Perhaps it would be better for it to be efficient because it uses less energy and in general is a good thing to do for the world. I understand there aren't financial incentives around that so it's probably difficult for you to agree with.
Edit: It seems simply suggesting we do better is enough for people to lose their minds.
Governments of any shape are unable to accurately pick which industry to allow or prevent. Even harder would be creating legislation that carves out specific industry.
You can tax the externalities of the use of electricity. Please don’t create pandering comments with zero substance.
I don’t like bitcoin but who am I to tell people what to spend money on.
i would say that some gov'ts in the world does do this - famously the chinese CCP.
They dictate by providing state funding for industries they deem important (for whatever reason - geopolitically strategic, military, or welfare, etc). Whether it's the most "efficient" form of capital allocation is irrelevant (for them).
The people do not have a say, and in fact, cannot be doing any form of criticism - they may have feedback, but only in so far as the party allows said feedback. It's implicit that the CCP is picking for the "greater good" - but who is the judge of that? CCP itself is!
So by an act of tautology, they are doing it most efficiently!
With the greatest housing bubble has ever seen, and a deflationary spiral around the corner.
Now that's a laudable mindset.
Human idiocy driven extinction
When it comes to energy use, I don't believe anyone should have the power to say what should be allowed or not. That will stifle innovation. For every innovation there must have been thousands if not more failures.