BTC price is now below 110k at $108,909 whereas hashrate is very high at 1.122ZH/s.

Does that mean that more people are mining bitcoin despite the price drop?
If network difficulty increases then it gets more difficult to mine a block. Also if price drops, it cuts through your margins right?

I might be wrong but doesn't a high hashrate and low BTC price a recipe for a loss. (unless obviously you get ultra cheap energy)

Considering all this why are people still pouring in compute?

What's the thought process?

While gold is ripping, bitcoin is mostly chopping sideways. Do you think it's because whales and long time HODLers are convinced we're still locked into a 4-year-cycle that has already peaked?