Well, if you are a marginal miner (i.e., you aren't accessing electricity an a relatively ultra low rate), then you either power down and liquidate your hardware, ... or you mine at a loss to "support the network". Some will mine at a loss. Most will not.

This low cost hardware then ends up being bought by those who have cheap electricity, as they can put that hardware back in service, and mine at a profit.

The price could turn on a dime though, so there probably needs to be more time that passes before more miners power down their equipment, nonetheless liquidate the hardware.

But the outlook is grim if the exchange rate remains down in this range while at the same time large commercial bitcoin miners continue expanding their capacity (which brings the difficulty up). With a lot of older equipment (e.g., S9s) likely facing permanent retirement when the next halving occurs, (in under two years now), those in that category not looking to invest in newer equipment might find now to be a good time to get out.