Besides Hash Rate, What Are the Two Other Main Factors Determining Mining Profitability?

The two other main factors are the cryptocurrency's market price and the miner's operating costs, primarily electricity price. Profitability is calculated by taking the expected revenue (hash rate share block reward coin price) and subtracting the total cost (electricity power consumption + hardware depreciation).

A high coin price or low electricity cost can make a less efficient miner profitable, while the opposite can bankrupt even the most powerful ASIC farm.