If you want to start mining some cryptocurrency and you need some inspiration, this might be the story for you. A fourteen and a nine year old brother and sister managed to mine close to $160,000 in just 7 months.
The names of the siblings are Ishaan Thakur (14) and Aanya Thakur (9). They started their mining operation in April and only made $3 during the first day. But, the business scaled. In October, it made an impressive $64,000. As a result of the success, they did launch an actual business named Flifer Technologies.
In an interview for CNBC, Ishaan declared:
“We have configured our computers to constantly scan for the most profitable coin and switch to that coin automatically. Ether is the dominant coin we mine, with bitcoin and ravencoin being the second and third. Even though we are now making a lot of money, we are just as proud now as we were when we only made $3 per day, since our main prize is not the money. My favorite part about our experience is that we learned about a new technology.”
As expected, Aanya and Ishaan just want to reinvest, although a part of the profit will go towards savings so they can go for college.
What is interesting is that the siblings learned what they have to do to mine cryptocurrency by simply watching YouTube videos, with some Google searching involved.
As expected with the huge profit, the business already has a pretty large setup. There are close to 200 processors used. It was Manish Raj, their father, who funded the operation through a loan. The setup also includes several specialized machines to mine bitcoin and video cards. More cards are already being ordered.
All computers run in parallel and were mostly built by Ishaan.
The initial operation was built inside the garage of the family’s home. It then expanded and now the business runs a data center in the city of Dallas. The electricity bill alone costs $5,000 per month and an extra $4,000 is needed to pay technicians who monitor all the rigs.
The data center was actually rented because, according to Aanya:
“Since our school has started, we don’t have time to monitor our computers in the garage.”
The entrepreneurial spirit of the two siblings is quite remarkable. What they managed to achieve can take years for most people. They even want to launch a new cryptocurrency, Flifercoin, for which they already discussed things with an attorney and developers. Ishaan declared:
“We think there are so many opportunities that involve crypto and we hope to be pioneers in this space. But I am just a 14-year-old, so my school work and saxophone take priority. Therefore, I am not able to work on my business as much as I would like to.”
It seems he managed to do just fine as he achieved what others only dreamt about. And it seems like the sky is the limit for the two siblings from Dallas, Texas.