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 think both ways are effective and the only determiner for me is the efficiency of the person that will do the job. Our skills and capabilities will indicate which strategy will be more practical for us. These roles we play, bitcoin miner, trader, investor, and other names, don't really matter. Those are just labels but in the end, we will be rewarded by bitcoin because of our hardship and patience.