Perhaps people have to start seeing this from the market share perspective. Large operations are grabbing market share and it is in their interest and the interest of their investors not to concede that to anyone else. Big invested operations can run at a loss for a short period of time, how many large corporations do you know of that did not turn a profit on the odd year.

One only needs to look at the history of webserving, how it began as home operations then corporatised, and finally its erosion into 4 or 5 major cloud storage monoliths ( MS, HP, Google, Amazon et al ).

In a sense the large uneconomical farms should have already been shut down but instead their life is being extended by a reinvestment by the general public. It is a business model that has worked for them so far to varying levels of success, and will continue to work while the gen public keep falling for it.

Problem is so much time and effort in the cryptocurrency world has gone into the mining arms race, rather had that time and energy been spent extending the use of cryptocurrencies into communities around the world, the value of it would be steadily rising, instead it is in nose dive because the demand for it is not as high as the need to sell it to pay power bills.

When this is all over, and the last home miner is switched off, I hope the lessons people take away from this is that laissez faire capitalism, no matter how well it is coded into protocols, has and will always fail via the greed of men.