This 19-year-old earns $ 54,000 a year in mining bitcoin as a full-time job — here’s what it looks like

Bitcoin miner Zack Petite on ice during a break at SCATE Ventures Mining in Dallasport, Washington.

SCATE Ventures Inc.

Nick Seers was 17 when he helped build a bitcoin mine in Dallasport, Washington. He was 18 when the rules allowed him to buy bitcoin for the first time. And now 19-year-old Seers has doubled his life as a bitcoin miner by saying “no” and “yes” to living in a room with 4,500 rotating ACs.

“Sereye has been silenced,” he said. So when I close the door, I can’t hear the machines, but if the door is open, they are definitely noisy.

The machines emit 80 decibels each – but Ceres says he likes to be as close to the action as possible. The half-hour walk from his parents’ house in White Salmon also took him on the road.

For the past two years, the 19-year-old has spent a lot of time teaching himself how to operate mines — and especially how to repair them. He believes that education in electronics and electronics is more valuable to him than a university degree.

“I don’t think I will ever go to college, just to learn more about the maintenance of the mines,” Cess continued.

CNBC spoke to several miners about this story. For many, the attractiveness of mining comes from their ability to understand the power of bitcoin.

“If you go to one of these data centers, the first thing you notice is how wide and how impressive they are,” said Compass Mining General Manager Thomas Heller. They are huge. ” With Sears employer, SCATE Ventures.

“There’s a lot of noise, and there’s a lot of heat. There is still much to be done. It’s great to be able to get bitcoin into a data center for the first time in mining, because it takes the intangible aspects of bitcoin as a currency, taking on the physical nature of these machines and doing these calculations.

Bitcoin Miner Nick Cars will be based at the SCATE Ventures mining site in Dallasport, Washington.

SCATE Ventures Inc.

One day in the life of a miner

Mining for bitcoin is not a fun activity.

“When we first got here, we were building shelves for the Internet, and basically we had to wire everything,” he said.

Once the physical infrastructure started and worked, Sears got into a lot of blows. He now works from 7:00 am to 8:00 am every day. He stays in place during an emergency, and there is a technician who does night shifts to get some sleep.

But beyond the hours, there is no normal working day for Ceres.

“This job is great – I don’t have a daily routine,” he said. Every morning, I find something that needs to be corrected.

Some days it means repairing Sears walls and other physical infrastructure. If we need to fix the camera, maybe I’m fixing the cable.

But the big part of the job is to monitor and manage those 4,500 Bitmain and Whatsminer ASICs running 24 hours a day, seven days a week. If even one of these machines goes offline, or only works partially, SCATE Ventures mine loses money.

Because when someone works for bitcoin, they actually lend their computer power to the bitcoin network. The more machines you have online, the better your chances of winning bitcoin.

Dagsport is being investigated at SCATE Ventures Mining in Washington.

SCATE Ventures Inc.

Approximately 6.25 bitcoins are generated every ten minutes. To simplify these new tokens, international miners are all contributing to the computing power of their pooling algorithms. But these miners do not work in the open. They are competing with each other to see who will open each new bitcoin first.

Therefore, there is a high risk of seizures. Being diligent and knowing how to identify the issue throughout the institution is essential to success.

Some mining sites use more sophisticated software to track the machines, which includes checking the temperature of each hashboard in individual miners.

But the most important thing for Ceres is to know which machines are not working at full capacity.

“Every day you will find the machines that have stopped hashing, then remove them from the rack and fix them,” he said. “You need to find the problem with the machines. You need to know why it went offline.”

It could be a power outage that affects all machines, or it could be a network outage that could damage all machines or some.

“Sometimes they just need a power cycle or a reboot,” he said.

But hardware repair is not always that easy.

“The fan on the individual cooling machine may be broken, or the power supply may need to be repaired or replaced,” says Heller.

“It could be the hashboard itself,” Heller continued. “Each hashboard has a lot of individual chips, and those calculations are chips. I think with a Bitmain machine, if more than four chips are broken on one hashboard, the whole hashboard will be lost. 100%, you’re only looking for two-thirds or one-third.

