miners have sunk costs and depend on selling coins to cover the sunk costs

at equilibrium the coin rewards and costs are nearly equal, forcing sale of majority of coins

by selling coins miners depend on the users on the market to give them value

if coin owners don't like what miners are doing, they can sell the coins costing miners money so miners are unable to cover sunk costs

miner abuse could easily cause a fork via algorithm change or user activated forks

then coin owners can sell only on specific forks to effectively
1. crash the security of that chain
2. profitability of miners on that chain (i.e. losses)
3. crash value of every owner of coins on that chain (exodus)

Big difference in 25 coins/block worth $7000 each and 25 coins/block worth $1 each

miners answer to users, both depend on each other.

https://i.imgur.com/eDY9gGY.png