Paul Knudson is a native of Utah. Entrepreneurship is in his blood, he descended from pioneer immigrants that settled in Brigham City, UT and established fruit businesses that catered to miners. Paul’s first exposure to construction was helping his father convert a large home into multiple rental apartments, and constructing greenhouses in the early 1970s. At age 15, Paul dropped out of high school and co-founded a bedding plant business with his brother. Their customers were big box home and garden retailers in Arizona. Nevada, New Mexico, Idaho, Utah, and Wyoming. Subsequently, Paul learned new home construction, guided by another brother of his who was a general contractor.
From there, building market conditions and oil booms would take him to Casper, WY, Evanston, WY, and Page, AZ. In Page, after assuming the project manager role for Frantz Construction, Paul qualified as the RME (Responsible Managing Employee) for Frantz in Utah. Paul managed construction of Frantz’s FmHA apartment projects in AZ, UT, AL, and Payette, ID, for the next 12 years.
In Payette County, ID, Paul struck out on his own. Paul developed subdivisions and built more than 100 homes and rental properties in Idaho’s Treasure Valley. Austin Homes LLC is currently building new homes in Fruitland, ID.
Paul first heard of Bitcoin Mining in the Fall of 2017. After extensive due diligence, he started XTRA Bitcoin Inc. and acquired his first miners in the spring of 2018. In 2019, he acquired a publicly traded company, TCEL, and merged XTRA Bitcoin into TCEL, simultaneously renaming TCEL to XTRA Bitcoin, Inc. (OTC: CBTC)
Paul cites several factors that are part of the CBTC investor value proposition, including low overhead, inexpensive power, limited debt, and risk mitigation in the form insider ownership of the leased mining facilities. XTRA’s leases have more than 5 MW of capacity.