Young siblings earn $ 35,000 a month by extracting cryptocurrency. How they do it - CBS Detroit | MCUTimes

Young siblings earn $ 35,000 a month by extracting cryptocurrency. How they do it – CBS Detroit

FRISCO, Texas (CBSDFW.COM) – Ishaan Thakur, 14, and his sister Aanya, 9, make it sound easy. Eight months ago, siblings in Texas converted their gaming computer into a cryptocurrency mining business.

“I went online, watched a couple of YouTube exercises, and I just learned it,” Ishaan explained to KTVT-TV in Dallas. “It’s possible for anyone to do it if they think about it.”

Ishaan Thakur (CBS 11)

On their first day of mining, the siblings earned $ 3. Now they earn more than $ 35,000 a month mining mainly for cryptocurrency, Ethereum.

“We did not know much about it in the beginning,” Aanya said. “But our father told us stories about how much the prices went up, so we wanted to find out. That’s how we got started. ”

Aanya Thakur (CBS 11)

The way mining works is when someone buys or sells cryptocurrency, a new unique digital coin needs to be made to ensure security. To do that, computers ran around the world solving a complex mathematical problem. The computer that does it first wins and produces the new coin. This computer is then rewarded with cryptocurrency for itself.

The chances of a computer winning are slim, so the key is to have plenty of computer servers. Using a loan from their father, the Thakur siblings have invested tens of thousands of dollars in their operations. This included the purchase of 145 graphics cards – each costing more than $ 3,000.

Most of their operations are also no longer in their garage. Instead, most of their computer rigs are now located in a secure climate-controlled data center in Dallas.

Mining computers create heat and potential hazards in the home

To succeed in cryptocurrency mining, you need more powerful computers running 24 hours a day. These computers get hot – sometimes too hot.

Last year, firefighters in Fort Worth responded to a house fire on Bamberg Lane on the north side of town. No one was home at the time when the fire hit most of the two-story home. When they searched through the charred garbage in the garage, firefighters found that they found boxes of graphics cards, the type often used to mine for cryptocurrency.

According to the investigation report, investigators concluded that the electrical fire started from a computer server shelf in the garage. The tenant told firefighters that the server rack “was mined for cryptocurrency.”

At-home Bitcoin miners are struggling to compete with professional operations

When mining for cryptocurrency, domestic miners often have to compete against large, well-funded mines. This is why many home miners do not mine for Bitcoin and instead mine for less valuable cryptocurrencies, such as Ethereum.

The Whinstone plant in Rockdale, Texas is the largest Bitcoin mining operation in North America. The 100-acre facility has more than 115,000 computer servers that extract Bitcoin. Whinstone does a lot to keep their servers from overheating.

RELATED: Will the Texas Electric Grid be able to handle the state’s Bitcoin Mining Rush?

The company built a high-tech cooling system in their buildings that sends cold water running through the exterior walls, while heat generated from the computers is sucked out through ceiling vents. “I think that’s what a lot of people are not aware of is the investment that goes into buildings like this,” said Whinstone CEO Chard Harris.

Whinstone in Rockdale, Texas (CBS 11)

Without major equipment investments, most home miners usually make small profits

Because it is difficult to compete against the big cryptocurrency miners without major investment, most home miners experience resembling Noah Jost.

When the 10-year-old Bedford student does not play Fortnight on his computer, he switches his computer to mine for Ethereum.

Noah Jost (CBS 11)

In the past year, Noah has learned a lot about the cryptocurrency market along with a lesson on getting rich. “I’ve made about $ 230 in total in eight months,” he said.

Noah said he plans to save his earnings to buy a “better” computer so he can “make more money on mining.”

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