If you have access to huge amount of very cheap electricity and large number of graphic cards if you have then nobody in the world can neglect your point they would definitely say,
Yes! If you live in Russia which seems local government support and has very cheap electricity.
There are many variables and factors which consist the answer if mining is still profitable. The short term of answer of this question I would like to give answer it definitely depends on how much money you are going or willing to invest for Bitcoin mining. On the other side of the question is I can calculate to the mining profitability considering to the different factors such as:
These are Mining terms you should compulsory know,
Hash rate:
Block:
Electricity Rate: