According to a report from Yahoo Finance on Tuesday, a pair of young siblings are earning $32,000 a month from mining Ethereum (ETH).
The duo from Dallas — Ishaan, 14 years old, and his sister Aanya, 9 years old — plan to use their incredible gains to fund their education. And you can be sure that despite rising college costs, their expenses will be well covered and then some.
Talk about pulling yourself up by your own bootstraps! These entrepreneurial tweens are a success story that should make any American capitalist proud.
The two also use some of their proceeds from mining Ether to expand their mining operations by investing in advanced graphic processing units (GPUs) and other computer equipment that facilitates crypto mining. And while they have now amassed a whopping 94 processors to mine Ethereum, the inventive duo got their start using a single “old gaming computer” beginning back in March, according to the Yahoo report. However, this was enough to help them earn $1,000 worth of ETH in their first week.
Now the pair earns over $8,000 a week!
And you can too.
The Basics of Cryptocurrency Mining
Crypto mining is the process in which transactions between users on a blockchain network are verified and added to the blockchain public ledger. By participating in the crypto mining process, i.e., devoting your electricity and computing power to verify transactions on the blockchain, you’re rewarded with the network’s native cryptocurrency.
Bitcoin (BTC) is the most popular and well-established example of a mineable cryptocurrency, but there are many other popular cryptocurrencies that can be mined as well. This includes highly sought-after cryptocurrencies like Ethereum and Litecoin (LTC), among others.
The great part about all this is that you can get started mining almost immediately.
Your first step is to acquire a solid gaming PC — one with a quality GPU, and preferably multiple GPUs. For the most part, you can buy prebuilt setups like this one or pay to have one built. If you have a friend in IT, they can certainly help you get started on your mining PC design.
Another option for the more tech-savvy individuals is to build your own mining rig. It’s surprisingly easy to build your mining PC from component parts and much cheaper! And there are a ton of tutorials and guides on YouTube and elsewhere online you can use to help you along the way. This includes installing an operating system (like installing Windows 10 or Safari) and then helping you choose and install the proper mining program to mine the particular crypto you’re after. Doing this will leave you just steps away from mining your own cryptocurrency. Per Changelly, the top 10 recommended software programs for mining Ethereum are:
- Ethminer
- CGMiner
- WinETH
- BFGMiner
- Geth
- EasyMiner
- T-Rex
- LolMiner
- TeamRedMiner
- PhoenixMiner
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The benefit of mining crypto as opposed to simply buying it is pretty straightforward. Once you mitigate your startup costs, you can earn crypto continuously with only your power usage and periodic PC upgrades as your overhead. If you’re mining high-priced coins like BTC or ETH, you can cover your expenses and more in a relatively short amount of time.
But that’s just one unique way to earn crypto.
I Didn’t Pay a Cent for My First Bit of BTC and ETH
Most of my money is in stocks, but I do own some crypto. I own small stakes in Bitcoin (BTC), Ethereum (ETH), and, just for kicks, a bit of Dogecoin (DOGE) as well.
But I didn’t pay a cent for a portion of my positions. That’s because many exchanges —including Coinbase (NASDAQ: COIN) — offer users ways to earn crypto for free by watching videos and by viewing tutorials on new alternative tokens. By watching these short videos and passing the easiest of quizzes, you can get a few bucks’ worth of alternative crypto, which, with a few additional mouse clicks on your broker’s website, you can convert into BTC or any other crypto you prefer to own.
It’s a great way to get your feet wet if you’re still apprehensive about the space. I reckon you could get upward of $100 in free crypto.
Which leads me to another reason to invest to own crypto.
Once you own a token like ETH, you can start earning passive income with crypto by lending it to your exchange for a period of time while recouping interest on this loan. Think of it as a crypto dividend reward for holding except you get the high-powered gain potential from the most explosive market on Earth with your principal stake, plus upward of 5% in yield while you wait to cash out.
And that’s just the tip of the crypto profits iceberg.
To learn more about how to start earning your own crypto dividends, how to mine your own cache of coins, and the six best cryptocurrencies to own other than BTC and ETH, click here now.
To your wealth,
Sean McCloskey
Editor, Energy and Capital
@TheRL_McCloskey on TwitterAfter spending 10 years in the consumer tech reporting and educational publishing industries, Sean has since redevoted himself to one of his original passions: identifying and cashing in on the most lucrative opportunities the market has to offer. As the former managing editor of multiple investment newsletters, he's covered virtually every sector of the market, ranging from energy and tech to gold and cannabis. Over the years, Sean has offered his followers the chance to score numerous triple-digit gains, and today he continues his mission to deliver followers the best chance to score big wins on Wall Street and beyond as an editor for Energy and Capital.
