Crypto Miners Have Seen Their Profits Plunge

The crypto winter is really wreaking havoc on crypto miners everywhere. While large scale miners are still doing “ok” in the general scope of things, those who have simply made mining a hobby and who are doing it from home have either been forced to leave the industry completely or really scale back so they can save money on their operations.

Crypto Miners Have Seen Profits Really Fall

Many of the at-home crypto miners to emerge in recent years say they have seen their profits take massive hits in recent weeks and months. 2022 has been a year unlike anything they’ve ever seen, and they’re really hoping the bear market ends soon.

One such hobbyist crypto miner is Michael Carter, who claimed in a recent interview that while profits have certainly taken a plunge, the situation is helping him, and many other stay-at-home miners find ways to innovate. This innovation has aided them in saving a lot of money on their operations as the crypto space continues to fall.

He said:

It’s easier for at-home miners to be innovative than large companies because they have lower overheads. Hobbyists are the ones that are innovating and trying new techniques to cut their costs.

He says that not only have crypto prices really plummeted, but that the prices of electricity are set to rise heavily in the coming months by as much as five percent. He further commented:

Lots of Americans are moving to different states [where] electricity is cheaper. When there’s a bear market, you tend to see a lot of migration by bitcoin miners.

He also said that many of them are turning their backs on traditional energy sources and switching to renewables as a means of keeping costs down. He’s heard stories of many miners switching to solar power as a way of keeping their mining rigs operational. In addition, several of his mining associates have packed up and moved to regions like Missouri and Illinois, where wind power is plentiful and thus energy prices are less costly.

Carter mentioned:

There are a lot of incentives to use renewable energy here in the U.S. If you’re putting up large solar panels, you can get half of it paid off by the government, which can really help miners cut their costs.

Many Don’t Want to Sell Their Rigs

Carter’s partner Chris Vega also threw his two cents into the mix, saying that despite the bearishness of the industry, he doesn’t plan to sell his equipment anytime soon. He mentioned:

Many people in the mining space don’t want to sell their hardware. Sellers tend to be newcomers that entered the space when bitcoin was at its all-time high and bought a lot of hardware at ridiculously high prices… The mining scene is full of individuals who bring a unique flair to the industry.

Tags: Chris Vega, crypto miners, Michael Carter