Not long ago, Live Bitcoin News discussed two siblings – 14-year-old Ishaan Thakur and his nine-year-old sister Aanya – and how they began their own cryptocurrency mining business. They started out earning only about three dollars on a single day, but eventually, things rose to such prominence that they began earning $30,000 per month and even established their own cryptocurrency.
Two Siblings Started a Mining Business That Continues to Expand
Today, since opening their mining business, the two siblings – based in Texas – have garnered about $160,000 in crypto profits. Known as Flifer Technologies, the business is larger than anything either the kids or their parents could have ever expected.
In an interview, Ishaan Thakur stated:
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.
He further stated that they can process as many as 15 to 16 billion ether algorithms per second:
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.
Ishaan and Aanya are using the profits of their business to save for college when they get older. Whatever does not get saved is ultimately put back into the business.
Both Ishaan and Aanya first learned how to mine by watching YouTube videos. They say that some of the biggest problems associated with the business thus far stem from the expenses associated with mining. The process of extracting new crypto units from the blockchain can be very expensive. Each month, the siblings face a $5,000 energy bill, and it costs about $4,000 each month to pay technicians to monitor the machines. As it stands, the company boasts nearly 200 individual processors to tackle the job.
Their father is a former investment banker, and he was able to purchase most of these machines by taking out a loan. While it’s unclear how much money was taken out, the national chip shortage means that equipment was likely pricier than expected and set things back a bit.
The siblings now have more graphics cards on order, and these can cost anywhere between $2,000 and $3,000 each. Ishaan explained:
We have additional cards on order, so we will be at over 200 processors later this month.
Making the Computers That Do the Job
He’s also the one who built most of the computers the business uses. He states:
Because they are all concurrently processing the same job, my homemade computers can process more graphics transactions per second than NASA can. Many of my friends like to play games on their computers. Instead, I just like to build computers for fun.