A 14-year-old teenager and his 9-year-old sister earn up to $32,000 a month, about 173 thousand reais from mining cryptocurrencies. According to a report on the Dallas News website, the brother and sister pair are profiting thousands of dollars from mining Ethereum.
While most kids are watching YouTube videos, the brothers are taking on the cryptocurrency industry. The duo started their garage mining project in March of last year with an old gamer computer. That month they earned about $1000.
With the help of YouTube and the support of the father, the children learned how to configure the computer to mine Ethereum. They reinvested mining proceeds into the purchase of additional equipment and now they have 14 platforms with 82 processors mining Ethereum and 5 small platforms with 12 processors mining Raven Coin.
mining in garage
The pair of brothers became interested in cryptocurrencies after their father told them about Bitcoin. At the time, the brothers were interested in buying the cryptocurrency, but as the price was too high, they opted for mining.
As bitcoin mining became an oversaturated market, they opted for the second largest cryptocurrency by market value.
“We wanted to invest in it, but we didn’t have the money to buy bitcoin”, said Ishaan. “So, instead, we buy the equipment to mine.”
They set up the mining rigs in their garage at home, but then, as the operation expanded, they had to move the equipment to a data center with a cooling system. A small farm with 30 video cards remains in the garage.
The house’s electricity bill has increased to $2,500 a month, about R$13,000, while the normal bill for similar homes in the region is $500.
Children use part of the mined coins to cover expenses, but they keep most in the hope that the price will continue to rise.
They hope to use the resources in the future with education. Ishaan wants to go to the University of Pennsylvania and become a doctor. Aanya also wants to be a doctor, but to study in New York.
The brothers wanted to expand mining operations, but due to the pandemic, there was a shortage of chips. Manufacturers were unable to meet demand due to countries that went into lockdown and people were unable to work.
So buying video cards for mining has become more difficult than ever. The pair had two options; buy boards from online retailers at a high price or wait for the boards to return to market. They chose the last option.
They signed up to receive updates from retailers like Best Buy and Micro Center. When the chips and hardware needed for their mining operations were available, they would be alerted by email. The brothers lined up outside the retailers before they opened the next day so they could buy the pieces.
This strategy proved profitable for them as the pair managed to expand their mining operations beyond the domestic garage. They have a data center in downtown Dallas, where they maintain most of their mining rigs.