Yes but what is scary is that many new miners don’t know what will happen. They don’t know that the daily supply of a coin is capped. So if more people mine it, it needs to be split eventually according to hashrate.
Right now many coins which are GPU mineable are still profitable however that will quickly change right after the merge. We will see tons of people liquidating GPUs that nobody will want to buy pretty much, unless they are gamers.
Sounds about right, the two sources I use to sell graphic cards are saying they aren't buying again, that's after we've came to an agreement of buying from me this week but I got a message that its not needy anymore and I asked why they said the upcoming merge lol.