Interesting observation: For many, their first exposure to crypto mining was Ethereum during the GPU boom of 2017. After China’s 2021 Bitcoin mining ban, some shifted to BTC. Then Ethereum's move to PoS in 2022 led many miners to abandon it entirely.
This shift likely alienated a significant group—estimated at 600k-1M miners during ETH's peak—who once supported the network. It's one factor, IMO, contributing to ETH's underperformance this cycle. You can’t expect miners to pivot to running nodes and maintain the same level of engagement.