John Paul ‘JP’ Baric, 24, from Austin, Texas, US, first started dabbling in the cryptocurrency in 2012 when he bought $1,400 (£1,060) worth of Bitcoin – now he earns a living out of mining full time
A computer geek who dropped out of college to mine bitcoin now makes $1.3million (£962,885) a month from his hobby.
John Paul ‘JP’ Baric, 24, from Austin, Texas, US, first started dabbling in the cryptocurrency in 2012 when he bought $1,400 (£1,060) worth of bitcoin.
He was still at school at the time and recalls how he would pretend to study while playing games online to earn more.
Then in 2017 at the age of 17, JP set up a bitcoin mining rig – where a group of computers create new bitcoin by solving puzzles – in his parents’ basement.
He decided to drop out of North Carolina State University, where he was studying at the time, to pursue crypto full-time – and says his family were “supportive” of his decision.
Cryptocurrencies are highly volatile though, which means your money can fluctuate widely and go up and down.
This means getting too involved can be risky business, like with many money investments that aren’t guaranteed to give you returns.
JP, who made his first million before he turned 18, told Jam Press: “I liked the fact that I didn’t have to be a certain age to purchase the coins, but I didn’t expect it to take off like it did.
“The idea of creating my own mining rig came about when my English teacher assigned the class to create a business plan in 2013.
“After I completed the plan, I started buying graphic cards from eBay and running the machines in a milk crate at my house.
“My parents were supportive of the whole process. They saw it was coming.
“As the business expanded I started selling mining rigs online and had a few of my friends working for me and building rigs full time.
“In the basement, the company did over $2 million in revenue.”
JP now rents out an abandoned property in Iowa for his crypto operation.
The facility in Iowa makes $40,000 a day across 1,300 computers and JP has 23 staff members in total.
He said: “When I applied to schools I was working as a software intern and I knew I wasn’t going to last all four years in college.
“I went to school for the first year to ensure I had the chance to experience the college atmosphere and meet new people.
“But when Bitcoin started to soar I wanted to focus on it full time.
“After college, I rented a warehouse and hired my friends as sales reps and support staff.
“College is a massive debt for those who don’t go for engineering or science-based degrees.
“You don’t need a degree to be successful you simply need the determination to work on the same thing for two years and work towards creating value for all.”
As for spending his cash, JP has bought a Lexus RC 350 sports car for himself, travels and eats out in luxurious restaurant.
However, the self-made millionaire says he puts most of the money back into the business, with plans to open a new office in Oklahoma in 2022.
He added: “The money lets me travel wherever I want and eat amazing dinners.
“I love to travel and regularly ski and spend time on the beach.
“I also enjoy watching the company affect employees, customers, and fans in a positive way.
“Most of my time now is focused on expanding our operation.”