What may be missing from your calculation:
1. Some pay 0.06 EUR/kWh for electricity, some maybe even less (solar power, China farms near the dams, ..). They are not that many examples, but may start to add up.
2. Some don't pay for the electricity. Their parents do (yes, this is one magnific #fail, I know), their company does (until they get kicked out), their landlord does (until he finds out) and so on.
3. Some claim to be hobby miners and don't care if they lose some bucks.
4. A lot of people don't inform themselves. They don't work on a budget. They pay for electricity from one pocket and get the coins into another. They will tell that Ethereum will rise anyway and they don't know/understand/figure out that they could just buy cheaper than they are mining.
5. Some are already on positive balance since they are mining for long and don't care if now, for a while, they mine at a loss. Here it depends how long this while will last.

OK. Now more of the gaps are filled.