I would definitely call that an inefficiency. Heat is wasted energy that in theory could be turned into useful work. The electricity used that created that heat (that is, not including the electricity that "went to" the computations themselves) ended up serving no useful purpose.
It would be wonderful if we could capture that waste heat and give it a useful purpose, like heating homes, or perhaps even generating new electricity.
(And this is before getting into the fact that I believe mining cryptocurrency is a wasteful use of electricity in the first place.)
> The electricity used that created that heat (that is, not including the electricity that "went to" the computations themselves) ended up serving no useful purpose.
Computational results do not contain stored potential energy. There is no such thing as energy being "used up" doing computation such that it doesn't end as waste heat.
Right, but if it's noticeably hotter than the environment, then that temperature difference could be used to drive a heat engine and get some more useful work. So the knee-jerk response "omg, we see the heat from space? it's gotta be wasteful!" is kind of correct, in theory.
If the heat being generated were economically worthwhile, the miners would be incentivized to use it to offset their costs. Since they aren't, we can somewhat reasonably assume that it would cost more to recapture than it's probably worth.
Some people are saying "waste heat" in the technical sense of "the heat my industrial process created and I need to get rid of" and others are saying "waste heat" as "heat humans are emitting into space without slapping at least one Carnot engine on it yet".
It would be wonderful if we could capture that waste heat and give it a useful purpose, like heating homes, or perhaps even generating new electricity.
(And this is before getting into the fact that I believe mining cryptocurrency is a wasteful use of electricity in the first place.)