And those billions of dollars created a temporary, pseudo cost of production floor of around $3k.  Then after an extended bear market hits, many of them will go bankrupt like KNC did, and the temporary price floor will decrease lower. Best case scenario all miners mine at a loss and buy coins that go below their cost of production (not very plausible but whatever) and $3k floor holds.  Worst case, more plausible scenario, lots of big miners go bankrupt like they've always done and price floor drops to something like $2k, $1k, or lower.