What part of "after all the operating expenses are applied" makes it "counting the coin's value twice"? I reiterate: if I ended up with a -$100 (loss) after all the expenses are subtracted, it stands that I have one BTC that cost me $100 (debit) which is actually worth $138 or so in the market.
Expenses are subtracted from what amount?
If you subtracted from the coins value, like:
1 BTC: 138$
minus energy 200$
minus value decrease of hardware 38$
= -100$
than its not a coin which cost 100$ and is a good buy, its a coin which cost 238$ and is worth 138$, thus a bad buy which made you loose 100$.
If you just list all expenses and get 100$, thats not a 100$ loss, its 100$ costs, and if compared to the BTC price, you end up with a 38$ win.
If you did it that way, you calculated right, and i was just confused by the terms u used.
But the point of my initial post was to say that there is really no way for energy costs alone to not exceed the value of the mined coins by far.
So what i want to say: If you mine BTC with GPUs, even when not considering hardware costs, you will always end up "buying" BTC at a very very very expensive rate.