Since the exchange rates are low, many of the major players have opted out of mining. This has eased the competition in that sector. Bitcoin mining is still not profitable for small players. But you don't need to worry about that. When the exchange rates move up again, you will earn hefty profits. The only thing to remember is to not sell all of your coins now, at this exchange rate.
Wouldn't it be a better choice to buy Bitcoins directly? Bitcoin difficulty has slowed down quite a bit but it is still quite high for home miners. You are bound to lose some money if you mine instead of buy Bitcoins when the rates go up. Mining companies ship ASICs slowly too.