Why mine Ethereum when you could buy it for $ 100-200?
For example, I bought equipment if its payback was about 8-10 months, or maximum 12 months.
I don't think that many miners bought equipment in 2019, when the profit was from zero to several tens of cents.
Many miners had negative profit and turned off their farms. Check out the hashrate history.
It's funny, these new people starting to mine now think we are lying hehe, they have no idea what bear market really is. I have a theory as what they think, if they earn 7 usd dollar now, they think they will earn 3 dollars in bear market ehhe, no sheeps, you will not earn anything, you will pay to mine.