Mining has different market dynamics than you'd like to make people believe. In mining the product is money or a money substitute itself. Thus miners are generally interested in increasing their purchasing power within the money system itself.

Put another way: A miner becomes by definition the issuer of the currency and benefits from the ongoing inflation because they get the new money first before the market can price in the inflation or the mining costs are generally lower than the mining revenue. He thus operates CONDITIONAL on the assumption that the purchasing power of the mined asset increases, stays the same or inflates slower than the expected incoming cash flow. If I would expect the mined asset price to fall, I would NOT buy hardware in the first place, but hedge my asset position by selling them for something else.

Thus, mining investments are similar to doubling down on an appreciation of the mined asset. The miner accepts a certain degree of risk and capital expenditure for the prospect of getting that capital back. If I expect the capital expenditure to outsize the mining revenue, I wouldn't do the investment in the first place. That simply doesn't make any economic sense.