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24 Year Old Man Dropped Out Of College And Now Makes £960,000 A Month

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24 Year Old Man Dropped Out Of College And Now Makes £960,000 A Month

This is the 24-year-old man who dropped out of college to mine bitcoin and now, he makes $1.3 million (£965,000) every month. Pretty impressive, right?

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John Paul 'JP' Baric from Austin, Texas, bought $1,400 (£1,060) worth of bitcoin back in 2012 when he was still at school and cryptocurrency had yet to hit the mainstream.

The self-professed 'computer guy' would trade bitcoin while pretending to study and would play games to earn more, but had never expected the hobby to turn him into a millionaire.

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In 2017, JP set up a bitcoin mining rig – where a group of computers create new bitcoin by solving puzzles – in his parents' basement.

The then 17-year-old was studying at North Carolina State University at the time but soon decided to drop out altogether, and says his family were 'supportive'.

Credit: Jam Press
Credit: Jam Press
Credit: Jam Press
Credit: Jam Press
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JP, who made his first million before he turned 18, explained: "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."

He went on: "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 and knew I would do well without the structure of a college environment.

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"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."

Credit: Jam Press
Credit: Jam Press

Raking in the cash, JP decided to level up and out of his parents' basement, renting an abandoned property in Iowa.

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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.

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"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."

JP's bitcoin mining facility. Credit: Jam Press
JP's bitcoin mining facility. Credit: Jam Press

The facility in Iowa now makes $40,000 (£29,000) a day across 1,300 computers and JP has 23 staff members in total.

As for spending his hard-earned cash, JP has bought a Lexus RC 350 sports car for himself, travels and enjoys luxurious restaurant visits.

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

He added: "I enjoy watching the company affect employees, customers, and fans in a positive way.

"Most of my time now is focused on expanding our operation."

Featured Image Credit: Jam Press

Topics: Bitcoin

Rebecca Shepherd
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