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Yeah, you are right supply is also low because of the low mining. Miners are not making good profit because there is no big demand for bitcoin. If the price drop little bit more, miners will stop mining because it is better to stop than deficits. Price is almost stable and there is no big activity in the market. I guess that this situation will last till the end of the year.
I doubt that miners will simply stop just because the price is below their profitability. Where do you think those miners go? Go mine altcoins or Bitcoin Cash (BCH)? I don't think so. They can still make a lot of profits from mining bitcoin simply because they can just hold and wait for the next bull run. We might not see a break out this year, but definitely a reversal will eventually happen and there will be more demand in the future.
If some of the miners stop mining means then the remaining miners will continue to work because now they have more chance of making money since they have low competition level there.So definitely miners won't fade away unless the prices fell too much which is not worth to sell.