A young Greater Manchester-based tech entrepreneur has grown his cryptocurrency business to £840,000 turnover in its first year of trading after setting up with just £1,000 of savings.
28-year-old Josh Riddett started Easy Crypto Hunter in his home town of Bury and has seen rocketing sales of the cryptocurrency mining machines he manufactures, despite receiving no outside investment. He is now on track to reach £1m turnover in his first 18 months of trading.
“We are absolutely delighted to see the business take off and I strongly believe cryptocurrency is here to stay and is set to become more popular and more mainstream as the likes of BMW, Microsoft and Expedia accept it as a form of payment,” he said. “Easy Crypto Hunter has won more than 100 customers in a year, including business owners, property companies and retirees, who see cryptocurrency is growing and want to earn a passive monthly income after investing in the special computer hardware manufactured by Easy Crypto Hunter. Cryptocurrency is the future and is seriously disrupting conventional payment technologies avoiding swingeing bank charges for transactions like overseas payments or banking cheques or cash.”
For a cryptocurrency transaction or data transfer to take place between two people or businesses, you need computer power, as would be provided by a bank’s own server when transferring traditional currency. The machines made by Easy Crypto Hunter provide this computer power that enables mineable tokens to be exchanged between two parties. Owners plug the machines into a normal UK plug socket, connect them to the internet and leave them running 24/7, essentially renting out the power of their machines.
Cryptocurrency is an umbrella term for more than 2000 coins, the most well-known of which is Bitcoin. The beauty of the machines manufactured by Easy Crypto Hunter is that they can mine and support hundreds of different types of coins, bringing versatility and more profitability to the sector that didn’t previously exist.
Josh founded the business in late 2017 after graduating from Lancaster University, where he was studying a business entrepreneurship management degree. He originally built one machine and sold it on eBay, soon reinvesting the profits to buy more hardware.
Josh said much of Easy Crypto Hunter’s work over the past year has been in educating people on the benefits of both using cryptocurrency and investing in a mining machine.
Josh said: “Cryptocurrency digitises trust in that you don’t have to rely on one company handling your transactions, you rely on mathematics and algorithms. It is a secure, faster and cheaper way of sending information and there are huge advantages for businesses, including eradicating international business fees. When $300m of Bitcoin was sent between different countries recently, it cost 14 cents to transfer, so you can start to see the business case for cryptocurrency. The ecosystem for cryptocurrency is here now, you can withdraw it to your bank account instantly, you can even get pre-paid Bitcoin debit cards to spend your Bitcoin direct from the wallet instantly – it is just like cash.”
Josh said there are also commercial and potential environmental benefits from owning a mining machine.
“At a domestic level, one or two machines might help you save money on your home heating bill but, at scale, mining machines can be used to heat large premises very effectively,” he said. “Customers like property companies are switching on to the benefits of using machines in basements to heat tenants’ homes. There is also potential for leisure facilities such as swimming pools and sports centres to vent the heat from mining machines around their buildings, enabling them to save money and earn an income from cryptocurrency mining. Essentially we are going to help businesses to get paid to heat an air volume that they are currently paying to heat.”
In the renewables sector, Josh and the team are helping renewable investors to monetise any spare capacity that cannot be sent back to the grid. Using the electricity produced by renewables to power mining machines can result in returns of more than 10 times the feed-in or generation tariff the Government pays for solar or wind power in some cases.
Alongside the mining machines, Easy Crypto Hunter has been working on the other arms of the business. It regularly consults on blockchain and cryptocurrency for businesses and offers a cryptocurrency accounting service.
Easy Crypto Hunter is preparing for further growth during 2019 as more people become aware of the investment benefits of mining machines. Another boost will come in January 2019 with the introduction of a ruling that will allow regulated funds such as pension and hedge funds to invest in cryptocurrency.
Josh said: “It’s an exciting time for the business as we prepare to take on more staff to enable us to cope with the growth we’re predicting. We see massive potential for growth here in the UK, and across the world, as more people and businesses switch on to the benefits of investing in a mining machine and the fast-emerging cryptocurrency industry.”
Easy Crypto Hunter won the Technology Business of the Year award at the Made in Bury Business Awards 2018 in November.
WHAT ARE CRYPTOCURRENCIES?
Cryptocurrencies are all applications built upon the underlying technology called blockchain. Blockchain technology provides networks with a transparent log of indisputable data that is not controlled by a central body or company.
“Currently when payments are made, banks can stop payments at multiple points, they’ll ask for verifications and make you wait hours,” said Josh. “We have been waiting hours and even sometimes days for bank transfers to come through from customers. With cryptocurrency, the moment they send that amount from their wallet to ours, we can check the blockchain and see if those funds have been released and are heading to our wallet.”
Blockchain is already changing industries around the world and will continue to do so. Companies such as AXA use the blockchain via their product Fizzy for flight insurance. The moment a plane is delayed more than two hours, a passenger can be instantly paid through the blockchain.