Mining proceeds being converted to fiat

[byronbb]

I had a thought more miners today might be compelled to convert their coins to fiat in order to cover their substantial outlay, than say when mining was a few GPUs in a basement and one could "run the risk" of mining and holding. Since the stakes are now much higher financially, miner's will be less inclined to do this especially if they are on borrowed money, since lenders take fiat and interest waits for no man.

Much of the last wave of ASIC buying was during the euphoric rise from $600 to $1000+ and as margins become more and more thin taking what one can get to avoid the consequences of a further price draw down might be the smartest thing to do. Further price-action south turns many ASICs into Commodore 64s.

Thoughts?