Seasonal changes in the weather add another dimension.

SCATE Ventures Inc., located in Dalesport Washington. Leading technician Nick Seers Maintenance hardware.

SCATE Ventures Inc.

Hurricanes can cause power outages or other disruptions. According to Heller, in the summer, the machines can overheat on improved farms to use more powerful units, especially in the last two years.

Instead of relying on fans, Washington’s SCATE mining company seems to have found a way out of this dilemma by using its own immersion cooling technology by incorporating bitcoin mines into a liquid that is not designed to dissipate heat.

Training and getting paid

Sears may not require a diploma for me, but taking online training courses led by Chinese engineers working for Bitmain has come a long way in helping him repair specialized mining equipment.

Last month, Seers and another staff completed a virtual class through Bitmain to learn how to work with ASIC chips on hashboards, and S17s power supplies, now one of the most popular machines used to paint bitcoin.

SCATE Ventures Inc. in Dallasport, Washington. Nick Seers, Chief Engineer in Mining.

SCATE Ventures Inc.

“I have a maintenance certificate, so I was doing my best in that category recently,” said Ceres. “It confirms my knowledge and gives me the opportunity to purchase supplies and materials directly through Bitmain.”

He then hopes to learn more about welding in Atlanta, Georgia. “The hardest part is learning how to sell and release a circuit board,” Cers said.

Sears boss Scott Bennett is great for the team to find the resources they need to be better at their job.

After Bennett, SCATE Ventures CEO, bitcoin and other currencies fell. Similar to Ceres, Bennett lived in one of the data centers: he only chose a neighborhood on the site rather than a room in the facility.

Read more about encryption currencies from CNBC Pro

He helped him to live within minutes of the cheapest energy in the world.

“All of our facilities are 100% hydroelectric,” Bennett said.

The mine is located near the Columbia River and directly next to the Dales Dam. “We love that energy source. It’s cheap, renewable and very expensive,” he said.

For wages, Sears earns $ 54,000 a year and says full health insurance paid by the company.

Bennett also makes some mining machines for his workers. That’s about .02 BTC per quarter, which is the equivalent of a $ 788 bonus to Sears quarterly today.

“As all the miners in China go offline, the scale of the problem is changing, so the rewards are high,” Cers said. In the past, we have gained a little more than before, which is great for me.

SCATE Ventures Mines is powered by hydropower from the Dales Dam.

SCATE Ventures Inc.

Remote mining

Crypto can also be mined without any physical equipment.

Adam Gitz At the beginning of 2021, he decided that he really wanted bitcoin for mining. His wife rejected the idea of ​​installing appliances in their home, and he began to look for alternatives.

Gates acquired compass mining, which allows customers to purchase mining machines for $ 5,800 to $ 11,700, then store them in partner data centers, and take care of physical logistics.

At the time of purchase, he said, “I bought the machines on the website, managed the compass logistics, and delivered the machines to three different data centers in North America.”

“Compass set them up the way I asked.”

So a typical day in the life of a miner like Gethsez is to wake up and see how many bitcoin machines are in the window and make sure there are no parts.

At SCATE Ventures Mining in Dallasport, Washington.

SCATE Ventures Inc.

Gethsemane has six machines at the “top”. When China fired all its miners, Gitz said it had doubled its daily revenue.

Gitz miners pay 1.25% of the mining fee and generate .0055 bitcoins per day or $ 216 today. The daily cost of electricity is about $ 30, so it costs about $ 186 a day, or $ 5,700 a month. At that rate, it will return the investment in about 11 months, assuming there is no significant increase in energy or bitcoin prices.

Gates was so impressed with the compass business model that he quit his job at Amazon in March to join the team. “I have found that the mission of mining and the inclusion of everyone is really important,” Gates said.

Explanation – This story has been reviewed to explain that a trade law allows Sears to buy bitcoin on the 18th.

SCATE Ventures Mining is located in Dallasport, Washington.

SCATE Ventures Inc.

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