Brookfield-based Bitcoin Mining World is helping individuals and businesses across the globe tap into the potential to earn money by helping maintain blockchains. Bitcoin Mining World helps individuals, small businesses and industrial users buy bitcoin mining machines and sites. The company also offers mini boot camp sessions for those looking to step into the industry.
Already a subscriber? Log in
To continue reading this article ...
Subscribe to BizTimes today and get immediate access to our Insider-only content and much more.Learn More and Subscribe Now
Scott Offord, founder and CEO of Bitcoin Mining World.[/caption]
Offord’s professional background is in digital marketing, which eventually led him to work for a Chinese manufacturer that made bitcoin mining equipment.
“I figured once I stopped working for that company, it would be a real shame to lose all that information and not benefit from it,” said Offord. “I reinvented myself as a bitcoin mining equipment broker.”
Through traditional banking systems, financial data is stored on computer servers that are stored in physical buildings and within the cloud. Those servers are owned and maintained by the banks.
Because bitcoin is a decentralized, peer-to-peer financial network, groups of individuals are tasked with maintaining its infrastructure.
Bitcoin miners work to solve a sort of puzzle that adds a group of transactions to the blockchain. Miners are then paid for this work in bitcoin. Every 10 minutes, a new block of transactions is discovered by a miner somewhere in the world, according to Offord.
“(Miners) are an important part of the network staying online,” he said. “They’re working to maintain that long chain of transactions.”
An individual bitcoin mining machine is about the size of two to three shoeboxes put together. People interested in bitcoin mining range from individuals who might have a couple of machines plugged in at home, to industrial users who run hundreds of machines at a time.
A brand-new miner can cost around $10,000, while older technology can often be purchased for less than $100 a machine. Bitcoin Mining World will also help users identify potential sites to launch their operations.
"If somebody is coming into the industry, they might not want to build a site from scratch themselves," said Offord. "They might want to buy their first site as a turnkey operation. That's where we can come in and help people."
During his time working as a middleman and reseller of bitcoin mining equipment, Offord launched an annual conference where people can learn about the industry.
To help grow a community of miners, Offord also started several telegram groups to bolster interest.
“If you talk to someone in the bitcoin mining industry, they’ll probably say they were in one of our various chat groups,” said Offord.
He officially started his company, originally called Scott’s Crypto Mining, in 2017. He then rebranded to Bitcoin Mining World in 2024.
Offord decided to rebrand to emphasize the fact that bitcoin is unlike other cryptocurrencies. He describes bitcoin as “the grandfather” of all cryptocurrencies and says he considers it to be one of the safest bets for people looking to invest.
While it’s not always profitable to open large-scale mining operations in Wisconsin due to high electricity costs, Offord said there are some bitcoin miners in northern Wisconsin working to launch their operations with the support of local dams. Miners use the dam’s electricity and offer payment at a competitive rate, Offord explained.
"If you can form some kind of a joint venture or partnership with an actual power producer, then mining in Wisconsin can start making a little bit more sense," he said.
Within the next three to four years, Offord hopes to exit the business through a merger or sale of the company.
