No mining is profitable IMHO be it sha256, scrypt or other algo's.
I've recently sold my sha256 mining gear and gpu's because I was barely breaking even with the cost of electricity and I already owned the gear outright. In fact some days depending on pool luck I was actually mining at a loss.
I'd be very surprised if anyone can invest in equipment either new or used and ROI at current difficulty and btc value. Perhaps with free electricity it might be possible.
I've recently sold my sha256 mining gear and gpu's because I was barely breaking even with the cost of electricity and I already owned the gear outright. In fact some days depending on pool luck I was actually mining at a loss.
I'd be very surprised if anyone can invest in equipment either new or used and ROI at current difficulty and btc value. Perhaps with free electricity it might be possible.
Just for interest what was your cost of electricity?
My electricity costs approx. £0.15 per kw/h ($0.25) + standing charge. This is domestic pricing and very similar price across all suppliers here in UK.
Don't feel badly done by. It appears $0.15 to $0.25 USD per KWh is typical of not just the UK but most of the developed world. At those prices bitcoin mining is no longer economic.
It is only the areas like Iceland, northern Sweden, Washington State in US or parts of China where bitcoin mining is profitable. There is no way the rest of the world can compete with areas where electricity is around $0.05 per KWh. Even $0.10 looks expensive when your competitors are paying half that.
Interestingly the areas with cheap electricity are also some of the coldest inhabited areas on earth - good for cooling those racks of miners, especially if you are near the sea with nice stable temperatures.
