I will show you 2 reasons at two pools as to why you can mine at loss for years.
https://pool.laurentiapool.org/#/minersLook at 3rd miner
146...gx3
it mines at a loss because this pool very rarely hits blocks
it may not hit a block for a year.
http://mmpool.org/statisticslook at miner 8 c932f3ed 0.02207597 5,875,431,605 6,299,196
it may not hit a block for a year.
but the upside is they would earn close to a btc if they do hit a block
Think of it this way I give you 1500 to 1 odds on a 3 digit number 000 to 999 you get to play 1 number for a dollar each day.
A) is that gambling?
B) is that playing at a loss
C) or is it a deeper understanding of game theory in that you are doing a lost cost high risk high payout investment?
And the answer is c. If you disagree you simply do not understand the math and are incorrect.
So if you can make your mining at a daily loss into the c case example or the 2 mmpool.org and Laurentiapool.org examples you are not mining at a loss it merely looks that way.
A third example buy this laptop
https://www.bestbuy.com/site/hp-omen-16-1-qhd-gaming-laptop-intel-core-i7-16gb-memory-nvidia-geforce-rtx-3070-1tb-ssd-ceramic-white/6479084.p?skuId=6479084mine it for 45 days and return it.
It will earn about 0.002 btc
It will cost about 110 kwatts of power that is about $15.40 usd
point the 0.002 btc to ck solo pool rent at nice hash.
odds of hitting a block are about 3125 to 1. 3125 x 15.40 = that is about 48125 payout maybe with fees the odds are higher and a fair payout is 55000
but what is the payout if you hit the block 6.15 x 37000 = 227550
so you are risking 15.40 usd to have a 3125-3300 shot at 227,550 when you should be paid 48125-55000
a perfect example of question c.
Now anyone that thinks this is gambling simply does not understand :
C) or is it a deeper understanding of game theory in that you are doing a lost cost high risk high payout investment?