Turned off is more profitable than running at a loss for miners that need to fund their opex by selling what they mine. It looks like it's already happening.

Turned off is more profitable than running at a loss for miners that need to fund their opex by selling what they mine. It looks like it's already happening. After the merge there were a number of coins that saw huge spikes in hash rate which drove them to absolutely unprofitable levels. A lot of that hash rate has since gone elsewhere (most likely offline) and it looks like many coins are settling at a level in the short term that is breakeven at $0.06-0.08 kWh which many (most?) miners can't be profitable at as that is below their electric rate.