If you visit a foreign country how do you know to trust whether to trust a specific bank? You probably look at cues like whether it occupies an expensive skyscraper in the center of town? Do you see its ads around town? Does it sponsor the local soccer team? All credible signals that are hard to fake for a fly-by-night scammer.

All Bitcoin did was formalize this process. At any given time there are many chains that all purport to be the canonical history. How do you decide which one is authentic? By looking at hard-to-fake signals. In this case the accumulated hashing power behind the chain. Looking for whoever spent the most hash work is fundamentally no different than checking to see which bankers are wearing the most expensive suits.

Any system with trusted intermediaries will waste resources on costly signaling. The only question is whether crypto mining is more of a fundamental waste than traditional signals, like high-paid bankers and prestige real estate.

One can also observe that humans have largest, among the animals of planet Earth, share of body energy consumed by brain and the future humans would probably have even higher share. In technology we observe the same - the pinnacle of technology - CPU - have practically 0 thermodynamic efficiency and the share of energy consumed by computers grows, and i think it will be only growing. Intelligence eats the world.

Likewise, if you think fossil fuels will be scarce in the future, you can be bullish on the price of gas, but not bullish on things based on gas.

the vast majority of bitcoin/crypto mining uses renewable or otherwise wasted energy and this is the only economical way to do it! you have been intentionally misinformed by the amount of energy used and not the source of energy used. It is completely a red herring to just read a headline about how little electricity a tiny country uses and that mining uses the same amount.

what? "wasted energy"? yeah a lot of energy is lost as it cannot be transported to commercial and residential areas economically. so miners set up processing at the source of the energy and use it. in fact, a lot of it actually reduces pollution creating the polar opposite of what you believe, in those circumstances it is a sustainability solution.

now aside from fighting me about your worldview, this is also an area to remain vigilant about! nation states can absolutely mine at a loss when they turn to competing for control of the cryptocurrency networks for geopolitical reasons. right now it is renewable.

but what about the hardware, the single purpose hardware and e-waste? there is a large trade of "obsolete" hardware, as it is economical to use for people with the cheapest power. this is also another specific area to be vigilant about, by making sure the infrastructure is in place to put that hardware and keep it active, instead of landfills.