoin as well. However, each GPU purchased cost them about $2,500.
Even though it is expensive, the investment promises to increase the brothers’ income even more. The pair hopes to accumulate around $36,000 in mined cryptocurrencies by the end of September. “We can process a little over 10 billion Ethereum algorithms per second,” said the big brother. Despite their successes, Ishaan and Aanya highlighted that the activity requires investment and that the whole work is definitely not easy.
The brothers hope to study medicine and become doctors, with Ishaan determined to enter the University of Pennsylvania and Aanya at New York University. At the current rate of profit, it is quite possible that they will be able to fully finance their studies.
With information: CNBC