Increasing the block reward would only increase your profits for a few hours, if that. What would happen is other miners currently mining other Cryptonight coins would promptly switch to Loki as it would temporarily be more profitable. Profits would then even out to very close to where they are currently as the new miners flooded the network. You'll notice most Cryptonight coins have very similar profit returns right now. This is because miners have evenly spaced themselves out to an equilibrium. This equilibrium is the average profit that coins on the CN algorithm can maintain with their current market cap.

At this point in time, your best bet is to shut down and either 1) wait it out until prices increase or 2) sell your rigs. It just doesn't make sense to mine at a loss. You're effectively buying crypto with your electricity, but at a higher cost than if you were to outright buy on an exchange for fiat.