Bitcoin mining is an integral aspect of the industry because it helps provide security and confirm Bitcoin transactions. Without it, the network would be highly susceptible to attacks and become dysfunctional. However, despite its essential nature, miners are few and far between, so to help address this, crypto mining pioneer JP Baric created MiningStore.
One of the most common reasons people are reluctant to participate in crypto mining is that it is a costly undertaking. But, in 2016, JP Baric came up with the creative solution to offer services that make it easier for others to purchase crypto miners and operate them at low-cost stranded renewable energy. Thus, MiningStore was born.
The brand effectively reduces friction in the bitcoin mining space by making it easier for others to purchase crypto miners and operate them at low-cost stranded renewable energy across the country.
Aside from its impressive mission, what makes the business stand out is its remarkable products and services that cater to all types of clients.
The first one is called Managed Mining. It is a white glove solution where clients receive power at the company’s direct cost and share in a profit split arrangement, and each investor has to provide $100,000. The investment cost might be on the expensive side, but at the same time, Managed Mining is also the most effortless way to enter the mining space.
The second product is Bitvault, which is a perfect fit for smaller investors looking to invest as low as $1,000 into a mining operation. These investors will, in turn, get to own shares in a Regulated Crowdfunding, and each Bitvault is sponsored and run by an influencer.
MiningStore has separated itself from the competition because of its tried-and-tested programs that prioritize the experience of its clients and investors. Yet, despite the immense success it currently experiences, the brand has also gone through its fair share of trials and challenges.
Founder and CEO JP Baric candidly recalled a particularly tough moment for the venture. He shared, “There was a time back in 2019 where I had to fire all of my employees who were mostly my friends and slowly rebuild the company from scratch. We had to pivot from selling custom-made mining rigs to a business where recurring revenue was available. Without recurring revenue, we had some really good months and some months where little to no sales were made. During this time, I learned what it meant to truly manage a team and the importance of understanding and controlling costs.”
Through sheer determination and the willingness to adapt to changes, JP Baric and MiningStore bounced back. Now, the incredible enterprise mines over a million dollars worth of virtual currency every month.
As it continues to scale its success, it plans to expand its reach and cater to more clients. But most importantly, MiningStore hopes to continue leading the crypto mining industry and elevate it to greater heights.