Miners mine as long as they are profitable or else stop mining and buying Bitcoin with fiat - if they are rational.
When price drops but they continue mining indicates that they are still profitable but with much lower margins.
If you look at https://www.nicehash.com/profitability-calculator/ - which is a shitty calculator but enough for a rough idea - you can see that even the newest ASICs with world lowest electricity costs should only barely be profitable. Which is interesting.
Miners mine as long as they are profitable or else stop mining and buying Bitcoin with fiat - if they are rational.
When price drops but they continue mining indicates that they are still profitable but with much lower margins.
If you look at https://www.nicehash.com/profitability-calculator/ - which is a shitty calculator but enough for a rough idea - you can see that even the newest ASICs with world lowest electricity costs should only barely be profitable. Which is interesting.