Mining is and always will be a cut throat business. Miners pay all or almost everything out to expenses, it's hard to have any bitcoin left. Expenses are in fiat, so it makes sense to measure in fiat. A 3.125 block reward at current bitcoin prices is equivalent to the 6.25 reward near the peak of last cycle. Hash rate is way higher but that has always been the case, you have to keep up with the latest miners. New miner cost tracks the bitcoin fiat price that hasn't changed either.