it's pretty funny how a lot of you all cry even when making 5-8% profit. Let me let you in on a little secret, IT'S STILL PROFIT. Those of you that are not making profit, I get your grief. Anything in the green is STILL PROFIT, be it 5 cents or 100$.
ETH @ 230 hash and 1050 watts (8 x 470 rigs) @
power at 10 cents is 11% profit
power at 9 cents is 23% profit
power at 8 cents is 39% profit
power at 7 cents is 59% profit
And the vast majority of Americans and Europeans are paying US>10c/kWh. Even up here in the Great White North, you'll only find rates substantially below that in Manitoba and Quebec (and maybe still in some parts of Labrador). In the big American cities, electricity is over US 20c/kWh.
And when I checked your numbers, it looks like you're only factoring the electricity costs, and nothing for depreciation.
I suspect you're in somewhere like Washington state, which has some of the lowest electricity costs in North America. So if you're in Grant County, sure mining ETH is clearly profitable, but for the other 99.9% of the population, it ain't so easy to make money mining.
http://www.hydroquebec.com/data/documents-donnees/pdf/comparison-electricity-prices.pdf