> you could just build more renewables
I think your "just" is carrying a lot of weight here. Building more renewables requires buy-in from a LOT more people, like state and local government officials, never mind the actual construction of them, with all its cost overruns and boondoggling. It takes a long time.
Setting up a bitcoin mining facility is comparatively a lot easier, especially when your goal isn't "mine the highest value at the lowest cost" (which would require the latest and greatest hardware, etc.), but rather "burn off this extra energy and make a non-zero amount of money off of it in the process."