I've never mined before but i am looking into it. Is it possible to make a profit mining cryptocurrencies with an average computer? I have read a decent amount about mining, and I know its not a get rich quick scheme, but are there any currencies where mining is actually profitable without ASIC or a powerful computer. If so, what currencies would you recommend to start mining?
It depends on what is required for you to get started, and what you mean by "profitable". If you already have a computer that is running 24/7, and a reasonably powerful gpu, then absolutely it is profitable. you won't get rich doing it, but you will make money. The trick is to find the sweet spot of efficiency. In other words, running your gpu at maximum possible hash may not be the most profitable. Figure out your power usage vs the amount of money you make, per day. Look for the sweet spot between minimum power usage and maximum hash rate.
If you are considering setting up a gpu farm....then you have to factor in how long it will take to recover the equipment cost. if you are rich, then you can just eat the equipment cost and set it up as an extra income source. If you are not, and need to recover those costs.....then you need to seriously do some major planning. Everyone wants to get in on coin mining. Which means, if you don't go huge right off the bat, you can't ever recover your equipment costs. Why? Because as time passes, mining always becomes less and less profitable. I have already seen a few people with gpu farms talk about shutting down until it becomes profitable again...if ever.