Most solo miners no longer seek profitability. They mine it because they love Bitcoin and want to mine it for as long as possible, holding the reward for the future. The mining farms mine Bitcoin professionally. Even if it doesn't look profitable at first glance, it can actually be made profitable. They chose a place where the electricity cost is the lowest on earth. I mean, they look for the cheapest electricity, and then they hold the mining reward as long as the market doesn't hit a new ATH or the company thinks they are not in profit yet. As soon as the company realize that they can sell in profit, they dump their coins on bull market.
Yes individual miners usually do so as they wish to keep network alive and have their coins in long run, despite increasing electricity costs going above current value of Bitcoin. However, professional mining farms are more like large corporations, as they move to locations where electricity is cheapest in world and take advantage of special offers to make their costs as low as possible. These large farms tend to hold on to their Bitcoin until new high and then sell their coins making profit and buying better equipment. Although solo miners contribute to decentralization of Bitcoin, mining farms supply enormous amount of power to make network safe.
The economic realities split the mining world in two, The farms follow the money globally, which secures the chain but centralizes risk, the solo miners, even with a tiny slice, keep the dream of permissionless mining alive the network's health depends on both existing.
