Wonder Kids earned $160,000 mining cryptocurrency in just seven months
Since last April, these two wonder siblings of ages 14 and 9, Ishaan Thakur and his sister Aanya made $160,000 by mining cryptocurrency.
The company Flifer Technologies, as they’ve dubbed it, has grown into a profitable venture. They only made $3 on the very first day. However, for seven months, their business has expanded significantly. Ishaan and Aanya made $64,000 in October alone.
“We have configured our computers to constantly scan for the most profitable coin and switch to that coin automatically,” says Ishaan. “Ether is the dominant coin we mine, with bitcoin and ravencoin being the second and third.”
According to Ishaan, the twins based in Frisco, Texas, can execute 15 to 16 billion ether algorithms every 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,” Ishaan says. “My favorite part about our experience is that we learned about a new technology.”
Ishaan and Aanya plan to save for college and reinvest in the business.
‘This is just the start.’
Ishaan and Aanya first were self-taught the mining skills by watching YouTube tutorials and searching the internet.
Mining, on the other hand, is a laborious procedure.
Ishaan and Aanya have roughly 100 Nvidia RTX 3090 graphics cards, 50 Nvidia RTX 3070Ti graphics cards, a combination of Nvidia 30-series processors, and 24 bitcoin mining rigs. For example, Nvidia RTX 3090 graphics cards might cost anywhere from $2,500 to $3,000 per.
“We have additional cards on order so that we will be over 200 processors later this month,” Ishaan says.
Ishaan creates all the parallel working machines. “Because they’re all doing the same thing at the same time,” he explains, “my home computers can perform more graphical transactions per second than NASA.” “A lot of my pals enjoy playing computer games. Instead, I enjoy making computers for pleasure.”
To validate cryptocurrency transactions, mining machines must compete to solve complicated riddles. It’s complex and costly, as it demands a lot of computer processing power and energy.
Manish Raj, a former investment banker, took out a loan to fund the processing. Raj wouldn’t disclose how much the loan was for, but a global shortage of computer chips made it much more difficult to get equipment and drove up prices.
Although their mining operation started in their garage, they moved to a data center in Dallas, Texas. The monthly electricity price is $5,000, and the cost of staff to monitor the rigs is more than $4,000 per month.
“Since our school has started, we don’t have time to monitor our computers in the garage. So we put all the computers at a data center,” Aanya says. “We use the garage only to build computers, and then we send them to the data center. We have also hired technicians to monitor the computers because we have to go to school.”
“We only mine in our free time,” Ishaan says.
Ishaan and Aanya’s mining business impress their parents, teachers, and friends.
“All of my friends read about our business on the internet,” Aanya says. “My friends and teachers couldn’t even believe it! The principal wrote my name in our school newsletter. It made me so proud.”
“Our initial goal was just to save for college, but now we think we can do more,” she adds.
Mining is “only the beginning” for them, according to Ishaan. The siblings hope to introduce Flifercoin, their cryptocurrency, later this year. During the process, they received assistance from developers and an attorney.
“We think there are so many opportunities that involve crypto, and we hope to be pioneers in this space,” Ishaan says. “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.”