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US Schoolchildren Make $160,000 In Less Than 7 Months Mining Cryptocurrency

Two 14 and 9 year old siblings from Texas, USA, have earned nearly $160,000 (£120,000) mining cryptocurrency, CNBC reports. Ishaan Thakur, 14, and his sister Aanya, 9, started to mine cryptocurrency in April, and have demonstrated an impressive proficiency since their first attempt earned them just $3.

Ishaan told CNBC: “We have configured our computers to constantly scan for the most profitable coin and switch to that coin automatically. Ether is the dominant coin we mine, with bitcoin and ravencoin being the second and third.”

He added: “Even though we are now making a lot of money, we are just as proud now as we were when we only made $3 per day, since our main prize is not the money. My favorite part about our experience is that we learned about a new technology.”

The siblings taught themselves about the mining process by watching videos on the internet. But just how easy is it for an amateur to learn how to mine cryptocurrency? The answer, it seems, is not very.

According to Investopedia, it is a time-consuming and expensive business, with patchy rewards. The main advantage is that you can earn cryptocurrency without having to invest any of your hard-earned cash at the outset. However, you do need some heavy-duty technology to set up a mining rig, and they are very energy-intensive to run.

Crypto mining is basically a huge numbers guessing game, and the more powerful and numerous the computers you have to run the calculations, the better chance you have of making a profit. It’s pretty much impossible to do from an average desk-top PC.

Ishaan and Aanya were fortunate enough to be able to loan money from their father, in order to buy 200 processors, which gave them a good chance of making a profit. For most people, the easiest way to start in the world of virtual assets is to simply invest via a cryptocurrency exchange.

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