We can be very confident that they are not happy, but they're probably not that sad too. I believe that in two or three more halvings they will be VERY SAD unless the price surges to more than $500,000 per Bitcoin. Because if it will stay below a minimum price level to make mining profitable, the miners might start a narrative to remove the 21,000,000 supply limit.
Shower thought. If it's truly a situation of life or death for miners, would you consider supporting a change in Bitcoin's supply limit?
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Hashrate may just reduce , or hardware may become more efficient...
Although true, both of those adjustments will probably be centralizing towards the large miners that have the most hashing power, and the miners that have the most capital to get the most efficient ASIC first.
I believe that can be good and bad.
or fees may just skyrocket.
Miner will not become unprofitable, network can just adjust itself .
That would be the most perfect of all possibilities, that fees from transactions will be enough to secure the network. But what sort of transactions will it be?