It won't be profitable for me to mine at prices below $50,000, and the only expenses for mining are electricity. Mining companies have contracts with energy companies and can't shut down quickly.
But we've already seen history where large miners operated at a loss for extended periods. But then these actions paid off handsomely.
My gear is s21xp
So 3.4x270= 9.28 in earnings
Burns 84 kwatts
My power is under 9 cents
So 7.56 burned
9.28-7.56= 1.72 profit based on only power cost.
A 20 percent price drop would be about 57000 a coin and put me in the red.
9.28 x .8 = 7.42 and I would lose 14 cents a machine