The high bit here is that coin mining is not 1 TW; it's 0.012 TW, so the overall effect is almost insignificant. But it's still interesting to know which direction the incentives run.
The cost of fossil-fuel electricity generation is about half capex and half opex (including fuel), and in much of the world, solar is now cheaper than either fossil-fuel capex or fossil-fuel opex. A large part of capex is machinery, much of which is so costly that shipping costs are insignificant, so the costs are the same anywhere in the world.
Bitcoin isn't mined with GPUs, but your comments about intermittency and capital costs apply a fortiori to ASIC mining.
The cost of fossil-fuel electricity generation is about half capex and half opex (including fuel), and in much of the world, solar is now cheaper than either fossil-fuel capex or fossil-fuel opex. A large part of capex is machinery, much of which is so costly that shipping costs are insignificant, so the costs are the same anywhere in the world.
Bitcoin isn't mined with GPUs, but your comments about intermittency and capital costs apply a fortiori to ASIC mining.