107 - Buying a Bitcoin Mining Facility
I love stories where the entrepreneur's venture came about by scratching their own itch.
Today's guest, Chris Koerner, wanted to get into bitcoin mining.
Well, turns out that's hard if you're just a hobbyist bitcoin miner.
You don't just plug a mining computer into your home electrical outlet.
You need a data center, and one specifically built for mining.
But getting access to one of those can be difficult.
Well, Chris finally did get access to one, but by buying it outright and finding it on BizBuySell, no less.
Today, that hosting facility employs 11 people.
This is a fun, scrappy venture. The best kind.
Now, we recorded this interview before the FTX scandal erupted. So the crypto winter we referred to in the episode has only become colder and darker in the intervening weeks.
But I checked in with Chris, and he says his hosting business, Mining Syndicate, is getting by.
Sales have dropped about 20%, but they're benefiting from new business as competitors close their doors.
Never boring in the world of crypto.
Also, the last 20 minutes of this episode are devoted to a mostly unrelated but fascinating story.
It's about Chris's business partnership with John McAfee.
John McAfee made his millions as the founder of the eponymous antivirus software company, but later became known as something of a renegade.
Guns, booze, crypto tax evasion, living in Belize, and ultimately dying by alleged suicide in a Spanish prison.
Anyway, Google him if you don't know or check the show notes. There's plenty there.
Well, today's story by Chris about his own dealings with McAfee proves that those headlines don't exaggerate.
The guy was a wild man.
Enjoy that. And the main event: Chris's path from bitcoin-curious to owner-operator of a bitcoin mining business.