ng Taing, a successful investor who runs his own private equity firm with $250 million in assets under management, invests in real estate, has worked in analytics at Apple and data science — and he started investing in Bitcoin back in 2013, well before it was popular to make even a passive bet on the cryptocurrency asset class. Today, Taing's side hustle mining this gem brings in more than $110,000 per month (at current prices). That's not bad for what started as a hobby back when a single Bitcoin was worth less than $100.
“I started mining Bitcoin when it was $100,” Taing told CNBC. I continued to mine bitcoin and other cryptocurrencies as a hobby while working my day job in data science and analytics at Apple.”
But once he started making serious money in his side hustle, he turned his attention to it full time. “I just like making money,” he added.
The story behind his success
Eng Taing was born in a refugee camp in Thailand after his family fled the Khmer Rouge from Cambodia. He studied economics while attending the University of Pennsylvania while growing up in Los Angeles, trading and playing poker daily to cover his expenses. There, he received his economics training before entering the investment banking industry. He has given presentations at organizations like Apple, Facebook, and Amazon, where he instructs staff members on how to reduce their tax liabilities and keep and invest more of their income to attain financial independence.
In 2017, he quit his job at Apple to start Bitfarms, a Bitcoin mining company with operations in Canada and Israel. The company went public on the Toronto Stock Exchange last year.
Taing admits that mining is a high-risk investment — after all, the price of this OG token can be very volatile — but he believes it’s worth it for potential long-term gains.
“I invest in a lot of things. I have a lot of apartment buildings, and I have senior living homes. I have GPU mines,” he added. As for his day-to-day operation, he says he’s always on the lookout for ways to improve it. For now, Taing seems content to keep growing his empire — one miner at a time.
“I just like to look at where I can get some good arbitrage advantage, and I thought Bitcoin mining presented that both from just, ‘Hey, I could get more by having miners than buying, especially at the scale that I can get into it — but also, that I am a big believer in Bitcoin’s future.’” Taing said.
Eng isn't alone in his success as a Bitcoin miner. There are now professional mining operations all over the world, taking advantage of cheap electricity and specialized chips to turn a profit mining the digital currency.
His story is a reminder that, even if you're not a professional miner, it's still possible to make money from this token. If you're interested in mining, you can follow Taing's lead and start early. With a bit of luck, you could be mining hundreds of dollars every month.
More from
Digital Lifestyle
category
