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Mining bitcoins has always cost more in electricity than the value of the coins you were mining, but coins mined in the early days paid off when bitcoins went from being worth a few cents to being worth a few hundred dollars. Whether it's worth doing now depends on whether you expect the value of your bitcoins to increase enough to make it pay off.
If the only value in mining is made by bitcoin increasing, then you should never mine, since you could just buy bitcoins today then sell them later. I think most miners just hope one day the price will jump so high it will justify the electric use. Of course, by then, more efficient miners will have been created, so in general it seems like a pretty bad idea.
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