My 2 sats: Especially, if you somehow manage to get new miners at MSRP (as I found here: https://www.coinwarz.com/mining/bitcoin/calculator) and have <10ct/kWh electricity price, you should easily make more profit by mining other than holding. For example an S19 Pro for 2,5 grand.
But right now, where they go for up to 4x that price, it's a quite thin line to walk on where it can be slightly more or slightly less profitable than just holding.
Speaking just economically, this seems to be the case simply because 10K for a S19 Pro seems to be the highest still (in specific cases) profitable price - would scalpers price it higher, nobody would buy it, would they ask less, people would resell for ~10K. Simple economics
But right now, where they go for up to 4x that price, it's a quite thin line to walk on where it can be slightly more or slightly less profitable than just holding.
Speaking just economically, this seems to be the case simply because 10K for a S19 Pro seems to be the highest still (in specific cases) profitable price - would scalpers price it higher, nobody would buy it, would they ask less, people would resell for ~10K. Simple economics