[zepto]

What seems dubious to me is that it seems like it’s just repricing energy by moving money.

As far as I can see the oversupplied energy isn’t actually ‘moved’ or put to any productive use.

Mining Bitcoin in this instance seems like a pure loss of energy through conversion to heat, even if it results in the creation of money.

[giantg2]

Yeah, part of the assumption is that the bitcoin creation in the cheap area makes it impractical to do it in the expensive area. Essentially moving the existing bitcoin production to the cheaper area. Whether or not the economy for the two items in question would actually work that way, it's anyone's guess.