Mining for the big boys and for those with friends in the right places will always be profitable. I have a friend with a mining farm in Venezuela where electric is under .01c per Kw/h. Yes under 1/10th of a penny per Kw/h that is not a typo. They can mine for days down there while everyone else struggles.
Until he gets caught correct? I suspect the penalty for mining BTC in Venezuela is a bit steep. Unless he's paying corrupt Govt officials which is also a dangerous game. From what I've read and heard, mining BTC in Venezuela could be hazardous to ones health.