Im sure you could fold/mine with it (not sure, but seems like it would be possible), but the real question is if it is actually worth it or not. For mining, I highly doubt it as CPU processing isn't really profitable at all AFAIK. Folding. Not sure but not sure its worth it seeing how they are based of atom cores IIRC.
Tesla and the Phi are two different things/implementations. One is GPU based(tesla), the other CPU based(Phi = atom cores? weak). One is a co-processor, the other an accelerator. Now, that is splitting hairs a bit, but each are good at specific things...
If you research the parts, for comparison you can see the Titan comes in at 1.3TF (DP mode) while the model you have up top is barely over 1TF. You can find used Titan's in the same price as the item you mentioned but at least it isn't a one trick pony.