Yup, too many coins and too little liquidity in the market. That, and a lot of people are buying mining hardware instead of coins (and dump it as soon as they can). I don't see a reason why profitability would go up ever again actually. Not until the average John Doe gets into crypto's, and that I don't see happen with so many shitcoins out there. Not to mention the broken trust due to Mt Gox failures.