The Bitcoin Mining World Launch – #43
Invest & Get to Work
Sometimes people ask me about the details of my venture fund. While the basic deets are cool ($16MM raised, over-subscribed, fully deployed into Web3 startups and Bitcoin Mining facilities in 2023), it’s our specific ‘venture-studio’ that I’m most proud of.
To us, a Venture Studio approach is more than just home-brewing great ideas, finding investment, and then pushing our #venturemedia strategy like we did with GarageID ($263,000 raised).
To us, a Venture Studio approach is hands-on. I’m proud to announce our latest investment: Bitcoin Mining World.
Bitcoin Mining World – Launched July 2024!
I have the distinct joy of not only putting money into people and ideas, but I also get to help them build this dream. I could wax poetic on some of the agile/scrum operational improvements, but you guys already know how to do all of that and can already assume that we’re doing it or beginning to do it now… What matters most is the ability to be in-the-trenches with the team. Asking the right questions and uncovering opportunities as we go.
The Founder of Bitcoin Mining World is an amazing operator in the Bitcoin Mining space for over 8 years, Scott Offord. The reason I knew about him was I actually used his services and products to the tune of over $5,000,000. He’s a Bitcoin Mining service provider after all! Sometimes, the best investments are into great services built by great people. Sometimes, the best investments are into people who’ve helped you succeed.
He’s out to become the gravitational center of the Bitcoin Mining World. Hey! I’ve been doing that for over 10+ years! Sounds like a great match!
What I love the most about his vision is that the Bitcoin Mining world is a [knowable] system. It’s complicated, not complex. While any human-relationship-management will always be complex in it’s nature, the actual industry of Bitcoin Mining is complicated, therefore, there are enough majority [knowns] around how to do it well, including: infrastructure economics, facility costs, opex/burn rates, power costs, software, platforming costs, market cycles for profitability, etc. The TL;DR of it is:
- low PPA (power costs)
- low infrastructure costs (costs of Bitcoin Miners)
- low operational costs (human costs/maintenance/support/etc)
If you can nail all of these unit-economics, you’ll know exactly how to get a return on investment. I’ve been doing it for over 10+ years successfully with other people’s money, so I [know] this game.
Their unique approach will be media-all-the-things, become a marketplace for the ecosystem, and build out the most robust library of education, and finally, Certification (oof, I like very much).
This amalgam of value made it an easy bet for our fund to get behind.
Traditional VC is Broken
I’ve written about this before many times. Handing over a check and praying it works out is not only a waste, but it lacks the human element of real effort. Most VC’s have never built a company, but they did graduate from Harvard Biz.
I think the more enjoyable approach is to:
- invest in a company
- spend intentional time daily with the company
- knowing that you can improve the chances of success
- so you can get your investment multiple back
- and have fun doing it too
Of Course, Media
You guys know me. I love media. So, enjoy my 4 minute announcement on the Bitcoin Mining World YouTube channel. If you’d like, you can follow all of the great new media that will (soon) be coming out of this great startup.
- Investing is fun.
- Building is funner.
- Investing and helping build with agile/scrum is divine purpose.
I’ve already received returns, with many more to come.
All the best,
ps