Icelander here, our main power generation is from hydroelectric not geothermal, it's a common misconception.
Also most of the mining here has moved on to easier places like Sweden and Norway. And for cooling / humidity reasons not solely electrical prices.
It was also just foreign owned companies most Icelandic folk don't like it here (I think it makes good use of our remoteness and shit latency however)
Geothermal always seemed to me, it's a pretty difficult source of energy to extract for factories n stuff. Like, a factory can melt steel, but no one wants the ground he stands on to melt as well.
Hydroelectric is a much easier source to work with. Humans have used rivers as a source of energy for thousands of years.
Hows that help carbon emissions?
Just moving bits around seems like a lot easier, efficient and cheaper than moving physical stuff around.
Edit: bad calculation fix
Sam Altman should go to Saudis and plug GPUs directly as petroleum gets out of the ground, and then transfer the trained bits to any country he likes. Blockchain mining was a favorite for Icelanders who have in excess geothermal energy.
Energy is expensive or not cheap, only on places in the world in which it is not abundant. Factories of robots (see Jeff Bezos), or computers mining numbers, or computers training statistics can be located anywhere we like.
Also BTC is a blockchain, which support less than 1.000.000 tps, so not very useful.
As soon as we want to put identities on a blockchain, thousands of identities per person or even millions, legal agreements hundreds and thousands per person every day, property transactions in the magnitude of a grain of sand, millions of property transactions per person every day, then 2 transactions per second on the whole blockchain does not cut it.