Downtosimple:
Dont understand your logic.
But miners already run at a loss.
The price is currently low because there is more selling than buying.
Sellers sell because they think price will go down in future, thats why they dont want to hold.
Gamblers who buy are thinking the price will go up in the future, as of now more people think price will go down rather than trend up.
How do we know miners are running at a loss while difficulty is up up and up? In my mind, the pure cost is only electricity, the others could be regarded as sunk cost. How much is the electricity, anybody knows here?
Also in my mind, leverage shorting is the main power driving prices down. Others could be negligible. Importantly, where does the shorting cover to close their shorts?
Some mining factories in China claim that their cost of electricity is nearly 0.