Bottom line is money has to come from somewhere to cover costs and generate fiat profit. And your argument that they'd rather indefinitely raise capital from VCs to cover their costs rather than sell their own inventory is conceptually flawed. Simple as that.
You are one stubborn fellow
I know people on this forum tend to be very selective in their reading but did you not read the part where they have made/are making millions selling mining gear or did you conveniently ignore it?
On GAWMiners :
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The company was an overnight success and achieved over $10M in sales during its first month and is on schedule to do $100M in this first year.
KNC :
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Since KnC started in June last year, it has sold bitcoin mining computers worth $75 million.
I can't pull up any numbers for BitFury but my guess is it is more than both these two.
Sales != profit.
And again you're whole argument seems to be that they're so profitable they can do whatever they want. Even if that the case in one instance, clearly that's not sustainable on a long term scale