You forgot something.
Blocks reward.
1 year ago, ETH Block rewards is 4 ETH/Block.
But today, is decrease to 2 ETH/Block only.
And, 1 year ago, ETH Price is $1000, but today is only $250
But in spite of all this awful things people still mining ETH. May be they know something? Or may be they just are able to use a calculator? The last 3 years there were only about 5-6 months than all were happy. All another time someone mined and got profit and someone cried.
I don't know why, my opinion they are still mining is only 2 reasons.
1. Mining ETH and holding. They hope eth will rise maybe 2x or 3x in next month and sell it for profits.
2. They are still mining because electricity free
About which country you are talking about because in my country the electricity is not free for me, mining ETH is a very good advantage because in future the price of ETH will surely increase in the market. I think now they are getting lower rewards for ETH mining.