With the crypto hype last year, I would believe that many miners enter due to the lurch ofthe easy money. They might have also purchased the equipments at the peak. As demand starts to ease and prices falling, they do not have a choice but to continue and wait it out for the next recovery.
Taking past historical trend as a guide, crypto peaked in 2017 before the more recent 2021 surge. It will take time for the price to stabilise and consolidate before the next bill run.
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