I think the point is…

Hash rate = fn (BTCprice, ElectricCost, MiningRigCost)

I don’t know what that formula is but in general terms examples are…

BTC price goes up - more miners join in

Electric cost goes up - miners shut down or move

Mining rigs are cheaper to buy - new miners join the fray.

There will be a momentum factor in the formula: eg: miners don’t go bust overnight but can run on reserves for a while, it takes a while for new mining rigs to reach market, etc