There are many things to consider when evaluating mining profitability. Take into account your electricity cost and the power consumption of the algorithm you are mining. For example, mining Ethereum uses more power than ZCash. You can go on specialized sites to see the most popular coins and input your hashrates to see the real time profitability. Two popular sites are Coinwarz and Whattomine.
Another thing to consider is mining strategy. You can mine the most profitable coins and sell for bitcoin immediately, or accumulate and wait for a price rise. You can also mine new coins that aren’t on big exchanges yet, accumulate them and wait for a big price rise to sell. This is a very high risk, high reward strategy. You can see new coin announcements here. Be wary of scams. A lot of coins have ICO’s where they pre-sell the coins to the public before going online. Always research the people behind the coins and don’t invest what you can’t afford to lose.
Its all up to you ! If you see a project that is really interesting, it may pay off to accumulate and hold. But sometimes you need steady income to pay the bills. Where there is reward, there is risk.
On another note, some people may be tempted to buy what is called cloud mining contracts. We advise not to do so. First you miss out on all the fun of building your own hardware, and second you may never make a profit…after all why would someone rent you their own hardware for less money than they could make themselves ? We recommend staying far away from cloud mining.