Yeah I guess you´re missing the fact that the more the price of this wonder thing tanks the more difficult it becomes to mine it. Price of product and production capacity have an inverse correlation. This sort of production model is very unusual I must say.
Some still have BTC from the good ol' $10-$20 days not so long ago and they are still ahead of the curve. Likewise, if you have the mining infrastructure, there is still a lot of revenue to be made hashing BTC.
In summary, its all relative.
Scott-
I think it´s much more about exponential functions and inverse correlation.