A mining expert, warns that mining’s environmental costs could be disastrous. Photographer
Two siblings in the United States earn US$30,000 per month from cryptocurrency mining during the school holidays.
They had to move their rigs to professional data centres after spending the summer learning how to turn a single gaming computer into a multimillion-dollar business with his sister, Ishaan Thakur, 14, of Texas, and Aanya, 9, of New York City
How did Ishan and Aanya made it
“We started because we wanted to learn something new and make some money at the same time,” Ishaan says.
Rather than spending the summer playing video games, we chose to learn about technology in our spare time.
They expect to spend around $36,000 in September based on what they already have and what they plan to order.
They are currently employing approximately 97 computer processors, many of which are Nvidia RTX 3090 graphics cards, to perform the calculations required to mine cryptocurrencies.
Raj, their father, who is a former investment banker, lends them money to help them fund the business.
These include bitcoin and ether, the two most valuable cryptocurrencies by market capitalization, as well as ravencoin, a lesser-known altcoin that the pair is currently mining.
According to Dr. Tara Shirvani, an expert in disruptive technologies and sustainability at Autonomy Capital, cryptocurrency such as bitcoin could emit enough carbon dioxide to push global warming beyond 2 degrees Celsius by 2033.
“The bitcoin software service consumes approximately 22 terawatt hours of energy per year. Approximately the same amount of energy as Ireland consumes in a year” Shervani elaborated.
Because of bitcoin’s environmental impact, Tesla CEO Elon Musk has removed it as a payment option for one of his company’s vehicles.
Despite the fact that they claim to only use renewable energy at home, the majority of their mining takes place in a data centre in another city.
“We relocated my desk to the garage due to excessive heat and noise. Only mining rigs are now built and tested in garages. Our downtown Dallas data centre is fully air-conditioned and ready to receive them when they are ready “CNBC was informed by Ishaan.