The year has been eventful for Crypto miners. They are getting hit with rising energy costs and increased government regulation amidst the bear market. Despite the tough environment, miners are getting creative by adopting ways of expanding their margins.
Two prominent Crypto miners, Chris Vega and Michael Carter, have shared some insight into how the community is keeping energy prices low.
Besides leveraging the bear market, the miners also circumvent the increasing energy costs overheads. As a result of their resilience, they have been able to stay afloat.
Miners play an instrumental role in increasing the circulating supply of Cryptos such as BTC. The leading Crypto, for instance, has a circulating supply of 19 million BTC.
How To Keep Energy Bills Low
The US Chamber of Commerce projects that electricity inflation will be steeper in New England at 16.4% this summer. The Southwestern region will have the lowest increase at 2.4%, which is lower than the national average of 5%. According to Vega, a Florida-based Crypto miner, the option of moving to a new state is an idea that most miners have opted for already or are mooting.
The Government Incentivizes the Use of Renewable Energy
Crypto miners can earn tax relief, refunds, and rebates by opting for clean energy sources such as wind and solar. A leader of a Crypto mining venture based in St Louis, Missouri, highlights that the government can refund up to half of the solar system installation cost. The program may address environmental lobbyists’ long-standing criticism of Crypto miners over carbon emissions.
Depending on whether a Crypto miner is a stay-at-home or corporate, the business’s nature determines the transition to alternative energy sources. An individual miner can, for example, relocate out of state, while a corporate may require a longer adjustment time.
Crypto Mining is Still Rewarding
BTC has dipped by more than 70% since its peak in November, but miners are still optimistic that a rally is in the offing. Vega highlights that the optimism is better illustrated by the fact that mining equipment is not being offloaded. However, starters who bought their rigs at the height of the Bull Run are losing their equipment after acquiring them at a premium.
In the meantime, miners have to adjust to the energy inflation by cutting costs to make positive returns in the bear market. Mining Crypto remains the easiest way of building wealth. Miners can buy rigs on eBay for as low as $300. Carter offers technical guidance for developing a setup online. For first-time adopters who may find technical mining time-consuming and complex, StormGain offers a unique user experience for miners on its BTC cloud mining tool tab.