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Owners of bitcoins pay for all this unproductive work. They pay for it by buying the new bitcoins being issued by the miners every 10 minutes. So long as these idiots continue to buy the coins, miners can continue to waste resources.

The miners are rewarded as bitcoins are useful for scamming, and kept as speculative investments.

Many people don't think either use justifies the environmental cost.

because they don't have to pay carbon taxes on it, because the current market doesn't price in environmental damage for nearly no useful return currently.