• Home
  • News
  • Entertainment
  • LAD Originals

U OK M8?
Free To Be
Extinct
Citizen Reef

To make sure you never miss out on your favourite NEW stories, we're happy to send you some reminders

Click 'OK' then 'Allow' to enable notifications

Not now
OK
Advert

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

Published 
| Last updated 

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?

Loading…

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.

Advert

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
Advert

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.

Advert

"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.

Advert

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.

Advert

"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
More like this
Advert
Advert
Advert

Chosen for YouChosen for You

Entertainment

Netflix True Crime Film About Mystery Of Woman's Identity Expected To Be Next Big Documentary

2 hours ago

Most Read StoriesMost Read

News

New £1 Hangover Pill Is Going On Sale In The UK Today

4 hours ago