So they say 12cents per kwh, they say they're mining ETH, according to [1] the hash rate of ETH on a RTX 3090 is max 150MH/s (realistically lower) at 300W. According to [2] that means 1 RTX 3090 is giving you about $350/month. Yet they say their old gaming rig made 3x that? Somehow they're also buying up 3090s like there are no supply issues?
>So far, they’ve sold small amounts to pay for expenses such as the electric bill, graphic cards, software and the data center.
This also seems really weird, surely they're selling off all their ETH to buy more hardware? They've got 94 "mainly rtx 3090" rigs - probably around 2k each, so they've spent probably >$200k just in pure GPU costs, they started mining in March so even if they were making their 32k per month, every penny would've gone into new rigs, so how have they not sold all the ETH to reinvest in hardware?
their investment banker father loaned them the money for the rare video cards (which has to be at least ~0.25 MUSD). This article is trash, and does not reflect economic realities.
Where did they get these cards, did they pay $3k+ each?
If the whole setup actually does make money this seems like a decent tax minimisation scheme for crypto mining.
The kids have two "blank" incomes you can sink money into, and if you needed to put some money aside for them anyway...
In that case, you need an article like this to prove to IRS that it's really "them" because an alert tax officer will also be extremely skeptical about this operation.
>So far, they’ve sold small amounts to pay for expenses such as the electric bill, graphic cards, software and the data center.
This also seems really weird, surely they're selling off all their ETH to buy more hardware? They've got 94 "mainly rtx 3090" rigs - probably around 2k each, so they've spent probably >$200k just in pure GPU costs, they started mining in March so even if they were making their 32k per month, every penny would've gone into new rigs, so how have they not sold all the ETH to reinvest in hardware?
[1] - https://www.nicehash.com/blog/post/nvidia-geforce-rtx-3090-m...
[2] - https://www.cryptocompare.com/mining/calculator/eth?HashingP...