During the summer holidays all teenagers do is gamble and fritter away their time? No way. These two siblings have built a small thriving mining empire during their summer vacation and are making $30,000 a month.
In a recent post, US news channel CNBC featured two young siblings who are head and shoulders above their peers when it comes to entrepreneurship. That’s because the two have built a small mining business during their school holidays that turns over an impressive $30,000 a month.
They are 14-year-old Ishaan Thakur and his 9-year-old sister Aanya, who live in the small Texas town of Frisco. Summer holidays in the US often start in July or August and are usually eight to twelve weeks long. School usually doesn’t start again until September. Enough time to either relax, play computer games or do other typical teenage things. But there is another way. Namely, as in the example of the two siblings, simply start a business.
Bitcoin mining: child’s play?
The story begins with the two of them wanting to learn about new technologies – and spice up their pocket money a bit along the way. After deciding not to fill their summer with computer games, they came across the topic of blockchain and bitcoin mining. Says Ishaan, “We could have spent the whole summer playing video games, but instead we used our free time to learn about technologies.”
Ishaan watched videos on YouTube and gained knowledge about bitcoin mining. Eventually, he had so much confidence in his freshly gained skills that he converted his Alienware gaming PC and used it to mine Ethereum.
From $3 to $1,000 in the first month
The two siblings tell CNCB that they were only able to generate $3 in revenue on their first day. However, they didn’t let this discourage them at all – they kept at it. And at the end of the month, they were rewarded with $1,000 for their perseverance.
They reinvested the profits and added more and more processors. Then, as the profits grew, the two crypto-mining siblings were able to buy more professional equipment, such as an Antminer and an Nvidia GTX graphics card. With these, they were able to mine other cryptocurrencies – in addition to Ethereum, the siblings went on to mine Bitcoin and Ravencoin.
Backwind from their father
The two siblings didn’t make it entirely without help after all. Their father Manish Raj is a former investment banker. So in this family, traditional finance meets digital asset Bitcoin. The father took out a loan and the siblings were able to buy 97 processors that way. Like Raj did not want to disclose the exact amount of the loan. However, he pointed out that the global shortage of computer chips was also affecting the mining scene. This is because the shortage of chips leads to higher prices.
Their mining business started very small, on the desk of one of their siblings, where homework is usually done. But the energy-intensive mining quickly made the house too noisy and hot. More and more mining equipment was added and they had to move their business activities, it went off into the garage. Meanwhile, the family was paying around $3,000 for their monthly electricity bill.
This went well for some time. But after the garage again became too hot, noisy and cramped, they finally moved to a data center. This is located in downtown Dallas. And that’s where the siblings’ mining site is still located today.
What do the two plan to do with their winnings?
Further, despite the enormous profits in mining, both siblings dream of studying medicine and becoming doctors. So they plan to use some of their earnings to build up a cushion for their studies.
In any case, the two still have time to think about their life path. After all, Ishaan has just entered high school and Aanya is only in the fourth grade.