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

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

The cost of studying a four-year university degree in the United States today can be above USD 400,000, an almost unattainable goal for a large part of 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 install a stand for the sale of lemonade, which earned them about USD 100 each summer.

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

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 they decided to turn their PC into a computer to mine ethers (ETH) , the cryptocurrency of the Ethereum network.

Get a video card ( GPU) exclusively for mining Ethereum 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 product market.

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

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

Extracting ether: new formula to finance university education

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

Although they started their operations in their own 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 the equipment was also necessary due to the high cost of the electricity bill . And yet, between the equipment they still keep in their garage and those they have in the data center, electricity costs them about USD 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 could need 12 months to complete the total amount that one of them requires to cover their career.

However, it is keep in mind that the percentage of commissions with respect to the total income of Ethereum miners varies every month. Although they have made higher profits than those of Bitcoin for more than three months , as reported by CryptoNews, 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 bear 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 .

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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