Humans are not rational beings. They do not always purchase things they need. Fentanyl and Heroin are obvious examples.
Obesity is a problem in the united states and represents the over purchasing of food.
- Let's say you go to such place with cheap electricity, start your own business, use that cheap electricity and produce something. If you cannot generate the same profit with your product as the bitcoin miners, then that's a waste. You just wasted electricity on your business that could otherwise be used to mine bitcoins and turn them into more dollars - more value for somebody.
Value cannot be produced out of thin air. Mining a bitcoin without doing "work" is the equivalent of having a printing press and printing money. No work is done.
When you print money it is a form of theft not a form of work. Most countries recognize it and classify it as counterfeit. When you exchange a counterfeit dollar for a real product that required work, you are doing an act of thievery. When you mine a bitcoin then exchange it for real money, it is similar to theft. The only difference is the person you exchange the money with has knowledge about what bitcoin is, and the "work" (nothing) you did to get it. Sort of like how when a drug addict buys some heroin he's either in too deep or for users just starting out, he's ignorant.
A currency that constantly uses up energy is more wasteful than a currency that does not. Simple logic.