Interview With Josh Riddett, CEO, Easy Crypto Hunter
After meeting him at Glasgow All Energy, we had a great chat with Josh Riddett from Easy Crypto Hunter about all the ins and outs of crypto mining and how it can be the saviour of the renewable energy industry.
Josh was a joy to chat with and its easy to see his professionalism and knowledge after only a brief amount of time spent with him. Under his leadership, Easy Crypto Hunter is booming and has become the leading UK supplier of crypto mining rigs.
Could you briefly explain your business model and its benefits?
We’ve got a couple of different benefits for our clients. Most obvious is the fact that we manufacture some of the most powerful mining equipment on the planet. By giving our clients GPU mining equipment, they end up with a lot of flexibility, versatility, and hardware that has a much longer life cycle than typical ASIC’s or others.
So our hardware has a much longer life cycle, with many more coins available to mine, while using much less power in the process. This results in a higher yield, higher returns, and less risk. That’s fundamentally the advantages of the equipment that we make, and that’s what makes them so awesome.
Can you give an overview of how the machines that you produce help the crypto businesses? Are they widely used?
Yes, for any proof-of-work blockchain transactions to move, there needs to be mining, which ultimately is just the process of verifying transactions.
Over 600 of the coins that exist today require this type of proof of work to demonstrate that the transactions have correctly happened. So, in effect, that is what the machines do; and as a thank you for providing that voluntary service, you get paid a small sum.
If your business is a blockchain coin that needs this, then the value is that your transactions now get verified and your network can grow. If you’re a miner that owns our equipment, the benefit for you is simply financial, as you’re able to earn tokens for supporting these networks with your machines.
Do you offer renewable energy integration plans (using solar/wind power directly to power the machines) with your consultancy?
Most of our clients at this point are pulling from the grid simply because that’s the easiest way to do it.
However, as the markets are now changing in the renewable energy world, it’s getting very difficult for renewable energy installations to receive the same government tariffs that they used to, which classically supported their industry. We’re now seeing them desperately move towards new financial mechanisms. Our proposal is to use cryptocurrency mining to enable those companies to have a massive increase in their pence per kilowatt.
If you have a solar or wind farm, you typically get a fixed pence per kilowatt for every unit of power that you sell back to the grid. They’re usually very low and they’ve been falling year on year, and subsequently in the UK, they got removed for new projects. So from this point forward in the UK, it becomes exceptionally difficult to make a working financial model for these new businesses as there’s just simply not the revenue stream there once was.
Our proposition at the moment to these types of facilities is: instead of selling all of your power to the grid, you could allocate a proportion specifically for crypto mining. The revenue generated from that is vastly higher than what was previously achieved – sometimes even as much as 10 times more. It then generates a new financial incentive to create new renewable energy sites moving forward.
A lot of people think that crypto mining is bad because it uses lots of power, and it’s awful for the environment. The truth of it is, all the governments around the world say that they want to save the planet, but no one’s really prepared to pay for it. However, with something like crypto, the financials are so strong that it genuinely enables an independent of government financial mechanism to make new green energy sites available to be built that otherwise would have never been built. So actually when people think crypto is terrible for the environment, they couldn’t be further from the truth. The vast majority of large-scale crypto infrastructure is on renewable energy, and that increases demand for those sectors. I see crypto and renewable energy having a fantastic symbiotic relationship moving forward.
What makes you stand out from your competitors?
We are the UK leader in this sector because we only deal with top-end equipment that has longevity and sufficient power. Many people have got their fingers burnt in this sector because people are just buying what they think is the right thing. Generally speaking, like all industries, it comes down to knowledge. A lot of people want to mine, so they presume the only way to do that is by mining Bitcoin. Mining bitcoin today is exceptionally difficult, and the equipment cycle is perhaps every three months. What you end up with is a steady increase in difficulty rate with equipment that gets outdated quickly. It then becomes a race to the bottom for who can buy the most powerful machines, as quickly as possible, with the cheapest power. That’s simply not feasible for the vast majority of individuals or businesses.
We’ve gone a more intelligent route in the fact that we understand the market in a much broader sense and ultimately it’s our goal to get the best ROI for our clients. That doesn’t necessarily come from mining Bitcoin directly. There’s more money to be made by mining the smaller coins at a faster rate, and then it’s still possible to exchange those into other coins.
How do you fight against the bad reputation that scammers have caused to the mining industry?
We do things the way they should be done. Over 95% of our clients physically come and meet us. We have open offices where people can come and greet us. They get to see where the equipment is made, as everything is manufactured here in the UK.
The business model is designed for recurring customers down the line due to the type of relationships that we have. Fundamentally “the human approach” is the big difference between us and the online kind of dodgy people.
Because we only deal with sales, the client owns a hundred percent of the equipment. They have complete control, and they receive all of the coins. Therefore, even if we were the most scammy, awful company on earth, providing the client has physically taken their equipment, they cannot lose out because the machines operate independently of us.
How do you determine that mining is profitable?
It’s straightforward these days. There’s a lot of online comparison websites where you can plug in some details like how much power you’ve got, what coin you’re mining, and it can spit out a figure just like insurance comparison websites. One thing to remember is that the numbers that those things pop up are always the basic “out of the box” type numbers.
With our expertise, one of the things that we do to our machines is we both
What role do you see AI and machine learning playing in the future of the energy business?
A massive role moving forward! Ultimately, the same devices that we sell are the physical devices that do AI deep learning. We’re actually working with a company at the moment to develop some new software, which we’re hoping to be able to roll out to our clients soon. This will inevitably enable them to switch between crypto mining and artificial intelligence learning. We see it being a fantastic second advantage for the crypto space and that’s what makes things exciting again! These are the advantages of top-end GPU versus ASIC machines. You’ve got that flexibility to be able to mine coins that don’t exist yet and access new financial mechanisms through AI deep learning. I imagine my clients in the future not only buying crypto mining machines but exceptionally powerful computer servers that can compute a whole myriad of services.