You're right. If mining is so unprofitable, then I guess miners are all just producing blocks out of charity. I mined for a year and a half on a single miner I bought myself. Somehow I survived the dreaded difficulty adjustment!

You haven't had a chance to look at their claimed losses huh? You might want to do that. You pool mining IS losing money. I don't care what you are pretending. The numbers versus market valuations are below equivalence above 2¢ per KWH. Even AFTER that the machines, compute depreciation, opportunity cost, and space acquisition make it even worse. Even people who mine with stranded [free] electricity have research, transport, operational, and data throughput costs. Mining is so unprofitable a few mining companies started buy Bitcoin because the price appreciation was outpacing the block rewards. So, yeah I geuss these miners are charitable, subsidized, or stupid. Take your pick.