Thanks for all the replys guys , enjoyed reading them.
Valid points of view presented here but we still have to take into consideration that not every miner is a big farm , and not every miner lives in the same country with same electricity costs.
When the price crashed to $150 last January there were small pools that had to shut down because they said it was unprofitable for them to continue mining. The bigger pools carried on mining, probably because their miners had better hardware and cheaper electricity. One member here said he generated electricity for free off his own waterfall and had paid for his mining equipment, so he could mine Bitcoins for nothing. Miners have differing costs of producing Bitcoins, and if the lowest price dropped to single digits there would still be some miners continuing to mine and making a profit. The buyers decide the price, not the miners.