14 and 9-year old siblings earn $160,00 through cryptocurrency mining

Since the beginning of April, 14-year old Ishan Thakur along with his 9-year old sister Aanya, have made almost $160,000 through cryptocurrency mining.

On their first day of cryptocurrency mining, siblings made $3. But in the last 7 months their growth has been tremendous. In October alone, the siblings made $64,000. It has become an attractive business, which they have called Filfer Technologies.

In an interview, Ishaan tells CNBC Make it,  “We have configured our computers to constantly scan for the most profitable coin and switch to that coin automatically,”  “Ether is the dominant coin we mine, with Bitcoin and ravencoin being the second and third.”

Bitcoin is the largest cryptocurrency through market value, followed by Ethereum being the second largest. And Ravecoin is an altcoin that is amongst the top 100.

“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.”

The siblings hope to reinvest this money back into their business. They are also planning to save for college education.

How they started cryptocurrency mining

All the miners must compete with one another to solve complex puzzles in order to validate all the cryptocurrency transactions. It is not only difficult to solve, but also very expensive as it demands a lot of computer power and energy.

The siblings have almost 200 processors. Th former were arranged by their father, Manish Raj, a former investment banker. Manish helped in this funding by taking a loan.

Ishaan and Aanya have nearly 100 Nvidia RTX 3090s, 50 of Nvidia RTX 3070Ti, a mix of Nvidia 30-series processors and 24 specialized bitcoin mining machines. Nvidia RTX 3090 graphics cards, for example, can cost around $2,500 to $3,000 each.

“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.”

Their mining operations were initiated in their home’s garage. But now they have moved to data centers in Dallas, Texas.  It is costing nearly $5000 per month or the electricity bill and $4000 per month the technicians to monitor the supply.

The parents, teachers and friends are proud and impressed with their crypto mining business.

“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.

What the future looks like

For them, this is not the end, rather is “just the beginning”.  Ishaan and Aanya are not just goin to be restricted to mining operations. The siblings are planning to launch their own cryptocurrency later this year. They have planned to name their cryptocurrency as Flifercoin.

“We think there are so many opportunities that involve crypto and we hope to be pioneers in this space”. 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, Ishaan says.”

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