Two children from the US state of Texas earn $ 32,000 a month from Ethereum mining. How did this happen?
Bitcoin was too expensive for them
It’s a classic success story-with a crypto component: a sibling from the US state of Texas started small, proved tenacity – and now farms Ethereum for $ 32,000 a month. Initially, Ishaan and Aanye Thakur actually wanted to buy Bitcoin. But the cryptocurrency number 1 was already too expensive, Ishaan tells the “Dallas Morning News”:
“We wanted to invest in it, but we didn’t have the money to buy Bitcoin. So we bought mining equipment instead.“
Although you can also buy Bitcoin with the investment capital for a powerful mining graphics card. The two young entrepreneurs did not want to be satisfied with the fraction of a coin. So the money was invested in an old gaming laptop-and ETH was farmed with it (you can buy Ethereum at eToro or Libertex). At first, they were worried that it was too complicated – but Youtube videos on the topic helped, said ninth grader Ishaan.
Around 1,000 dollars are said to have already been raised monthly through ETH farming. The revenues, in turn, were conscientiously invested in new mining hardware-until suddenly chips became scarce worldwide: Due to the lockdowns of the corona pandemic, chip manufacturers were not able to keep up with demand.
But even this should not slow down the young miners: They signed up with several retailers for delivery updates – and then stood in front of the shops before the store opened to secure the coveted parts. Thus, the siblings were able to expand their mining business further and further. In the end, the two had to move out of their home garage because, according to the “Dallas Morning News”, the plants had generated too much heat. Meanwhile, the two use 14 rigs with 82 processors to mine Ethereum, and five rigs with 12 processors for Raven Coin. Further machines have already been ordered.
Meanwhile, the mining rigs are running in an air-conditioned data center in downtown Dallas. But about 30 cards are still in the garage-for testing. Ishaan estimates: Around 90.000 dollars should be worth all together. The associated electricity bill is also impressive: $ 2,500 is due for the home and data center. Ishaan confident:
“We want to make this something big.“
What remains exciting is how the Ethereum miners will adapt their business to the upcoming switch to ETH 2.0: With ETH 2.0, the previous proof-of-work consensus mechanism is eliminated, it is switched completely to proof-of-Stake (PoS). This completely eliminates the need for miners. Ethereum developers therefore already recommend miners to expect the end by the end of 2021:
To all Ethereum miners: plan conservatively for an end to mining EOY 2021.
– trent.eth (@trent_vanepps) April 29, 2021