The mindset of these mega-corporations is that mining is a speculative investment that they will hold onto for years, even if BTC goes to $10k. They or their investors are used to losing money for 10 years in other business models then making up the difference later. That is how most tech startup companies work. They are perfectly happy with breaking even during a bear market.

They probably can't sell the equipment or close up shop because they usually buy the land, pay to build the warehouses, and depreciate the miners. It's extremely hard for them to liquidate even if they wanted to, not to mention 'admitting defeat' to the investors.  So they aren't upset as long as they can pay their power bill, which is already very low at 3-4 cents.

So as miner prices go down, they will buy even more and build more warehouses, which will put a damper on the price declines. I won't be surprised if new S19 95T units cost $5000 each if BTC is worth $15k. I think this time will be different from the past, where miner prices did react to profitability.

The only market that would have more reasonable prices is the used video card market. There are very few GPU mega-mining farms. The average GPU miner has 2 or 3 rigs and they're much more sensitive to profitability. It's easy for them to liquidate to starving gamers who still need cards.