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.
Normal thing because bitcoin isnt accepted anywhere and miners arent exempted for them to cash out or convert out their coins for personal use or for their business maintenance and some sort.
Its out of our business honestly since its their investment and any profit that they do get will really be depending on how they would use it neither they do hold or spending up actively or converted on fiat.
They might be bitcoin supporters and could possibly hodlers too but there would be some personal reasoning on how they would be using up their coins.