I understand the purpose of mining and how the hash rate adjusts but I'm trying to understand about the profitability. Imagine you are a miner and a halving is

I understand the purpose of mining and how the hash rate adjusts but I'm trying to understand about the profitability. Imagine you are a miner and a halving is next week. One week you earn 1btc. None of those other factors you mentioned have changed. Then the halving happens so the next week you make 0.5btc. However yours and everyone else's held bitcoins are still worth the same as they were before. Hasn't your mining profitability halved?