One thing to say mining bitcoin consumes a large amount of electricity and it would take lots of equipment to manned the mining. There should be a development in making the cost of bitcoin lower; given that lower mining cost could yield a higher profit. However, it matters on trading and exchanges.
Indeed, it is costly especially when your country billed higher amount of electric cost (considering other cost factors); most probably it will not be effective mining bitcoin on such scenario. Given that the amount of bitcoin may vary its price from time to time, then the cost would sustain a fixed expenditure; then it would be a great disaster and a poor headed plan - on entering battlefield without guns. Thus, it is necessary to conduct a feasibility study to determine the impact of cost on the total operation before investing for rigs and equipment.