I think it is possible. The bigger question is you may end up spending more money in electricity and mining hardware

This is exactly why people are mining alts with lower Network hash. For example, Electroneum.
Yes, mining is always expensive so many people are taking rent for making money. I think nowadays mining is not that much profitable and making 1 or 2 bitcoin is really the very difficult job. So we have to find other possible ways in order to make bitcoin and possible chances are through trading.
Yes you are right mining is the only way to get more earnings in a month so if you want to earn more mining is the right way but it's starting investment is litte high if you do this you will definitely get good monthly earnings.