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That only makes sense if the idle capital of GPUs is cheaper than the energy powering them.

There are very few applications like this, and even fewer that are easily distributed to that you don't have to use expensive transmission lines to power them.

For example, most new hydrogen electrolysis facilities are planning to build direct-connected solar without even connecting to the grid, and using the energy directly, because letting electrolyzes sit idle for a week is not cost effective. And the grid cost would be expensive too. So building utility-scale solar without a grid connection makes the most financial sense.

That is already happening. One particularly promising scheme is using electricity to make hydrogen and then using that hydrogen in steel production.

But those industries also have other expenses. Even if you assume that energy is free, the investment may not be viable.

I heard the other day that many Saudi's leave their AC running when they leave SA for the summer months. Power is THAT cheap.