Do you think mining is kinda tied to btc? Because back when btc was struggling, people mining were barely making profits after deducting the electricity.
Also, normally do miners hold the earnings in btc or they sell out for fiat immediately?
Some miners will pay in fiat currencies but I think most miners are die hard Bitcoin fans and are probably holding onto the Bitcoin for the long term. Some of them will be transferring their Bitcoins into new equipment and maintenance.