The argument on the other side of the coin is that renewable electricity is often produced in excess, and when it cannot be stored, mining bitcoin is an effective way to convert that excess electricity into money. Normally, that energy would just be wasted, reducing the efficiency and economic viability of renewable electricity sources.

This argument is sound, but the problem is that it doesn’t describe reality. The reality is that Bitcoin miners set up shop wherever electricity is the cheapest and consume inordinate amounts of electricity whether that electricity is in excess or not, and whether that electricity was generated renewably or not.