Absolutely! Factoring in cost of electric for GPU or ASIC mining is a MUST! Cloud mining however I think its more so factored into the cost of the contract. Its not for everyone. I do say many times in my videos and show other how to calculate those costs to see if its even worth it for you :)
RE: GPU Mining Part 2 — Buying Parts and Mining Rig Overview
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GPU Mining Part 2 — Buying Parts and Mining Rig Overview