What happens when the price of Bitcoin falls below the cost of mining?

https://bitinfocharts.com/comparison/bitcoin-mining_profitability.html
For the most part, Bitcoin’s network has experienced positive growth in the network hash rate except for a brief period in 2011 when BTC prices fell below the cost of mining and another brief period in late 2017 when a large numbers of miners left to mine BCH.
First difficulty drop in 2018 (red line)

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