Meet the college dropout who shunned higher education in favor of becoming a bitcoin miner — and now, he makes $1.3 million a month.
John Paul 'JP' Baric, 24, from Austin, Texas, bought $1,400 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 spend his nights trading bitcoin while pretending to study and would play games to earn more — but he never expected the hobby to turn him into a millionaire.
In 2017, JP set up a bitcoin mining rig — where a group of computers create new bitcoin by solving puzzles — in his parents' basement.
Meet the college dropout who shunned higher education in favor of becoming a bitcoin miner - and now, he makes $1.3 million a month
John Paul 'JP' Baric, 24, from Austin, Texas, bought $1,400 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 spend his nights trading bitcoin while pretending to study, but he never expected the hobby to turn him into a millionaire
The then-17-year-old was studying at North Carolina State University at the time, but after his bitcoin mining company took off, he decided to leave school altogether.
'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,' JP, who made his first million before he turned 18, told Jam Press.
'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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In 2017, JP set up a bitcoin mining rig - where a group of computers create new bitcoin by solving puzzles - in his parents' basement. He is pictured with his parents
The then-17-year-old was studying at North Carolina State University at the time, but after the bitcoin mining company took off, he decided to drop out altogether
He started selling mining rigs online and hired a few of his friends to build rigs full time. In the basement, the company did over $2 million in revenue
Raking in the cash: JP then decided to level up and out of his parents' basement, renting an abandoned property in Iowa (pictured)
Growing the business: The facility in Iowa (pictured inside) now makes $40,000 a day across 1,300 computers and JP has 23 staff members in total
What is bitcoin mining and how does it work?
- Bitcoin mining is the process by which new bitcoins are entered into circulation. It is also the way that new transactions are confirmed by the network
- Mining is performed using sophisticated hardware that solves an extremely complex computational math problem
- The first computer to find the solution to the problem is awarded the next block of bitcoins and the process begins again
- Miners are rewarded for their work with crypto tokens. It is popular since you can earn cryptocurrency without having to put down money for it
- To participate in bitcoin mining, you need either a GPU (graphics processing unit) or an application-specific integrated circuit (ASIC) in order to set up a mining rig
- Source: Investopedia
'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.'
Raking in the cash, JP decided to level up and out of his parents' basement — renting an abandoned property in Iowa.
He continued: '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.
As for spending his hard-earned cash, JP has bought a Lexus RC 350 sports car for himself, and he also enjoys traveling - he loves skiing - and going to luxurious restaurants
Branching out: 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
'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,' he said
'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.'
The facility in Iowa now makes $40,000 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, and he also enjoys traveling — he loves skiing — and going to luxurious restaurants.
Viral sensation: JP has become a TikTok star too, where he shares his journey with 485,000 followers and many users are left in awe at the bitcoin success
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: '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.'
JP has become a TikTok star too, where he shares his journey with 485,000 followers and many users are left in awe at the bitcoin success.
'Dude this guy is a genius,' commented one person on a recent clip.
Someone else added: 'Dude you're living my dream.'
'I am shackled with debt... Can you buy me a new car?' joked someone else.
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