Posted on 09/01/2021 12:15:09 PM PDT by DUMBGRUNT
Fourteen-year-old Ishaan Thakur and his sister, 9-year-old Aanya, spent their summer building a lucrative business mining cryptocurrency.
“We started because we wanted to learn something new about technology – and also make some money along the way,”
...based in Frisco, Texas, had to learn how to mine, which is no simple feat. When mining to earn cryptocurrencies like bitcoin and ether, complex computers are programmed to compete to solve difficult puzzles in order to validate transactions.
His parents were supportive: “We could have spent the entire summer playing video games, but instead we used our spare time to learn about technology,” Ishaan says.
On their first day, “I made $3,” Ishaan says.
ishaan and Aanya, for example, have over 97 processors, which their father Raj, a former investment banker, helped fund by taking out a loan.
Ishaan and Aanya were able to “scale up” their operation during their school’s summer break, but, looking ahead, they hope to continue to grow their business and balance it with school.
(Excerpt) Read more at cnbc.com ...
But carjacking has much lower entry costs.
As volatile as cryptocurrency is, that’s just a snapshot.
I call bullshit. I’m betting dad did essentially everything.
Good Irish names though.
Good for them. But agreed, how much are they paying for electricity? Is that $30k net, or gross?
I read about an outfit, I think in Canada or upstate NY, that bought an old paper mill that had been closed for ages. It was built next to a small river, and had its own hydro-electric generators built from back in the day. Now that’s a way to earn free money - just let the river spin some paddle wheels for you!
I wonder what their electricity bill is
> I call bullshit <
I do too, but for a different reason. If it was that easy to make $30,000 a month, everyone with any technical ability would be doing it. There’d be no one left to staff any IT department.
It’s kinda like the guys who say, “I make $30,000 a month trading penny stocks!” Nope, ain’t buying it.
I hope they pay the IRS their cut for the Big Guy.....................
I wonder what it would take to make about $5,000 a month.
I’m not greedy...
But if you just buy his PDF it’s so simple!...
Interesting
Cryptocurrency will die a quick death once china starts getting involved and starts stealing.
Per the article, $3000 per month.
Revenue. What about income? Easy to make money when someone else pays for equipment and electricity.
“ ishaan and Aanya, for example, have over 97 processors, which their father Raj, a former investment banker, helped fund by taking out a loan.”
Interesting definition of “earning,”
You notice the dad had to take out a loan. The cost of the equipment can be quite high; it can take several months or a year depending to recover the entry cost.
From the article:
Though at home, the siblings say they use “100% renewable energy for our mining,” because “we want to be environmentally friendly,” they also rent a data center in Dallas, Texas. In total, for both their home and the data center, the electric bill costs just below $3,000 per month, Ishaan says.
I simply do NOT understand how bitcoin works.
“Your computer solves puzzles.”
How is there any intrinsic value?
Is there a product being produced?
What is the value of said product?
Ahhh. I see. Tax evasion. Dad claims the kids are doing it, so income is taxed (or not) at a lower rate.
Yep.
Probably for tax liability.
5.56mm
Undoubtedly their dad did set everything up,but he probably also taught them everything they needed to know to do this as well. Props to him if they’ve developed an interest in investing, although I don’t really believe cryptocurrency to be all that in the long run.
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