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Sunday, September 26, 2021

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These kids have a plan to pay for college: mine Ethereum

The cost of studying a four-year college degree in the United States today can be over $ 400,000, an almost unattainable goal for most middle-class families. However, 9-year-old Aanya Thakur and his 14-year-old brother Ishaan have a plan: to mine Ethereum.

The little duo, based in the Texas city of Frisco, hopes to study medicine at the universities of Pennsylvania and New York, which are among the most select study centers in the world. To achieve this, their first project was to set up a lemonade stand, which earned them about USD 100 each summer.

However, everything changed after their father told them the story of bitcoin (BTC) and its climb to $ 50,000. From there, the children were so excited that they set out to learn more about cryptocurrencies, according to a report by US media that interviewed the children.

Ishaan, a ninth-grader at Frisco high school, said that with the help of his sister and father, they began watching YouTube videos about cryptocurrency mining. Soon decided to turn their PC into a team to mine ethers (ETH), the cryptocurrency of the Ethereum network.

Getting a dedicated video card (GPU) for Ethereum mining in times of pandemic was their first major hurdle, due to a shortage of key PC components, but they solved it by going to the second-hand market.

The first day they earned USD 3 mining and USD 1,000 in their first month. Then his father, Manish Raj, a highly experienced bank clerk, applied for a loan to help them buy more equipment to boost your project.

Aanya and Ishaan Thakur started their project in their home garage. Source: Screenshot video nbcdfw.

Now, the Thakur brothers have 14 rigs with a total of 82 GPUs to mine Ethereum and 5 with 12 to mine Ravencoin (RVC). What’s more, have commissioned new components from China manufacturers to later expand their new business, which they registered, with the help of their father, under the name of the mining company “Flifer Technologies”.

Although they started their operations in their own home garage, they now rent space in a data center in Dallas, as the heat and noise were too great to keep in their home, according to a Dallas newspaper report.

The transfer of equipment also it was necessary due to the high cost of the electricity bill. And yet, between the equipment they still keep in their garage and the equipment they have in the data center, electricity costs them about $ 3,000 per month.

In any case, including all expenses, at the end of September they expect to earn around USD 36,000. At that rate of production they may need 12 months to complete the full amount that one of them requires to cover his career.

However, it should be borne in mind that the percentage of commissions with respect to the total income of Ethereum miners varies every month. Although have made higher profits than Bitcoin for more than three monthsAs reported by CriptoNoticias, there is also the possibility that the price will decrease considerably.

One element that may favor children’s plans is that Ethereum miners are making better profits than ever. Source: The Block.

It is also to keep in mind that Ethereum mining is subject to momentous changes until it is finally obsolete. This is due to the transition process of the second most important blockchain in the ecosystem, which will go from Proof of Work (PoW) to Proof of Stake (PoS), ending mining to make way for staking.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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