They're trying to get the largest market share, and as stated their costs are bellow $400. By selling they're raising capital to expand, as long as it's above their costs they're at profit (and get the benefit of squeezing other guys out). It's a win/win sell at (some) profit and guarantee more profit. They're not wall street to play the risk game. Even if they were true believers VCs would force them to sell.
They don't necessarily have to sell to raise capital. As previously stated, all of these major companies have millions from selling mining gears.
They're not wall street to play the risk game. Even if they were true believers VCs would force them to sell.
I'm sorry but this is not true. BitFury, probably the biggest venture backed mining company is not selling ANY of the coins they mine.