Bury-based Easy Crypto Hunter says enquiries have surged after Elon Musk attacked Bitcoin mining for guzzling energy created by fossil fuels. Mining Bitcoin usually requires a super-powerful, energy-intensive computer, and most mining is done in China where energy costs are far cheaper than here in the UK. But Josh Riddett’s mining machines — measuring 70cm x 35cm x 40cm — are designed to mine other digital currencies like Ravencoin and Ethereum and use far less energy.
The firm’s mining rigs typically retail for £18,000 and have averaged approximately £30,000 each in annual profits over a three-year period, with the bulk of these gains made in 2021 as digital currencies won institutional acceptance. Longer term investors saw the greatest profits.
Owner Josh Riddett — who was among delegates at an EU summit on crypto last year — says the company has been experiencing growth in sales as farmers tap into on-site renewable energy like solar, hydro, wind or anaerobic digestion.
One site hosts 40 mining computers which run 24/7. The site is powered using anaerobic digestion (AD) machines which turn animal waste into renewable energy.
Farmers with renewable energy sources like solar, hydro, wind or anaerobic digestion can sell their power to the National Grid for around 4-7 pence per kilowatt hour — but Easy Crypto Hunter says farmers can earn up to ten times that running a crypto mining machine.
Easy Crypto Hunter now has more than 250 registered customers, including so-called Crypto Whales and high net worth individuals who often own 30 to 40 mining computers. The company is believed to be the only seller of crypto mining machines in the UK with a bricks and mortar office.
In March Josh Riddett was among delegates who attended an EU summit in Brussels on crypto currencies chaired by Sir Graham Watson of the European Economic and Social Committee.
Riddett, Easy Crypto Hunter’s chief executive, said:
“Our computers are capable of mining hundreds of different digital currencies but we don’t mine Bitcoin because it’s not as energy efficient as other coins and it’s not as profitable.
“When we started this business four years ago, green energy wasn’t on our customers’ radar, but now it’s approximately 40 per cent of our business, and growing every day.”