:)
I did look into using the same technique to implement bitcoin mining in glsl. My opinion is that it is possible, but not straight forward and probably not worth it, but still a pretty f'ing cool concept.
Where BitCoin is concerned, the answer is always "yes".
I'm not sure if you could provide comparable amounts of revenue. I guess time-spent-on-site would be the most important factor. At the current cost and difficulty of Bitcoins, you'd need 1,000 concurrent users on average all day all running at 10mhps to just make $92 per day. 10mhps seems like it's asking a lot, it'd probably drain a lot of batteries.
Visitors would watch animations, whilst I "stole" their CPU time.
That must have been 96/97 or so.
I don't think it competes well with advertising.