Many public mining companies are grid power buyers with very little control of their power costs. Revenue per hash is declining significantly and many large miners will be in forced liquidation events unless conditions improve.
The CEO of Stronghold Digital recently laid this out on their quarterly call https://static.seekingalpha.com/cdn/s3/transcripts_audio/4512345.mp3. It gives insight into how mining will ultimately only exist on a large mega scale when integrated into another business. Small miners will be fine if they have additional cash flow.
Mining "only" as a business is a temporary blip due to public market restriction to bitcoin backed products.