i think Bitcoin is only profitable if done at large scales. you must get expensive mining equipment and of course it consumes a lot of electricity monthly. Also its usually much more cost effective to buy Bitcoins with this money instead of using it to buy mining equipment.
I would agree with you, mining equipments are very expensive. I would say it was worth it at mining when the price was very low. But even that just buying and holding was almost more rewarding in the long run !