Wouldn't the larger miners give up first if they are bleeding tons of money to electrical costs and not recouping them due to the low BTC price? I thought something just happened with a chinese farm offering thousands of Antminers for sale.
large miners mindset.
"i have $20million upfront beforehand.... and i want 28,000 coins, ill spend $10mill on rigs and $10mill on electric."
no matter what the price of bitcoin is. the cost of rigs/electric stays the same, the price of bitcoin is irrelevant because they never sell bitcoin
hobby miners
"i have $10k and i want $12k in 3 months"
they spend $10k on rigs. and then have to cash out the bitcoin to pay for electric bills each week/month, meaning they are not 100% hoarders and are going paste their 3 month deadlines due to changes in difficulty. thus they never reach ROI die to selling coins.
the smart miners are those that waste their fiat investments first off in electric and rigs. and then simply keep 100% of the bitcoin mined.
after all if your not keeping the bitcoin your mining.. then why the hell are you mining!..