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