What Is the Economic Incentive for a Miner to Continue Operating at a Loss Immediately Following a Halving?

A miner might continue operating at a short-term loss if they anticipate a rapid increase in the Bitcoin price that will quickly restore profitability. They may also operate at a loss to maintain market share, hoping that less capitalized competitors will capitulate first, leading to a difficulty drop that benefits the remaining players.

Finally, the miner may have already paid off their hardware and only needs to cover marginal electricity costs.