And there needs to be someone willing to pay for the water more than the electricity used, transport and capital and operational cost. And such price needs to be lower than alternatives. No one is going to build such an infrastructure for charity, or overpay for water "because it helps balance the grid".

The thing with miners is also that they are highly portable. The moment it's banned, heavily taxed or simply better uses for electricity out-competed it, they will pack them on shipping containers and off they go, so capital risk is lower.

The fact that cryptocurrency users are willing to subsidize production and deployment of such a flexible and portable load balancers is an opportunity, irrespective what one thinks of cryptocurrencies, but most minds are too narrow to go over "uses electricity == bad" narrative.