Billion-dollar companies have already been victims of this brutal winter, but it's also making life harder for fans who mine from their spare room or garage.
The profits of these people who use GPUs rigs to pull in hundreds of dollars a month have plummeted.
Chris Vega and Michael Carter both have decades of experience mining and advising others.
Carter said that it's easier for at- home miners to be innovative than large companies.
bbyists are trying new techniques to cut costs.
Prices for electricity, a big input cost for power-hungry mining, are soaring around the world because of the energy crisis.
Individual miners don't have a chance of controlling the price. They have the ability to manage their utility bills.
The miners are moving to take advantage of lower energy prices.
The cost of electricity in the US is expected to go up 5% this summer. The US Chamber of Commerce predicts a 16.4% increase in New England, but only a 2.4% increase in the South-West.
Many Americans are moving to a different state because electricity is cheaper there. You tend to see a lot of migration by miners in a bear market.
The two said that some miners are considering using renewable power sources.
Some miners in the Midwest are moving to states like Illinois or Missouri to take advantage of wind power there, according to a Florida man.
There are many incentives to use renewable energy in the US. Half of the cost of a large solar panel can be paid off by the government, which can help miners cut their costs.
Carter, who runs a larger mining operation out of St Louis, Missouri, also consults with larger Midwestern mining firms about how to maximize their setup.
Old mining equipment is being sold to raise capital. It's possible to pick up a rig for as little as $300 on second-hand websites.
Those who first bought rigs in last year's run-up to market highs could be looking for a quick way out of the market.
Many people in the mining space don't want to sell their equipment.
When bitcoin was at its all-time high, new sellers bought a lot of hardware at ridiculously high prices.
As a teenager, Vega began mining the digital currency. He said he and his friends got a bunch of laptops and piggybacked off grandma's wi-fi.
He and Carter are in a good position to see the community's plight. If they can cut their costs, they expect the hobby to survive.
The mining scene has a lot of individuals who bring something different to the industry. I hope that the grass root individual will continue to triumph.
There is a complete guide to the technical setup, profits, and risks involved in mining cryptocurrencies.
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