Maybe. What are they gonna move to though? If everyone moves to some other coin (not Bitcoin, because that's different hardware), it'll quickly become unprofitable to mine. They'll just sell their hardware, most likely. Hopefully.
Life hates vacuum. Short of outright ban, nothing will change in that space.
That influx won't increase the revenue though... more miners doesn't produce more coins, it's just more secure.
Considering how thin theses margins can be for miners, some will need to stop their production.