It seems very cheap compared to most of Europe though?
China banned Bitcoin mining years ago which caused miners to flee to other parts of the globe. Texas is the current powerhouse.
I believe much of it is stolen. Like sysadmins running it in schools during the night. Or someone tapping a communal powerline etc.
I don't know the specifics, but having spoken with a few of the technicians, it seems our local publicly-owned electric utility has agreements with these facilities for Time-of-Use offsets, which significantly reduces the kWH pricing.
There is a single facility in my city which is allowed to consume about 1% of entire multi-county grid usage, but must agree to seasonal shut-down schedules where local utility can take them offline almost-immediately during emergency demand peaks.
For their predictable baseload usage (21/7) and not-too-damaging shutdownability, the 1% miner gets kWH's at around 2¢+/ea.
----
Majority of our base-load energy is hydro/nuclear -generated, so my only remaining complaint is that these AI/crypto -mining facilities ought to somehow be incorporated into a local centralized heat distribution facility, perhaps to generate steam (or possibly even pre-heat existing generating facility water pre-steam/turbine).
Electricity is too cheap, I suppose.