Man who dropped out of college to mine bitcoin now earns nearly £ 1million per month

John Paul ‘JP’ Baric, 24, of Austin, Texas, USA, first became interested in cryptocurrency in 2012 when he bought $ 1,400 (£ 1,060) worth of bitcoin – he now makes a living by mining full time.

John Paul ‘JP’ Baric works full time in crypto

A computer geek who dropped out of college to mine bitcoin now earns $ 1.3 million (£ 962,885) per month from his hobby.

John Paul ‘JP’ Baric, 24, of Austin, Texas, USA, first became interested in cryptocurrency in 2012 when he purchased $ 1,400 (£ 1,060) of bitcoin.

He was still in school at the time and remembers pretending to study while playing online games to earn more.

Then, in 2017, at the age of 17, JP set up a bitcoin mining platform – where a group of computers create new bitcoins 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 devote himself to cryptography full-time – and said his family “supported” his decision.







The bitcoin mining facility set up by JP
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Picture:

Jam Press / JP Baric)


Cryptocurrencies are very volatile, however, which means your money can fluctuate dramatically and go up and down.

This means that getting too involved can be a risky business, as with many investments of money that are not guaranteed to pay off.

JP, who made his first million before he was 18, told Jam Press: “I liked that I didn’t have to be a certain age to buy the coins, but I didn’t. wasn’t expecting it to take off like it did.

“The idea of ​​creating my own mining platform arose when my English teacher asked the class to create a business plan in 2013.

“After I finished the plan, I started buying graphics cards from eBay and running the machines in a milk crate at home.







Mining facility in Iowa
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Picture:

Jam Press / JP Baric)


“My parents supported the whole process. They saw it was going to happen.

“As the business grew, I started selling mining rigs online and a few of my friends were working for me and building rigs full time.

“In the basement, the business has made over $ 2 million in revenue.”

JP is now renting an abandoned property in Iowa for its crypto operation.

The facility in Iowa makes $ 40,000 per day on 1,300 computers and JP has 23 staff members in total.







JP on vacation with his parents
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Picture:

Jam Press / JP Baric)


He said: “When I applied to schools I was working as a software intern and I knew I wasn’t going to spend the four years in college.

“I went to school for the first year to make sure 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.







JP does not regret dropping out of college
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Picture:

Jam Press / JP Baric)


“University is a huge debt for those who don’t get engineering or science degrees.

“You don’t need a degree to be successful, you just need the determination to work on the same thing for two years and work on creating value for all.”

As for spending his money, JP bought a Lexus RC 350 sports car for himself, travels and eats in a fancy restaurant.

However, the self-made millionaire says he’s putting most of the money back into the business, with plans to open a new office in Oklahoma in 2022.

He added: “The money allows me to travel wherever I want and eat amazing dinners.

“I love to travel, ski regularly and spend time on the beach.

“I also love to see the company affect employees, customers and fans in a positive way.

“Most of my time is now spent expanding our operations. “

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