Two boys set up an Ethereum mining operation in their garage and earn $32,000 a month
The classic lemonade stand to earn extra money during the summer is a thing of the past for the new digital generation.
Two American kids are making several thousand dollars a month mining cryptocurrencies. That is the story of the 14-year-old Ishaan Thakur brothers and the little 9-year-old Aanya, who this year decided to start mining Ethereum (ETH), the second largest cryptocurrency, in their own garage and have generated monthly profits of $35,000.
They related to the news portal that they had dreamed of mining Ethereum to make money after their father told them a story about the rise of Bitcoin before going to bed.
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In April of this year, Bitcoin broke all-time price records after surpassing $60,000 a unit. The cryptocurrency market’s bull run also saw Ethereum prices hit all-time highs above $4,000.
“We wanted to invest in it, but we didn’t have the money to buy bitcoins,” Ishaan said. “So instead we bought the equipment to mine it.”
Crypto mining operations use the processing power of graphics cards to generate new cryptocurrencies. The mining process for Bitcoin – and other proof-of-work (PoW) cryptocurrencies like Ethereum – consists, in simple terms, of solving complex mathematical problems using highly sophisticated computers to mine new coins.