N

ick Sears was just 17 years old when he helped build a bitcoin mining farm in Dallesport, Washington. He was 18 when rules allowed him to buy bitcoin for the first time. And now, at 20, 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 ASICs.

Nick's bitcoin mining operation is housed in a converted barn on his family's property. It consists of several high-powered computers that are tasked with verifying bitcoin transactions and creating new bitcoins in the process.

For his efforts, Nick earns a share of the bitcoins that are generated. "I'm currently earning about $1,200 a month in bitcoins," he said. "With the current bitcoin price, that comes out to about $54,000 a year."

“I was really interested in technology, and how things work, so I just started reading a lot about bitcoin,” Sears told Business Insider. “Once I found out you could make money doing it, it was a no-brainer.”

Sears is among the growing number of young people who are forgoing traditional careers in favor of mining cryptocurrency full-time. According to data from Blockchain.com, more and more young adults are getting into the game – attracted by the opportunity to earn money and live a more nomadic lifestyle.

What it’s like being a Bitcoin miner 

For Sears, that means living in a small room at the data center and working long hours – often 12 hours a day or more. But it’s a sacrifice he’s willing to make for the chance to earn a good income.

Sears stated, "I make roughly $54,000 a year. The value of the bitcoin I'm mining, which has increased significantly since I started, is not included in that. So overall, I’m doing pretty well.”

Despite the long hours and physically demanding work, Sears says he enjoys his job and doesn’t regret his decision to become a full-time bitcoin miner.

According to a report from Morgan Stanley, the total power consumption of the bitcoin network is now higher than that of Ireland. And with prices showing no signs of slowing down, the race to build ever-larger and more efficient mining farms is only getting started.

For Sears, that means he’s in for the long haul. “I think bitcoin will keep going up, and I want to be part of that,” he said. 

Nick's earnings have grown significantly since he first started mining bitcoin three years ago. Back then, he was only earning a few hundred dollars a month. "It's been a great investment," he said. "I've made a lot of money." While Nick is happy with his current earnings, he admits that mining bitcoin isn't always easy.

Sears is just one of many people who have turned to bitcoin mining as a way to earn a living. The process of mining for bitcoin is energy-intensive and requires specialized hardware. But for those who are willing to invest, it can be a lucrative business.

Sears is just one example of the new breed of the bitcoin miner. As the price of bitcoin and other cryptocurrencies has soared in recent months, so has the demand for energy-hungry mining rigs. 

What do you think of Nick Sear’s dedication to mining? Are you also thinking of becoming a full-time miner?

Source:
https://www.cnbc.com/2021/07/31/bitcoin-miners-how-they-got-into-it-what-their-lives-are-like.html

Posted 
Jul 5, 2022
 in 
Digital Lifestyle
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