I'm no longer recommending people build dedicated mining rigs. Keep mining with what you have or need to buy for other purposes (remember when we played video games on our PC's?) but think twice before dropping 3K on a rig right now. Probably smarter to buy Ether with Fiat at these prices.
I hope I'm wrong but I'm not convinced mining will stay profitable for much longer - for real this time
My theory is once the core members of the Ethereum Foundation get rid of PoW and or deflate the currency, miners will scramble to the next most profitable coin. They'll make a few bucks, especially those with low hydro rates, but the problem I see is the same as Bitcoin.
Concentration of mining power is rapidly accumulating to areas with hydro subsidies. With Nvidia releasing Geforce mining cards in packs of 25, you know where the bulk of these shipments are going right now.
This shift in power (no pun intended) will allow the giant miners the ability to "out mine" the rest of us, no matter which PoW coin is most profitable at any given moment. Profitability for regular miners will be razor thin just like Bitcoin mining is like now. I also wouldn't be surprised if these giant miners shell out the money to get versions of software with speed advantages, where the rest of us won't have access to.
I suspect one, or perhaps two PoW coins will be "chosen" and "manipulated" to be the new pump and dump favorites of the giant miners. I don't think it'll be ZEC or Monero as zero knowledge proofs is being incorporated into Metropolis.
The good news is video cards will soon be available at MSRP prices probably over the next 3 to 6 months or so. Ethereum will likely roll out PoS where a more even distribution of staking, or wealth will accumulate. I think with virtual mining this may be easier to control but this starts getting into game theory. We shall see.
Fun times!