A tech entrepreneur who graduated from Lancaster University Management School 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 on the BA Management and Entrepreneurship programme. He served as president of the university’s student business society, Lancaster Entrepreneurs, for two years, boosting membership to 600 during his appointment. It was during his time as a member of the club that his interest in cryptocurrency began. 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.”
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