Energy costs are up. Same reason energy stocks are up. Also, calling MSTR a hodler is somewhat right, but doesn't address the inherent leverage. You're basically looking at the difference between companies that keep a little bitcoin after they've spent a good chunk of it on electricity and companies that are borrowing fiat hand over fist to buy and hold bitcoin.

Also, don't forget, earlier this year, the block reward was cut in half for the miners. that's not a tiny hit to their bottom line.