Ishaan Thakur, a fourteen year old boy and his sister Anya (9) are originally Indians who live in Texas, United states with their parents. Ishaan is a freshman in a high school in the United States. (A high school is equivalent to Senior secondary school in Nigeria). While his sister, Anya, is still in fourth grade (primary school)
How they Started.
It was summer break and the pair had enough free time. They wanted to use the time they had to learn about technologies and earn from it.
In Ishaan’s on word, “We started because we wanted to learn something new about technology – and also make some money along the way,”
So, they headed out to Youtube and other websites, where stumbled and learned how to mine crypto cryptocurrencies. After they finished consuming tutorial videos and learned on YouTube. They converted their Alienware, a gaming computer, into an ether mining rig in April. They did this by using the graphics card, which performs a high volume of calculations for mining.
They told cnbc.com, “crypto mining is just like mining for gold or diamonds, 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.”
How they make their money mining crypto
The pair first began by mining Ethereum. Due to the fact that mining bitcoin is difficult to pool off. It is difficult because, there’s a lot of competition in the bitcoin mining niche.
They first made 3 USD on their first day of mining ethereum. Seeing that they could really make money put of it, they decided to create their own official cryptocurrency mining company, with help from their Manish Raj, their Dad.
Ishaan said “We liked it so much that we started to add more processors [or chips], and made $1,000 in our first month”
Quickly, their income from mining started to move up dramatically. So much so that they were able purchase equipments like Antminers and Nvidia RTX 3080-Ti graphics cards, to begin the mining of bitcoin and ravencoin.
“We can process a little over 10 billion Ethereum algorithms per second” alone, Ishaan says.
Currently, they are earning around $36,000 because of the equipment they have purchased over time. This number is projected to grow in the coming months as they add more equipment to the mining arsenal.
Ishaan and Aanya use Nvidia RTX 3090 graphics cards. These cards don’t come cheap. Each card can cost around $2,500 to $3,000 to buy.
Is Crypto Mining Difficult?
These kids found success in crypto currency mining. But crypto mining is not an easy industry nor is it an easy business to establish, especially if you are coming from a third world economy like Nigeria.
Asides being a complex naturally, mining is expensive, mainly because it requires expensive equipments and a lot of computational power and energy.
The pair got parental encouragement and support. Their parent were there through the whole process of discovery, to helping them scale their business by taking out a loan for them.