Ishaan Thakur (14) and Aanya Thakur (9) started their own cryptocurrency mining company Flifer Technologies in April. After setting up the company with the help of their father, Manish Raj, the two siblings made thousands over the summer. With their profits, they plan to reinvest in the business but also hope that their profits will help them pay for college. 

“We started because we wanted to learn something new about technology – and also make some money along the way,” said Ishaan.

The pair, based in Frisco, Texas, mine Bitcoin, Ether, and Ravencoin. They also added that they make over $30,000 a month. Ishaan stated that they first started mining Ether, and made $3 on their first day.

“Crypto mining is just like mining for gold or diamonds. Instead of using shovels, you mine with computers. Instead of finding a piece of gold or a diamond in the mine, you find a cryptocurrency,” Ishaan says. “We liked it so much that we started to add more processors [or chips], and made $1,000 in our first month” of May, Ishaan says.

As the earnings grew, their father invested in specialized mining hardware and graphic cards in July, and they could mine Bitcoin and Ravencoin as well. (Learn how ethereum mining works) The siblings’ mine from their home and data center in Dallas, which the family rents. Moreover, they only use “100% renewable energy” for their mining, because they want to be environment-friendly. Their electric bill costs just below $3,000 in total for both their home and data center.

Their mining setup includes 14 rigs which contain 82 processors used to mine the cryptocurrency. For the previous month, they had paid electricity bills amounting to almost $2500. However, that is nothing compared to the staggering $32000 they had made through their mining activities. They have currently, they have ordered four mining rigs from China that have processors built in them. This will add to their operations and expand the company even further.

Ishaan explained that the profits generated from mining Ethereum primarily will go for their college education. He hopes to attend the University of Pennsylvania. There, he’d like to study medicine and become a doctor. Aanya also wants to study medicine, but instead, would like to attend New York University. However, they have quite a few years left to save. After all, Ishaan is a freshman in high school, and Aanya is a fourth-grader in elementary school.