This is true but mining gives a continuous bitcoin flow to the miner. People can and have at various times made a bitcoin profit from mining. That is more bitcoins mined than bitcoins spent on hardware. Don't forget that bitcoin is worth more to the miner than the NPV of the investment. This is obvious otherwise no one would ever do it. If you want to truly understand the connection between price and hash rate you have to understand this point. Some people will mine at a loss.