True to some extent, but nuance will change the picture to some extent: 

- you can't scale the production continuously in industry. You can allow other productive use by building a power plant. Bitcoin is the buyer of first resort in this case, allowing other production that would not otherwise happen.

- combined with energy futures, it's the best regulator, allowing the energy to be cheaper. Overproduce base load that will be consumed by miners, but incentivize them with futures to turn off the machines. It's cheaper than producing expensive peak load. This lowers the prices for productive use. 

Energy is complicated.