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Anecdotal but the reason I wanted a smaller phone was to be able to use it comfortable with one hand (I use an OG iPhone SE now), and the screen size of the iPhone 12 mini is on par with the 6/7/8 plus, which are very much not usable with one hand. The fact that my OG SE still runs perfectly fine on the latest iOS doesn't hurt either.

I bought the SE2 last year and would have paid the difference to get a Mini instead if they were available at the same point in time.

EDIT: I had heard the rumors but you can't expect people to delay their phone purchase several months based on a rumor

I hope SE3 will be the 12 mini :)