One thing to say mining bitcoin consumes a large amount of electricity and it would take lots of equipment to manned the mining. There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit. However, it matters on trading and exchanges.
There is no such thing as the cost of Bitcoin.
There is a fixed number of coins that can be mined each day (with slight variations), no matter how efficient your mining gets the reward is the same, if mining gets more efficient and you earn more in $ terms per kwh, then more miners will add more equipment and in the end, the power usage will be the same
Mining is limited only by the price of a kWh, in the end,
no matter what equipment will be used, the daily reward can't be smaller than the price of energy consumed in mining those coins.
Real life is more complicated than that.
It is not uncommon in many fields of business to produce at a loss for some time, due to various reasons. The most obvious example is high-cost crude oil producers like UK, Brazil or Venezuela which may be producing oil below production costs for many months or even years because shutting down oil wells and the whole industry at large may cost more while losing market share may be even costlier over the long term. The said is also true with respect to markets as volatile as crypto. So, personally, I wouldn't be surprised to find out that many miners are in fact mining at costs above their break-even point with the hope of future price rise.
You can't compare real-life mining minerals or oil with bitcoin.
For example, you can drill for oil and store it to sell at a higher price, as you can't ramp up production in a matter of days. With bitcoin is simple, why pay 7000$ to mine a 6000$ coin when you can just buy it and wait for the price?
Unlike oil bitcoin mining doesn't need a 24/7 staff, people specialized that you can't simply fire when prices are low and most important, shutting down a mining farm is done with a push of a button at no costs, when we talk about gas wells it's not the same. Also, the ASIC farm can be turned back on with the same push of the button, again not the same for oil and gas wells.
Now, imagine a country stooping its oil production and buying the amount from the markets.
It will lead to less production and more demand, prices going up, oil being again profitable.
Does this happen in crypto? No.
Nope, mining at a loss makes absolutely no sense whatsoever.
