What I'm wondering here is if there is a way for miners to hedge against shrinking margins? Do you think hedging strategies could help us stay solvent amid the bear market?
Bitcoin miners can use futures just like any other commodity producer. That protects them against short term fluctuations, but if they cannot mine profitably in the long run, they cannot stay solvent.
I don't think that's a solution, using futures can end up in more loss, mining is only profitable if the expenses are in cover even after the price movements of Bitcoin.