> Obivously, the meaning of the original sentence is that miners will turn off the mining equipment when they decide that it's more profitable to leave it off than leave it on.

This doesn't cause a price floor either as fewer miners does not correspond to a drop in supply. The cost for miners has no causal effect on the price of Bitcoin because the new supply of Bitcoin is constant.

Note that this is somewhat counterintuitive compared to "physical" mining (of gold, copper, oil, etc), where fewer miners correspond to less supply (which usually causes an increase in price).

TLDR: there is no price floor for Bitcoin based on the mining price