RELATED: A teenager and his sister say they make $35,000 a month by mining Bitcoin
Texas-based siblings Ishaan and Aanya Thakur, who have been mining cryptocurrencies since February, plan to launch a digital token by the end of the year.
They have hired programmers to work on their cryptocurrency called Flifer Coin, Ishaan said.
“We wanted to make a difference because we were mining other coins like Bitcoin and Ethereum. We wanted to make our own cryptocurrency because other people were making it and thought we could do so too,” the 14-year-old said.
The siblings, who say they make about $35,000 a month by mining Ethereum, Bitcoin and Ravencoin, also want to spread more awareness about cryptocurrencies in general.
Cryptocurrency mining uses sophisticated computers that solve complex computational maths problems, according to Investopedia.com. Mining has a magnetic appeal for many investors interested in cryptocurrency because they are rewarded for their work with crypto tokens, the website says. For instance, Bitcoin miners receive Bitcoin as a reward for completing “blocks” of verified transactions, which are added to the blockchain.
“I am proud of what I am doing because I spent the whole summer learning how to mine cryptocurrencies instead of playing games,” nine-year-old Aanya said.
After their father Manish Raj, a former Wall Street investment banker, told the siblings about alt coins in February, they were intrigued about mining cryptocurrencies and converted their old gaming computers to mine for Bitcoin.
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Bitcoin slid about 8 per cent to $40,237 in early Asian trading on September 21, 2021, dropping to its lowest level since the beginning of August. Reuters -
Vitalik Buterin, the co-founder of Ethereum, became the world's youngest crypto billionaire after Ether breached the $3,000 level in May this year. Bloomberg -
Tether, also known as USTD, is considered a stablecoin as it was designed to always be worth $1. Unsplash -
Cardano is growing in popularity with cryptocurrency investors after reaching a market cap of $77 billion in May this year. Unsplash -
Binance Coin is one of the biggest cryptocurrencies in the world. Alamy -
US technology company Ripple created the XRP cryptocurrency in 2012. Today, it is trading at about $0.94, according to Coinbase. Unsplash -
Solana, a programmable blockchain cryptocurrency, hit a record $80.12 in August. Bloomberg -
The USD Coin is a stablecoin with about $27 billion worth of coins in global circulation. Unsplash -
The Polkadot cryptocurrency is built on a multi-blockchain network and has a market cap of about $28.8 billion. Alamy -
Originally designed as a meme joke in 2013, Dogecoin today trades for about $0.21 and has a market capitalisation of about $27.6 billion. Getty Images
The brother and sister watched YouTube tutorials and read Reddit posts to learn how to mine. They made $3 on their first day of mining. Today that has grown to $74,000, which they have reinvested in their business, called Flifer Technology.
“We reinvest whatever we make from mining back into the business so we make more money,” Ishaan said.
Some profits also go towards buying graphics cards and computer processors for mining, Aanya explained.
The siblings have hired technicians at a data centre in Dallas to monitor their mining operation while they attend school. The duo visit the data centre every day after they finish their homework.
9-year-old cryptocurrency miner
Bitcoin, the world's largest cryptocurrency, hit a record of about $65,000 in April, driven by a tide of liquidity, fast-money bets and optimism about growing demand from institutional investors. But critical commentary about the energy consumed by mining rigs and a cryptocurrency clampdown in China soured investor sentiment. Bitcoin fell below $30,000 during a rout in May. On Wednesday, Bitcoin surpassed $55,000.
“Sometimes, we worry that the value of popular cryptocurrencies may rise and fall. But it’s not that big a deal for us because we haven’t put in as much money as other people,” Ishaan said.
“We have only spent money to buy equipment to mine for cryptocurrencies. If we had purchased cryptos instead of mining them, we would stand to lose more money because of the volatility.”
Cryptocurrencies are the way of the future, according to the teen, who foresees people using digital tokens to buy regular items like groceries in the near future.
“It’s great that I can inspire other people. My friends come up to me and ask me how to mine for cryptocurrencies. It feels good,” he said.
“Anyone can do it if they spend the time."
