Sorry, capex for crypto -- let alone llm (datacenters must be on 100% of the time to pay nvidia) -- is way too high. It must see high utilization for amortization to be favorable.

You only see crypto in areas that have really cheap, 24/7 power. Big crypto mining operations are only built near remote hydroelectric power stations, or worse, natural gas or coal rich areas. Places where fossil fuels are made but that don't have easy/cheap access to refineries, rail lines, or pipelines.

You are probably right about LLM because barely anybody tries to use distributed compute (like folding at home was using).

But crypto is running 24/7 because energy price is still positive so people buy latest, most efficient hardware to be as efficient as possible. But latest hardware is expensive. You can buy prev gen mining hardware for peanuts comparatively. It can make you money if you run it when you have more energy than you can use or sell.