14-year-old Ishaan Thakur, and his 9-year-old sister, Aanya, are raking in thousands of dollars every month by mining cryptocurrencies such as ethereum and bitcoin.
While most kids are simply playing with their computers, Ishaan and Aanya Thakur are making money with theirs. The brother-sister duo currently makes $32,000 a month from their crypto mining operation which they started in their garage. They currently earn from mining bitcoin, ether, and ravencoin.
What started with a single computer in a room desk is now an entire business that has found a home in a rented, air-conditioned data centre in downtown Dallas, Texas.Ishaan and Aanya Thakur at their desk
"We started because we wanted to learn something new about technology – and also make some money along the way," they said. "We could have spent the entire summer playing video games, but instead we used our spare time to learn about technology."
The pair got interested in cryptocurrencies after their father had told them about Bitcoin. They became curious afterwards, and Ishaan started watching many YouTube videos and scraping the internet for resources on mining and the associated technologies, diving deep into the technicalities necessary for setting up a successive mining business.
The siblings began with ether because mining bitcoin can be especially difficult. With its limited supply and surging demand, the competition when mining bitcoin can be more intense. On their first day, "I made $3," Ishaan said.
But it wasn't until their father, Manish Raj, took out a loan to purchase dedicated equipment that the venture, Flifer Technologies, really took off.
"We liked it so much that we started to add more processors [or chips], and made $1,000 in our first month" of May, Ishaan says.
The company now has Antminers housed in a rented, air-conditioned data centre in Dallas, built specifically for the mining operations.
In total, they expect to earn around $36,000 in September based on the equipment currently on order, their father, Raj says.
"We can process a little over 10 billion Ethereum algorithms per second" alone, Ishaan says.
Although Ishaan and Aanya have had success, the process is far from easy. In addition to being very complicated, mining is certainly not cheap, as it requires expensive equipment, a lot of energy and computer power.
The siblings said they use "100% renewable energy for our mining" because "we want to be environmentally friendly." Their electric bill costs just below $3,000 in total for both their home and data centre, Ishaan said.
"We moved from my desk to the garage, since the house was getting too much heat and noise. [We] outgrew the garage, since heat and noise were too much for the garage too," they said. "We now use the garage only for building and testing mining rigs. When they are ready, we move them to a professional, air-conditioned data centre in downtown Dallas."
Ishaan and Aanya said they plan to reinvest most of the profit back in the company, but they hope that profits from the mining operations will also help pay for their college fees in the future. Both siblings want to go to Medical School; Ishaan hopes to attend the University of Pennsylvania, whereas Aanya wants to attend New York University.
Ishaan and Aanya were able to "scale up" their operation during their school's summer break, but, looking ahead, they hope to continue to grow their business and balance it with going to scho4ol.
When her friends ask, "I just tell them we're just mining in the garage," Aanya says.
Ether has been on a tear this year, gaining more than 300 percent since the year started and is now trading above $3,400. Bitcoin, on the other hand, is trading at nearly $48,000.