NW crypto entrepreneur grows business to £840K turnover

North West entrepreneur is now on track to reach £1 million turnover in his first 18 months for his cryptocurrency business.

Josh Riddett founded Easy Crypto Hunter, a manufacturer of crypto-mining machines. He commented: “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.”

Easy Crypto Hunter’s machines provide the computer power necessary to enable ‘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.

Riddett 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.

The entrepreneur said much of his focus over the past year has been in educating people on the benefits of both using cryptocurrency and investing in a mining machine.

“Cryptocurrency digitises trust in that you don’t have to rely on one company handling your transactions, you rely on mathematics and algorithms,” he said.

“It is a secure, faster and cheaper way of sending information and there are huge advantages for businesses, including eradicating international business fees.

“When $300 million of Bitcoin was sent between different countries recently, it cost 14 cents to transfer, so you can start to see the business case for the cryptocurrency.”

Looking ahead, Riddett said the company will be taking on more staff as it prepares to cope with growing demand and growth.

“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,” he said.