In my opinion- growth of hashrate will flatten over next six months helping miners profitability to come up which will decrease pressure on miners to dump their newly mined coins into the market to cover their thinly stretched backs.
That would help BTC prices to appreciate.
To be honest I am not sure which prices cause them to dump more coins... If prices are high, and they feel they are high, they may want to sell as many as they can. Conversely, if prices are low, and they feel they may be higher in the future, they may hold those coins. Though I can see your point as well.
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That’s what would happen in the ideal world, however, the cold hard truth is that the electricity bill is not going to pay itself.
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True, though being a bitcoin miner likely is not their only source of income. Once you get it setup, it mostly runs itself. Leaving plenty of opportunity for other sources of income.
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But they need to recover the cost of their mining operations as well as capex.
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