Off topic: Heat Pumps vs Gas Boilers
Err, not defending Bitcoin/Shitcoin (and not calling it 'Crypto' either because as an earlier Reg article pointed out, cryptography is losing its name to this crap) but can you please give me an example of a heat pump that can exceed 300% (or even 150%) efficiency in realistic UK winter conditions (never mind Sweden), when the source of heat is below 10 degrees C (i.e. outside air in winter) and the water output is above 60 degrees C (i.e. able to heat radiators to a point where they are effective at heating a house).
Your gas boiler will normally heat the water to about 50 degrees C on minimum and 85 degrees on maximum. Normally you'd have it set to 60 for efficient operation, but you may need to raise it to get good heating performance in the cold weather, especially if you live in an old brick house as so many of us do here in the UK.
I think you'll find that the 300% figure only applies with a ΔT less than 30 degrees (air to water, so if it's freezing outside, then your radiators only reach 30 degrees which is hopeless), and it drops to 200% around ΔT=50 C, i.e. radiators at 50 degrees which is still pretty hopeless. In cold conditions with a hot output comparable to a gas boiler, they are below 150%.
And remember, you have already lost a lot of that energy during electricity generation and transmission so they don't actually start at 100% (and if it's cold, dark and still, it won't have come from renewables). Factoring in the generation and transmission efficiency, they are frequently less than 100% efficient, even if the heat pump is running at 2.0 Coefficient of Performance ("200% efficient").
Whereas condensing gas boilers are genuinely 95% efficient, because they don't involve any Carnot cycle - we are not converting heat into another form of energy, we are using it AS heat, with almost no wastage thanks to the condensing system (whereby they use the exhaust gases to pre-heat the combustion gases).
What's more, they are RESILIENT. They don't put a strain on our rather fragile electricity grid, and if the grid does go down, we can easily run a gas boiler and pump with a small battery inverter.
And the amount of materials (copper, neodymium, refrigerant gases, semiconductors for power electronics, energy) needed to build these bastards is pretty horrendous. And they are all made almost exclusively in China.
They are also noisy and bulky, like an oversized air conditioning unit, which is what they are, really.