Halving will be the "end" for many minermen...
The strongest ones will overlive.
Who will spend cash for losing cash?
After the halving ...people will keep up...and the "give-uper" will then give oxygen to the survivors...
Mining hardware will be traded for low prices...
If we consider that Bitcoin has a chance of being much more valuable in the future (or also worthless if things go poorly) then depending on where you think the value will go you can offset present losses against future gains. Of course we'll always want to strive for the best short term profit as well to increase our chances at future gains, but it's not the only factor.