It more profitable to just buy bitcoin whenever the prices go down instead of buying ASICs to mine bitcoin. As you have correctly pointed out, the chance of getting the money back of what you put in to get the farm set up and the breaking even point are going to be far off. Till then you would have to sustain the costs and hope that additional costs don't come up.
No, mining is different from buying BTC and profitability depends on their electricity rate if you don't have a cheap power rate and don't have technical skills then stop planning on mining because it won't be worth mining in the long term.
If you just buy BTC and hold at the current price it doesn't generate a profit what if the price keeps declinin it stays at the current price for almost a year or 2?
But still, holding bitcoin is much more efficient and easier than mining because if you decide to mine bitcoin, you will need to set up and buy equipment for your mining rig, and you will wait for you to become profitable in mining while you are having expenses in electricity and wifi connection, so together, the expenses of mining are quite a lot and not applicable for small investors.
But with bitcoin holding, anyone could buy bitcoin and hold it until it becomes profitable, but again, it is not that simple. In order to earn through holding, an investor should know when to enter the market or buy bitcoin so that it doesn't catch up in the bitcoin price declining, and if done correctly, you will be profitable and successful in holding bitcoin. It's not that I'm against bitcoin mining; it's just that mining is too hassle and cannot be afforded by small investors, while bitcoin holding is more efficient and practical than mining.