Nah! There are a ton of teenagers living at home with their mom and dad, mining away, their parents paying for that mining electricity. Those parents would be better off just giving their children some (more) money and NOT mine ETH at a loss.
You also forget about those who use electricity almost for free or for free at all.
I dont know how things are with this in other countries, but in Russia electricity is being stolen.
In the free market there are electricity meters that are turned off / on with a remote control, various kinds of magnets, and so on.
I have few acquaintances involved in mining, but none of them pay for electricity... They will mine until it's possible to mine