This is a nice approach but we should not forget that not all mined coins are instantly being sold at exchanges. If people who mine coins hold them, less money will be needed to maintain price level.
I look at it a different way.
Let's say I mine a coin, say $10 on a VPS and I make $100 worth of DOGE. That's $90 profit.
If I choose to keep that $100 in DOGE, i'm now not a miner, but an investor . . I've invested my $90 profit plus $10 outlay in DOGE.
Not all miners are investors, not all investors are miners.