So theoretically, being in the midwest with super cheap electricity, I should always be able to make money because my cost of power is about three times cheaper than a place like California?
Depends on whether you are trying to run a mining rig out of your home, or a data center that you have pass-through rates on electricity. Nobody in their right mind runs a set of mining rigs out of California out of their home at scale, particularly out of their home where they are usually on an E-1 Rate schedule at $0.34/kWh pretty quickly. http://www.pge.com/tariffs/tm2/pdf/ELEC_SCHEDS_E-1.pdf
So, running a 42U Rack of mining gear out of your data center would cost you 500 Watts * 42 * 24*30 =15,120 kwH or $1512/electricity month. It would cost you $4500/month to do the same thing out of your home.
