This makes sense if the buyers totally bought their rigs outright, which isn’t usually the case. They usually buy rigs on credit which assumes a certain amount of profitability to be able to pay it off.

Why? Well, imagine you have the capital to buy 3 rigs outright. You can use this to make a profit of $X / day on your outright owned rigs. Well, maybe it’s smarter to buy 30 rigs on credit, pay interest, make $10X/day in profit (before your loan payment).

At some profit $X you should go the credit route because you’ll earn more, in fact a lot more. However if you buy assuming $X and the profit craters you could be in deep trouble