Actually yeah it is. Watch that video of advanced mining in this thread. The guys good at scooping and knows where to go to get the best chunks. He makes approx 170 k after mining 45 mins factor in travel time ... time you have to run/fight the pirates that show up.
Now in my type 6 I can make about 800k an hour trading on easy runs that aren't even the best. Now the real kicker is that as I progress and get bigger ships I now make 4 millions credits an hour doing the same runs. While the miner is stuck with no way to really progress. You get a bigger ship for mining your still stuck at the scoop/bin mini game.
It equate it adding a forklift mini game for traders. Lets say when you ordered your cargo you have to drive a little forklift on the station and manually load each ton.
I like the idea of drones and scanners for the bigger ships. That would go a long way to making it look like your progressing.
Auger
I'm the one that posted the video. Derp.
Mining has its place. There needs to be more things to do with the products of mining, though, like more missions that allow players to mine materials and turn them in. I'm sure that, when players can eventually own stations, mining raw materials to build said station will be very important. Mining isn't intended to be a money maker. I'd bet money that mining is what will be necessary for space station builds and expansion, thus making mining a tool of power and not directly of wealth.
If your goal is to make money quickly and you've chosen mining as the means to that end, then you've chosen ... poorly (and that doesn't mean that there's something wrong with mining, that means there's something wrong with your decision making skills).

You also have to consider risk vs reward. Right now, if you fly out to a ringed planet and fly to any location in those rings OTHER than a resource extraction site, you won't be bothered by pirates or players. That's zero risk, not counting poor flying skills that result in you smashing into roids.
Zero risk for hundreds of thousands of credits per hour sounds over powered, to me.
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