No, the profit of co-generation from 100W of computation has to be greater than (the productivity loss from the geographic dispersion of the computational resou

No, the profit of co-generation from 100W of computation has to be greater than (the productivity loss from the geographic dispersion of the computational resources minus the cost of actively cooling the computers). The electricity is free because it would already have been spent on computation (plus some more on cooling that computation, which is no longer necessary).