A bitcoin artwork by Stacey Coon, Anastasia Sultzer, and Nanu Berk at the Bitcoin 2021 convention.
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  • Ishaan Thakur, 14, and his sister Aanya, 9, mine bitcoin, ether, and ravencoin, CNBC reported.
  • The pair claim to earn more than R433,000 a month and their dad helped them set up their own company.
  • The siblings mine from their home and a rented-out data center in Dallas, Texas.
  • For more stories go to www.BusinessInsider.co.za.

Two siblings have started their own cryptocurrency mining company after making thousands over the summer, and hope their profits will help pay for their college fees, CNBC reported on Tuesday.

Ishaan Thakur, 14, and his sister, Aanya, 9, set up Flifer Technologies in April with the help of their father, Manish Raj, per CNBC.

"We started because we wanted to learn something new about technology - and also make some money along the way," Ishaan told CNBC.

The pair, based in Frisco, Texas, told CNBC that they make more than R433,000 a month mining bitcoin, ether, and ravencoin - an altcoin with a R13 billion market cap, according to Coinbase.com.

The brother and sister started mining ether, and on their first day made R43, Ishaan told CNBC. As their earnings grew, their father invested in specialist mining hardware and graphic cards in July, so that they could mine bitcoin and ravencoin, per CNBC.

They mine from their home and data center in Dallas, which the family rents, Ishaan told CNBC.

Ishaan told CNBC that his children only use "100% renewable energy" for their mining.

Mining Bitcoin, the world's most valuable cryptocurrency, requires miners to use large amounts of computing power to solve complex math problems.

Each time a miner solves a problem, they earn a bitcoin in return, although the practice has faced criticism for the environmental impact of its energy use.

Mining and investing in cryptocurrency has offered an avenue for many people to earn thousands, and even millions, in relatively short spaces of time.

Sam Bankman-Fried, the 29-year-old founder of crypto-trading exchange FTX who started trading crypto in 2017, has a net worth of almost R127 billion, according to Forbes.

However, volatile swings in the value of some cryptocurrencies has made investing in certain coins a riskier bet than many other types of investment.

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