I think about this too and I don't think it should be dismissed as a possibility.

But rather than thinking of it as "mining at a loss" it might be better to go back to first principles and think of it as spending energy to secure the monetary network.

Thinking of it outside the fiat price helps to ground the conversation in terms of what's actually happening rather than trying to speculate on some future price in dollars.

On our path to hyperbitcoinization I expect one of the first things to get repriced in Bitcoin will be energy. Energy companies are the backbone of the economy and there's a direct relationship between energy producers and Bitcoin miners.

When energy producers mine Bitcoin it's not a "cost". It's actually an additional source of revenue and reduces their marginal cost making them more profitable and more competitive. They have a way to monetize excess energy and stabalize the grid.