Cheapest of these two methods to heat a room?

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A central heating system, which by definition is designed for heating, is likely to be more effective than computer processing (where heat is a byproduct, not the goal). Of course, this is assuming the heating system can focus on the room concerned.

Heat dissipation in a heating system is also likely to be designed for heating a room, whereas heat dissipation in computer hardware will tend to be about expelling it from the components concerned, so more localised as opposed to strategically positioned large metal radiators.

Of course, that's not to say option B won't be cheaper if it provides you enough heat to keep warm or your central heating system is particularly inefficient (losing a lot of heat outside of your room).
 
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