I don't see why not. One consequence is investment in renewable efficiency, which applies to the energy industry generally outside of crypto mining specifically. Another consequence is needing something to do with excess energy, which leads to more competition amongst sellers in the grid, making energy cheaper. This does marginally reduce dependence on fossil fuel.

If conversion directly into money through bitcoin is so damn liquid that this is what we're doing, what is this 'excess' energy you're talking about?

In this scenario there is NO SUCH THING as 'excess' energy. Or reducing dependence on fossil fuel, so long as that can still be used to produce energy to mine bitcoin with.

You're right about competition and market dynamics, but it is utterly and completely dedicated to converting ALL the energy into money without any left over. To fail to do so is to fail to be competitive. I really do not understand this talk about 'excess' energy.