Noone sinks that many millions into huge facilities like that without a long term plan so people should not assume the big farms are turning a profit 'at the moment'.

My guess is its a waiting game, as Ive said in the past, first to blink.

5 or more large players owning a huge chunk of the hashrate, holding the difficulty up to break point and waiting firstly for the small players to drop out then medium players rigs to become unprofitable enough to drop out eventually only leaving those players too big to quit.

If they can hold the hashrate to dollar value high enough that noone in their right mind would every want to contest them, then they have won the arms race.

The end game then is a bitcoin version of OPEC (  perhaps Organization of the Bitcoin Exporting Companies - possibly a reincarnation of the Bitcoin Foundation ) which will be an economic cartel with the task to coordinate the policies of the bitcoin mining conglomerates. The goal would be to secure a steady income to the large mining conglomerates and to steady the price of bitcoin while guaranteeing constant supply to the markets.

Basically a complete bastardisation of everything Satoshi tried to create.