Some crypto miners are even considering switching to renewable power sources to cut their electricity costs, the two said.

Florida-based Vega said he'd heard of miners pivoting to solar power, while Carter said some in the Midwest were moving to states like Illinois or Missouri to take advantage of wind power there.

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

"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."