>1) miners have a much lower cost of production than the cryptocurrency’s market price. Only true in the short term. In the long term the arbitrage opportunity

>1) miners have a much lower cost of production than the cryptocurrency’s market price. Only true in the short term. In the long term the arbitrage opportunity closes to zero. So while investment and production bottlenects create profitable mining opportunities, this profit leads to more mining. Any arbitrage opportunity eventually closes over time. > Their selling and dilution is not enough to bring down the market price That's not the point? Miner selling is not to bring down price, it's to pay electricity and silicon costs.