Agreed that it's exuberance, there's enough probability that it's irrational to keep me far away.

That said, bitcoin consists of a base cost to 'mine' (using electricity to drive somewhat-specialized computing equipment) plus whatever the market will bear.

It occurs to me that, for those people who are using resistive electrical heat: If you swapped in that somewhat-specialized computing equipment, and if you used the same electrical wattage the same heat would be created (a challenge would be distributing the heat.) There's a calculator here https://www.coinwarz.com/mining/bitcoin/calculator

Just a thought...