Mining:- Is it worth taking the time to mine for Bitcoin or other currencies? My understanding so far from some sources is that the competition in mining is way too high and the chances of making any money in it is very low. If mining is worth the time...where do I begin?
It depends on the amount you're willing to invest. If it's less than a 100k, go with mining other crypto-currencies instead. In case you choose to go with mining, you should always re-invest half of the profit (at least), if you want to keep up with the competition. Also a lot other factors should come into play, like electricity rate and few other things...
You can start from this website (make sure to check the links in the ending part):
https://en.bitcoin.it/wiki/Mining