Or is it not worth it since rice is simply best used as a food source?
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Yes, there are many varieties of rice wine so fermenting rice to make ethanol is widely done. Not for fuel though.
Rice and corn is best used as food sources, actually. The only reason corn based ethanol is a thing (say in the US) is subsidies and regulation – both in the farming as well as in the ethanol production itself. On its own, corn would very likely would never be a financially viable source of ethanol (maybe things have changed today)
Crops like sugar cane are probably more viable for ethanol production as is done in Brazil but it still requires a fairly hefty subsidy from the government.
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