for 1 ETH you get = 115 H2O (15% discount right now)
1 ETH costs 262 euro, this means you pay 2,28 euro for one H2O.
For one H2O you can obtain 5 KWh, right ? One KWh cost 30 cent in germany. This means you pay 2,28 euro for 1 KWh 30 cent x 5 = 1,50 euro.
Maybe I missunderstood something, but I don't get the point about this ICO. The market price in germany for 5 KWh is 1,50 euro. So why pay 2,28 for this token ?
Yes, you are missing one important point. Also in order to mine you need mining equipment, you need to pay rent, staff salaries, upgrade equipment, buy new equipment...
There are a lot of expenses except the price of electricity. So, this is cheap pretty cheap price
Hope this will help