Of course – but we should clarify what you mean by profitable!
People that bought GPUs 2 or 3 months ago, at MSRP (rather than double MSRP that most of the best mining GPUs seem to be selling for right now), have already mined enough to pay off the money the spent on their GPU mining rigs. These guys are mining pure profit (except for electricity costs), and they aren’t slowing down anytime soon. Yes, their profits have gone down with the market pullback, but think about this. If you already have your GPUs paid off, you can afford to mine and hold the cryptos for the expected increase in prices in the coming months. Sure, profit now is low, but if you’re fairly confident that markets will rise, then holding the coins you mine right now with the best GPUs for mining makes sense.
If you are looking at buying new GPUs at the current price, then it will take much longer to pay off your investment than it would have a few months ago. Right now, a single gtx 1060 mining GPU will mine around $1 per day before electricity costs – not too long ago, that same mining GPU would mine around $3 worth. It can take about a year at current GPU and coin prices to make back your investment. However, if you are confident in prices returning within that year, than mining and holding can increase your time to ROI once the price returns.
For weeks everyone has been saying “Bitcoin bubble has popped” and “time to get out of mining”, but that’s not what I’m seeing. All of the big players, all of the guys with 100s of GPUs are still buying, still setting up rigs, and still going full steam ahead. Where are all the GPUs and mining rigs that were supposedly going to be dumped for cheap on Craigslist and EBay? I can’t find any – and believe me I’ve looked.
If you have some used mining GPUs and you want to get out of the mining business, let me know. I’m always looking for a cheap price mining GPU!