RELATED: A teenager and his sister say they make $35,000 a month by mining Bitcoin
Texas-based siblings Ishaan and Aanya Thakur, who have been mining cryptocurrencies since February, plan to launch a digital token by the end of the year.
They have hired programmers to work on their cryptocurrency called Flifer Coin, Ishaan said.
“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 say they make about $35,000 a month by mining Ethereum, Bitcoin and Ravencoin, also want to spread more awareness about cryptocurrencies in general.
Cryptocurrency mining uses sophisticated computers that solve complex computational maths problems, according to Investopedia.com. Mining has a magnetic appeal for many investors interested in cryptocurrency because they are rewarded for their work with crypto tokens, the website says. For instance, Bitcoin miners receive Bitcoin as a reward for completing “blocks” of verified transactions, which 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, told the siblings about alt coins in February, they were intrigued about mining cryptocurrencies and converted their old gaming computers to mine for Bitcoin.
The brother and sister watched YouTube tutorials and read Reddit posts to learn how to mine. They made $3 on their first day of mining. Today that has grown to $74,000, which they have reinvested in their business, called Flifer Technology.
“We reinvest whatever we make from mining back into the business so we make more money,” Ishaan said.
Some profits also go towards buying graphics cards and computer processors for mining, Aanya explained.
The siblings have hired technicians at a data centre in Dallas to monitor their mining operation while they attend school. The duo visit the data centre every day after they finish their homework.
I am proud of what I am doing because I spent the whole summer learning how to mine cryptocurrencies instead of playing games
Aanya Thakur,
9-year-old cryptocurrency miner
Bitcoin, the world's largest cryptocurrency, hit a record of about $65,000 in April, driven by a tide of liquidity, fast-money bets and optimism about growing demand from institutional investors. But critical commentary about the energy consumed by mining rigs and a cryptocurrency clampdown in China soured investor sentiment. Bitcoin fell below $30,000 during a rout in May. On Wednesday, Bitcoin surpassed $55,000.
“Sometimes, we worry that the value of popular cryptocurrencies may rise and fall. But it’s not that big a deal for us because we haven’t put in as much money as other people,” Ishaan said.
“We have only spent money to buy equipment to mine for cryptocurrencies. If we had purchased cryptos instead of mining them, we would stand to lose more money because of the volatility.”
Cryptocurrencies are the way of the future, according to the teen, who foresees people using digital tokens to buy regular items like groceries in the near future.
“It’s great that I can inspire other people. My friends come up to me and ask me how to mine for cryptocurrencies. It feels good,” he said.
“Anyone can do it if they spend the time."
THE BIO
Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
COMPANY%20PROFILE
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More from Rashmee Roshan Lall
Day 4, Abu Dhabi Test: At a glance
Moment of the day Not much was expected – on Sunday or ever – of Hasan Ali as a batsman. And yet he lit up the late overs of the Pakistan innings with a happy cameo of 29 from 25 balls. The highlight was when he launched a six right on top of the netting above the Pakistan players’ viewing area. He was out next ball.
Stat of the day – 1,358 There were 1,358 days between Haris Sohail’s previous first-class match and his Test debut for Pakistan. The lack of practice in the multi-day format did not show, though, as the left-hander made an assured half-century to guide his side through a potentially damaging collapse.
The verdict As is the fashion of Test matches in this country, the draw feels like a dead-cert, before a clatter of wickets on the fourth afternoon puts either side on red alert. With Yasir Shah finding prodigious turn now, Pakistan will be confident of bowling Sri Lanka out. Whether they have enough time to do so and chase the runs required remains to be seen.
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
KILLING OF QASSEM SULEIMANI
'Young girls thinking of big ideas'
Words come easy for aspiring writer Afra Al Muhairb. The business side of books, on the other hand, is entirely foreign to the 16-year-old Emirati. So, she followed her father’s advice and enroled in the Abu Dhabi Education Council’s summer entrepreneurship course at Abu Dhabi University hoping to pick up a few new skills.
“Most of us have this dream of opening a business,” said Afra, referring to her peers are “young girls thinking of big ideas.”
In the three-week class, pupils are challenged to come up with a business and develop an operational and marketing plan to support their idea. But, the learning goes far beyond sales and branding, said teacher Sonia Elhaj.
“It’s not only about starting up a business, it’s all the meta skills that goes with it -- building self confidence, communication,” said Ms Elhaj. “It’s a way to coach them and to harness ideas and to allow them to be creative. They are really hungry to do this and be heard. They are so happy to be actually doing something, to be engaged in creating something new, not only sitting and listening and getting new information and new knowledge. Now they are applying that knowledge.”
Afra’s team decided to focus their business idea on a restaurant modelled after the Leaning Tower of Pisa. Each level would have a different international cuisine and all the meat would be halal. The pupils thought of this after discussing a common problem they face when travelling abroad.
“Sometimes we find the struggle of finding halal food, so we just eat fish and cheese, so it’s hard for us to spend 20 days with fish and cheese,” said Afra. “So we made this tower so every person who comes – from Africa, from America – they will find the right food to eat.”
rpennington@thenational.ae
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
COMPANY%20PROFILE%20
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THE SPECS
Engine: six-litre W12 twin-turbo
Transmission: eight-speed dual clutch auto
Power: 626bhp
Torque: 900Nm
Price: Dh940,160 (plus VAT)
On sale: Q1 2020
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
