Ishaan and Aanya Thakur, who live in Texas and have been mining cryptocurrencies since February, hope to create a digital currency before the end of the year.
Ishaan stated that they had engaged programmers to work on their cryptocurrency, Flifer Coin.
“We wanted to make a difference because we were mining other coins like Bitcoin and Ethereum. We wanted to make our own cryptocurrency because other people were making it and thought we could do so too,” the 14-year-old said.
The siblings, who claim to make around $35,000 each month mining Ethereum, Bitcoin, and Ravencoin, also want to raise awareness about cryptocurrencies in general.
Mining for cryptocurrency employs sophisticated machines that solve complex computational math problems. According to the website, mining has a magnetic allure for many cryptocurrency investors because they are rewarded for their efforts with crypto tokens. Bitcoin miners, for example, are rewarded with Bitcoin for completing “blocks” of validated transactions that are added to the blockchain.
“I am proud of what I am doing because I spent the whole summer learning how to mine cryptocurrencies instead of playing games,” nine-year-old Aanya said.
After their father, Manish Raj, a former Wall Street investment banker, informed them about alt coins in February, the siblings were interested in mining cryptocurrencies and repurposed their old gaming machines to mine for Bitcoin.
To learn how to mine, the brother and sister studied YouTube videos and read Reddit threads. On their first day of mining, they made $3. That has now risen to $74,000, which they have put in their company, Flifer Technology.
“We reinvest whatever we make from mining back into the business so we make more money,” Ishaan said.
Aanya added that certain funds are also used to purchase graphics cards and computer CPUs for mining.
While the siblings are in school, they have recruited professionals from a data centre in Dallas to monitor their mining operation. Every day after they finish their homework, the two go to the data centre.