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Think it depends on how much the burning of transaction fees will really affect the miners, it's supposed to essentially stabilize them to a gas fee of 2.0, which is relatively where it currently sits now if I'm not mistaken?
I think ERG will absorb a good portion of the hashrate but that's purely my opinion. Most of what we will see sold off will be people who don't really understand what's happening & how to transition, or what to transition to.
I am looking at it from the perspective of not much will change, bits be tripping had a equation for this and the worst would be if price and volume tank so do profits, but that the same for pre-EIP1559. So the scenario I have guesstimated is if EIP1559 causes lower transaction fees we might see more transaction on the network, it might stimulate mining profits.
Yeah its really difficult to say how its going to impact it, however I suspect profitable will drop a bit and will balance out with the other currencies. It looks like this will be the last part to mine Eth till the difficulty bomb (EIP-3554) hits, which is planned for December.