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That could be said in the time of CPU, GPU or FPGA mining, but since these ASICs do nothing but Bitcoin mining, I think computing power is only wasted when they aren't running. In other words, I don't think they qualify as "computing power" for anything but Bitcoin mining.

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But even when they're running all they're doing is pointless "mining bitcoin". And these ASICs are worse because they can't be re-purposed to do anything else.

All that computing could have gone to Folding@home and done some actual science. Instead it's just burning power and creating heat.

...and keeping Bitcoin working, and possibly enriching the ASIC's owners. So it's not just burning power and creating heat.

The same's true of mining equipment used to pull worthless diamonds out of the earth and the pollution it creates. The "problem" is the pointless mining generates valuable stuff in addition to waste heat.

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