Those are images of the hashrates since bitcoin was recognized and since last 3 years. You can see that hashrates has always been increasing, except in few times of decrease which will be followed by increase. After bitcoin reach all-time-high, bitcoin hashrates continue to increase, but bitcoin price decreased and got below $20000. As bitcoin price was decreasing after 2021 all-time-high of $69000, hashrates continue to increase.
Although, I can understand you, that if bitcoin price decreases, miners will not make money as it was before when the price increased, but there are other factors that should be considered.
However, my previous assertion was slightly wrong because the price of Bitcoin affects the hashrate rather than the other way around.
The number of miners causes the increase and decrease in hashrate; when there are less miners, the calculation (hashrate) to mine a coin becomes easy (low), and when there are more miners, the calculation (hashrate) to mine a coin gets difficult (high). Hashrate decreases reflect a decrease in the number of miners, while hashrate increases reflect an increase in the number of miners.
The only thing that keep miners in business when the hashrate is high and ther price of Bitcoin is low and there's isn't good profit is their previous HODLing.
![](https://ip.bitcointalk.org/?u=https%3A%2F%2Ftalkimg.com%2Fimages%2F2023%2F09%2F25%2FPHCK1.jpeg&t=665&c=fPl1KkKQMxnrfw)
Price (BTC) against Hashrate in the last 3 months.