- 96d 17h 32m
So I believe that this is a misnomer. Bitcoin mining is often utilizing excess or otherwise unused energy. Hydro power generated in otherwise unusable locations, burn-off from oil or natural gas extraction, etc. There are absolutely cases where the network is pulling excessive power but keep in mind that that energy is being directly converted to digital value. That is in no way a waste.Theres also the carbon emissions thing we haven't talked about here. BTC is intentionally energy inefficient. It burns a shit ton of coal. Eth is better again here.. but it too is not great.
I would suggest thinking of mining (for Bitcoin at least) as a conversion of electricity to digital scarcity and security. This translates a real world resource into the digital world, thus representing real value.
Proof of Stake is partially being designed to alleviate the energy concerns around proof of work. I think that for many blockchains this will overall be a good thing but it is by no means a proven thing. People aren't considering this transfer of electricity to digital value on this topic.