so we simply are not a bear mining market
I would argue you won't see any hash drop unless 10 cent miners are losers as that knocks out home mining in a lot of spots. { edit sp knocks }
Many people here forget how brutal the market became in late 2018. RX 570 cards were making a few pennies a day of profit at 10¢ power. They sucked on other algos. nVidia rigs, like the GTX 1060, did better at $0.60/day of revenue on coins like GRIN or RVN and consumed $0.28 of power. But even if you paid MSRP for that card, that was a 3-year payback time.
Today we stand at 500-600 day payback for most video card models. This isn't a bull market but it definitely isn't a bear market. I call it a transitional market.
I think we will see a lot more capitulation than late 2018 if/when ETH goes to PoS. At least in 2018, it was a lot slower. But PoS will be like the revenue dropping by 95% overnight. It will be so bad that even miners with 3 cent power will be unprofitable on any coin. It sucks!