I think there's still a shit ton of hardware coming online. Has to be to even flatline. Having a real hard time believing there's going to be a meaningful downward correction in difficulty. Miner's are just going to eat the loss till the price recovers. Or don't.

Can't shake the nagging feeling this is going to carry right to the halving which would make for some real entertainment.
The profit margin on a daily basis is not as low as it was in 2018 when the diff tanked.
But 13/14k coins and 37/40t diff will have us just about right to shift the diff.