There are several important questions to ask at this point in time, for this question:
1. Are you a chip foundry, or do you have close ties to a chip foundry such that you can get ASICs at ~fabrication cost? And do you have access to smart people who can design a more efficient SHA256 engine? The first is much more important than the second.
2. Do you have access to megawatts of power at industrial pricing? You're a perfect customer for megawatts of power - you have a totally constant demand, and can sign up for all the load shifting/peak shaving programs, as long as they're more profitable than your hardware, because there is literally no harm in reducing power consumption on demand.
3. Do you have access to some way of dumping a few megawatts of heat without paying anything (or pretty close) for cooling? Ambient air exchange in a cold area with cheap power is probably the best option, though the throttling of ASICs in hotter temperatures (100+C ambient) is probably cheaper than paying cooling for that hardware.
If you can safely answer "Yes" to all 3, absolutely. Go at it. But you wouldn't be asking here.
If not? Well, good luck. You probably won't make money, but the tax writeoffs from the losses could be useful.