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A 28-year-old technology entrepreneur in Greater Manchester has increased his cryptocurrency business to £ 840,000 in revenue in his first year of trading.
Josh Riddett started Easy Crypto Hunter, a manufacturer of cryptocurrency machines, with only £ 1,000 in savings in his hometown of Bury.
Since then, the company has conquered over 100 customers and is now on track to achieve a £ 1 million turnover in its first 18 months of operation, despite not having received any external investment.
"We are absolutely pleased to see the business take off and I am firmly convinced that the cryptocurrency is here to stay and is bound to become more popular and mainstream as BMW, Microsoft and Expedia accept it as a form of payment," said Riddett.
He added: "Cryptocurrency is the future and is seriously disrupting traditional payment technologies by avoiding excessive bank charges for transactions such as foreign payments or bank checks or cash."
The Easy Crypto Hunter machines provide the energy needed by the computer to allow the exchange of token & # 39; mineable & # 39; between two parts.
The owners connect the machines to a normal UK outlet, connect them to the Internet and let them operate 24/7, essentially by renting the power of their machines.
Riddett founded the company at the end of 2017, after graduating from Lancaster University, where he was studying a degree in business management. He originally built a car and sold it on eBay, quickly reinvesting profits to buy more hardware.
The entrepreneur said that much of his attention in the last year was educating people about the benefits of using cryptocurrency and investing in a mining machine.
"Cryptocurrency digitizes trust in the fact that you do not have to rely on a company that handles your transactions, you rely on math and algorithms," he said.
"It's a safe, faster and cheaper way to send information and there are huge benefits for businesses, including the elimination of international business taxes.
"When you have recently sent $ 300 million bitcoins between different countries, the cost is 14 cents for the transfer, so you can start seeing the business case for cryptocurrency."
Alongside mining machines, Easy Crypto Hunter has also worked on the other arms of the business.
Regularly consult blockchain and cryptocurrency for companies and offers a cryptocurrency accounting service.
Looking ahead, Riddett said the company will hire more staff as it prepares to cope with growing demand and growth.
"We see tremendous growth potential here in the UK and around the world, as more and more people and companies are gaining access to the benefits of investing in a mining machine and the emerging cryptocurrency industry," he said.
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