1. centralization of development, only a few people can publish miner for FPGA. In the face of much lower than expected hashrate and profit, you can only be forced to accept.if the chip is locked to a KEY,it will have no resale value.ref to xilinx https://www.xilinx.com/support/documentation/application_notes/xapp1267-encryp-efuse-program.pdf
2. risk of open source, if open source, is likely to be taken by the third party to make MPW ASIC, which does not require much money , but return is much higher than FPGA.
3. risk of warranty, FPGA is quite different from GPU, it can not real-time monitoring the running state and cannot quickly adjust the frequency, when you notice the running state exceeds the limit, it is late. Maintenance may be a big trouble , the FPGA is very expensive, if the FPGA chip burned, that is equal to the board scrap.
4.algo risk, altcoin developers may change the algorithm, GPU can quickly adapt to the new algorithm, but FPGA developers cannot be so fast ,when he worked hard to develop a new miner,the algorithm may change again.
At present, FPGA miner is unrealistic and some is obviously scam.electricity fee is not the main factor for altcoin mining.
all what you do is mine at the beginning,at low network difficulty,only GPU or CPU farm can taste the first fat meat.
mine for few days and wait the rocket,you will earn more than mining a whole year.
ROI and electricity fee are not important, because GPU and CPU can bring dozens of times more revenue every year.
Keep your eyes open and don't fall into the trap.