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My first reaction to this was "most crypto mining is done on hydro power because it's cheaper," but then I remembered that demand for power is currently outpacing the growing supply of renewable energy, so many this theory isn't all that crazy.

In any case, given that I have yet to see a single non-criminal, non-speculation use for crypto at any real scale, I find ideas that would normally sound a lot like conspiracy theories much more plausible.

interesting theory but sounds more like a conspiracy theory.

Yes, a theory. Maybe I'll get an idea about how to find evidence and test it.

You'll need oil companies and OPAC countries to plan such a thing. A single (or few) players don't have the financial means for such a conspiracy.

They might be hyping it up, but I doubt that they are the driving force.