Bitcoin News – 19 year old boy earns $54,000 a year mining Bitcoin as a full-time job !!

nick sears was 17 years old when he helped build 
a bitcoin mining farm in dallesport washington   he was 18 when he was legally allowed 
to buy bitcoin for the first time   and now at 19 sears has doubled down on his life 
as a bitcoin miner saying no to college and yes to   living in a room inside a data center that houses 
4 500 whirling a six my room is sound locked   said sears of the acoustic retrofitting of his 
living quarters so i can't hear the machines   when i close my door but they are definitely noisy 
if i have might or open dot the machines generate   about 80 decibels of noise a piece but sears says 
he likes being as close to the action as possible   it also beats making the half hour commute 
each way from his parents house in white salmon   the 19 year old has spent pretty much every single 
day for the last two years teaching himself the   nuances of how mining machines work and crucially 
how to fix them he believes his education in   soldering and electronics is worth a whole lot 
more to him than a university degree i don't   think about going to college at all just pursuing 
further knowledge in the repairs of the miners   continued sears.cnbc spoke with multiple miners 
for this story many explained that the allure of   mining comes from being able to tangibly grasp the 
power of bitcoin if you've been to any of these   data centers the first thing you'll notice is just 
how vast and how impressive they are they're huge   said explain thomas heller chief business officer 
for compass mining which works with sears employer   skate ventures there's so much noise and there's 
so much heat there's just so much action going on   it is quite cool to walk into a data center 
for the first time that's mining bitcoin   because you can really connect the 
intangible aspects of bitcoin as a currency   with the physical nature of these machines 
consuming power and doing these calculations a day in the life of a minor mining for bitcoin 
isn't a glamorous job dot when we first got here   we were setting up racks creating the network 
infrastructure for the internet and we   essentially had to wire everything he said once 
the physical infrastructure was up and running   sears got into more of a rhythm he's now up 
at 7 00 a.m every day and works from 8 to 4.   he remains on site afterwards just in case 
of an emergency and there is a technician who   works night shifts so that sears can get some 
sleep.but beyond the hours there is no typical   workday for sears that's the cool thing about 
this job i don't have a set routine that i do   every day he said every morning i find what 
needs to be fixed some days that means sears   repairs walls and other physical infrastructure 
if we have to repair a camera maybe i'm fixing   a cable dot but the biggest part of the job is 
monitoring and managing every one of those 4   500 bit main and wax minera 6 to ensure they 
are running 24 hours a day seven days a week   if even one of those machines goes offline 
or is only running at partial capacity the   skate ventures mind loses money.

That's because 
when someone is mining for bitcoin what they are   actually doing is lending their computing power 
to the bitcoin network the more machines you have   online the better your chances at winning bitcoin 
roughly every 10 minutes 6.25 bitcoins are created   in order to mint these new tokens a global pool of 
miners are all contributing their computing power   to running a hashing algorithm but these miners 
aren't working in a vacuum they're competing   against each other to see who can unlock each 
batch of new bitcoin first so the stakes are   high for sears being diligent and knowing how 
to triage issues across the entire facility   is critical to success.some mining sites use more 
sophisticated software to monitor the machines   which includes checking the temperature of each 
hash board within the individual miners but most   important for sears is just figuring out which of 
his machines aren't functioning at full capacity   every day you find the machines that have 
stopped hashing then you remove them from   the rack and you troubleshoot he explained 
you've got to find the problem with the machines   you've got to find out why it went offline data 
could be a power outage which would affect all the   machines or it could be a network outage which 
could impact all of the machines or just some   sometimes they just need a power cyclery 
booty said.but the hardware fix isn't   always as simple as that it could be that 
the fan on the individual machine that is   used for cooling is broken or maybe it's 
the power supply that needs to be repaired   or replaced explained hell or dot it could be 
the hash boards themselves continued heller   each hash board has lots of individual chips 
and those are the chips doing the calculations   i think with a bit main machine if more than 
four chips on a single hash board are broken   the whole hash board will switch off so instead 
of hashing out about 100 you're only hashing it   two-thirds or one-third seasonal changes in the 
weather add a whole other layer of complexity   storms can lead to power outages or other 
disruptions heller says that in the summer the   machines can also overheat especially at the farms 
which have upgraded to using more powerful units   over the course of the last two years skates mine 
in washington seems to have found a way around   this problem by using its own immersion cooling 
technology which involves submerging bitcoin   miners in a non-conductive fluid to dissipate 
heat rather than relying on fans training up   and getting paid sears may not need a diploma to 
mine but taking online training courses run by   chinese engineers who work for bit main has gone 
a long way toward helping him repair specialized   mining equipment.

