Key Points From the Interview
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 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, by buying it outright. (And finding it on BizBuySell no less.)
Today that hosting facility employs 11 people.
This a fun, scrappy venture — the best kind.
Now, we recorded this interview before the FTX scandal erupted, so the crypto winter we refer 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!
Finally, 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 become known as 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; there's plenty there.
Well today's story by Chris about his own dealings with McAfee prove that those headlines don't exaggerate; the guy was wild.
Enjoy that, and the main event:
Chris's path from bitcoin curious to owner-operator of a bitcoin mining business. 👇👇👇
August Felker is a 2-time successful searcher — first with a traditional search fund; the second time around, he did a self-funded search.
Today August runs Oberle Risk Strategies, an insurance firm with a dedicated practice group for searchers and acquisition entrepreneurs like you.
If you've got a business under LOI, Oberle will provide complimentary due diligence on that business's insurance and benefits program. A great, no-risk way to get to know August & team.
They love helping searchers; they've worked with hundreds. Oberle is a specialty insurance brokerage for searchers, by a former searcher.
Check out the Search Fund Team at Oberle.