[darawk]

> So you're conceding the point that there are important differences between "having cheaper electricity or getting cut a check," then?

No.

> What you suggest is nearly indistinguishable from just having lower-priced electricity. The only difference is some extra paperwork and administration to get the lower price.

Nearly indistinguishable, except along the criteria in question. If you price electricity below market, you get free riders like the Bitcoin miners. They're certainly not the only ones either, just the biggest. If you instead subsidize the thing you actually want then you will get more of that thing, without the free rider problem. If you want to subsidize job creation, then do that, don't just have cheap electricity and then whine when people take you up on it.