It (bitcoin mining) is the same efficiency as a heating coil. 100% of the electricity input is converted to heat.
NG heaters convert 60% to 90% of the potential energy to heat.
Heat pumps move up to 400% of the input energy to useful heat.
As far as bitcoin mining goes (I am only vaguely familiar with how it works) I think that you get "credit" for each number computed whether or not it is the solution so that when the actual solution emerges from the pool, everyone who contributed gets a share of the "coin". So yes, you can make money with a small bitcoin miner but probably not enough to pay for the electricity.