Yep. But with that the difficulty is going through the roof and earnings are dropping. Ethereum had A LOT of hash power while ETC isn't really used by anyone so where are the earnings supposed to come from. It's not going to be economically viable because the electricity is a fixed cost, even if some individual miners are trying it out.

There is a new PoW fork that was started by miners that want to continue mining. Some of the work could go there assuming it doesn't tank. I personally don't see the utility though, doubt it will be able to attract many users.

Reality will set in eventually. It was just the lazy place to point the cards, the pools will get tired of wasting that money pretty fast.

And the price remained the same, so it is now 6x less profitable to mine than before (it was barely profitable before this)