yes it always profitable. Gigiwatt failed due to one raising money from eth which fell in value majorly. Two it had to pay for legal due to ICO and being based in US. Third they bought during the high and new devices. Bitmain was known to ripoff people but no one listened. Fourth, they picked the wrong area. In countries such as Canada,Iran,part of Russia, Georgia and Kazakhstan electricity is so cheap it still profitable. New mining as such are getting built while old ones are going. Building mining in a bull run was a mistake alot of people warned about.
Plus mining difficulty ensures mining is near the profit limit. Also you forgot bitcoin miners can merge mine as well so more money.
Mining is always profitable you just have to be smart about it.
Like any profitable industry don't waste money.
Mining contracts are always iffy and not fair to customers. The contract assume bull run and as such during it seem like a good idea. But when less profit time than welp due to fees being set. Genesis already made it money. It paid for it devices and got money for news one thanks to the contract and noobs who bought a bad deal.