While miners can have a decent margin on 5 cents per kilowatt, those with a direct energy source and power assets tend to enjoy a much lower price, said Gregory Beard, chief executive of Stronghold.

Margins have contracted to about 70% from 90%, according to analysts. With Bitcoin block rewards also programmed to be cut in half in less than three years, further pressure is also expected.

Another advantage energy-turned Bitcoin miners might enjoy over peers is their willingness to sell the Bitcoin they mine.

"I can sell Bitcoin and use that to pay for my facilities, operations, personnel and growth, and not dilute my shareholders."