Last month sears and another 
employee completed a virtual class through bitmain   to learn how to work on the asic chips on hash 
boards as well as the power supplies of the s-17s   one of the most popular machines now used to mint 
bitcoin i have a certification of maintenance   repair so lately i've just been perfecting 
my skills in that category explains years   it certifies my knowledge and gives me access to 
buy supplies and material directly through bitmain next he hopes to attend an in-person class in 
atlanta georgia to learn more about soldering   the hard part is learning how to solder and 
disassemble a circuit board said sears.sears boss   scott bennett is big on giving his team access 
to the resources they need to get better at their   jobs bennett ceo of skate ventures is a 
self-taught minor who started his business   in his parents garage back in 2017 just before 
the last crypto winter when prices of bitcoin and   other cryptocurrencies plunged similar to sears 
bennett once lived at one of his data centers   only he opted for an on-site camper rather 
than a room inside the facility itself   it helped that he lives within minutes of 
some of the cheapest power in the world   all of our facilities are 100 hydro powered said 
bennett the mining facility where sears works is   next to the columbia river and directly adjacent 
the dalles dam we love that source of power   it's cheap renewable and very abundant 
he said.a s for employee pay sears says   that he makes 54 000 a year plus full health 
insurance which is paid for by the company   bennett also runs some mining machines exclusively 
for his employees that amounts to about .02 btc   quarterly which by today's price equates to a 
788 dollar bonus every three months to sears   with all the miners in china going offline the 
difficulty rate has been changing so the rewards   are higher said sears the last time we got a 
little bit more than we did the previous time   which is cool by me mining remetallion is 
also possible to become a crypto miner without   physically handling any mining equipment at 
all dot adam gets is decided in early 2021   that he really wanted to mine for bitcoin 
after his wife vetoed the idea of installing   equipment in their home he began to look for 
alternatives.gitz's discovered compass mining   which allows customers to buy mining machines for 
between five thousand eight hundred 800 and 11   700 then locates them in partner data centers and 
takes care of the physical logistics.i bought the   machines on the website compass managed the 
logistics delivering the machines to three   different data centers in north america said 
gitzes who explained he spent 1.1 bitcoin about   60 000 at the time of purchase on them.compass 
also configured them the way that i ask dot so   a typical day in the life of a minor like gitz's 
consists of waking up and checking online to see   how much bitcoin his machines mined overnight 
and to ensure that none of his units are down gets his own six machines that he says are on 
the higher end when china expelled all its miners   gitzes says it doubled the amount of money 
that his machines generate daily after   paying the mining pool fee of 1.25 gitz's 
miners generate about .0055 bitcoin a day   or 216 dollars at today's prices 
daily electricity costs are about 30   so he's pulling in roughly 186 
dollars a day or just shy of 5 700   every month at that rate he'll recoup his 
investment in about 11 months assuming no   major fluctuations in energy or bitcoin prices dot 
gitzes was so impressed by the compass business   model that he quit his job at amazon to join the 
team in march the mission to decentralize mining   and make it so that everyone can participate is 
something that i find really important said gitzes

You May Also Like