Lets be honest, you do not buy BTC and HODL nor start mining if you don't think that the price of BTC will be worth more in the future than it is today.
Okay, so let's do it BTC way.
$2205 buys you a contract for the S19J or 0.0816858
BTC.
Before electricity costs, the S19J at 120TH/s will earn you 0.00000229 BTC x 120, that's 0.0002748 per day.
Those are 297 days of earnings in BTC without power.
Now let's assume the price will go up in batches of 100 days of x2 to x16, that's $432k....... so common!
Batch one, current prices:
Electricity prices are 0.0002370, you earn 0.0002748, so you make 0.0000378x 100 , 0.00378
Batch two, bitcoin x2 up
Electricity prices are 0.0001180, you earn 0.0002748, so you make 0.00001568x 100 , 0.01568
Batch 3, bitcoin x2 but the halving comes so you earn fewer coins
Electricity prices are 0.0000600, you earn 0.0001374, so you make 0.00000774x 100 , 0.00768
Batch 4 , bitcoin x2
Electricity prices are 0.0000300, you earn 0.0001374, so you make 0.00001074x 100 , 0.01068
Batch 5 , bitcoin x2
Electricity prices are 0.0000150, you earn 0.0001374, so you make 0.00001220x 100 , 0.01268
At the end of 500 days, you have earned 0.0505, if you had bought
BTC you would have had 0.0816!
It will take you an additional 300 days to gain the rest in BTC.
And you know, we assumed the hashrate so your share in BTC stays the same, which at 400k pe coins it's impossible as people will resurrect S5 to mine.
We have a client from Czech Republic who switched to hosting with us because of very high electricity prices and he is very happy now. He is mining with L7s.
I already told you the numbers are not that bad for other sha256 deals, what I was pointing was the money pit of the s19j at 8 cents kwh.