A mining machine is almost as efficient in converting electricity to heat as a space heater since almost of the energy used in semiconductors are converted to heat. It just loses out mostly due to the fans and other mechanical parts. And it would probably work better since the fans in the machine will help spread the heat around the room better.
It doesn't lose out due to anything. Precisely 100% of the energy that the machine uses becomes eat. Even the energy that goes to fans turns into kinetic energy of molecules, which is pretty much the definition of heat. The friction in the bearings, the current through the wires, it's all heat.
True and agreed, I got too focused on the superficial appearance rather than the fundamental nature