FRISCO, Texas (CBSDFW.COM) – Ishaan Thakur, 14, and his sister Aanya, 9, make it sound easy.
Eight months ago, the Frisco siblings converted their gaming computer into a cryptocurrency mining machine.
“I went online, watched a couple YouTube tutorials, and I just learned it,” explained Ishaan. “It’s possible for anyone to do it if they put their mind to it.”
On their first day of mining, the siblings made $3.
Now they are making more than $35,000 a month mining mainly for the cryptocurrency, Ethereum.
“We didn’t know much about it at first,” said Aanya. “But our dad told us stories about how much the prices were going up so we wanted to find out about it. That’s how we got started.”
The way mining works is whenever someone buys or sells cryptocurrency a new unique digital coin needs to be made to ensure security. To do that, computers around the world race to solve a complex math problem. The computer that does it first wins and produces the new coin. That computer is then rewarded with cryptocurrency for themselves.
The odds of any one computer winning are slim, so the key is to have lots of computer servers.
With the help of a loan from their father, the Thakur siblings have invested tens of thousands of dollars into their operation.
This included buying 145 graphic cards – each costing more than $3000.
Most their operation is also no longer in their garage. Most of their computer rigs are now located at a secure climate-controlled data center in Dallas.
Mining computers create heat and potential home hazard
To be successful mining for cryptocurrency, you need several high-powered computers running 24 hours a day.
These computers get hot – sometimes too hot.
Last year, Fort Worth firefighters responded to a house fire on Bamberg Lane on the north side of the city.
No one was home at the time as the fire gutted most of the two-story home.
When searching through the charred debris in the...