Cryptocurrency mining incentive

Most cryptocurrencies use proof of work to secure their network. For miners to mine, their incentive of (coinbase + transaction fees) * (probability of mining block first) must be greater than their opportunity cost. Furthermore, it’s often argued that miners have vested interests in networks since they have high up front costs of mining equipment + have holdings in the cryptocurrency. However with the AI arms race, using gpus for mining has increasing opportunity cost over time. This in conjunction with developing crypto futures markets, allowing miners to hedge their risk of cryptocurrency collapse, seems to be a recipe for cryptocurrency desertion. What am I missing?