So does the math tells us mining is dead?
No!
It tells you that buying gear now with electricity at 7 cents/kWh is really risky.
People that have access to cheaper gear, that have already ROI, that have cheaper prices per kWh don't have the same problems as a new guy, not forgetting the ones trapped who have already paid in advance a lot of stuff who would just lose more money if they would stop mining.
With a hashrate increase of 10% last period and maybe again going positive for sure mining is not dead, but the profits from it are really anemic soon to be hospitalized
Buying gear in a bear market is what everyone recommends. These S19j Pro's were selling for $13,000 USD at the peak so I am buying them at an 85% discount.
7cents per kw is not far from what the large mining farms are paying.