That is true, but my little oil-filled radiator has some advantages:
- it's is silent whereas a bunch of GPUs mining would be more like a really bad fan heater.
- I can switch it on and off without having to shut it down
- and adjust it's output at will without having to remote into the box to change the hashrates etc.
Plus 2000W (mostly in bursts, so maybe if running 24/7, 1000W would do) is still around £2000+ in GPUs.