Miners will only sell at prices that cover their costs. Yes you need demand too, but it's a question of equilibrium. If demand is high, price will go up, attrac

Miners will only sell at prices that cover their costs. Yes you need demand too, but it's a question of equilibrium. If demand is high, price will go up, attracting more miners. But if the cost of energy/gpus goes up, miners won't be willing to sell for the same price as before, which will also increase the price.