Whenever this kind of thing comes up, I hear bitcoin enthusiasts use strange logic to claim that it's good because most of this power is coming from renewables, or that if it's not then it's incentivizing the switch to renewables by increasing demand, and so on.
Bollocks!
Unlike other technologies that are incentivized to become more efficient over time, because of how competition over mining rewards works, this technology has the characteristic of consuming more and more energy the more it succeeds.
It's designed to waste energy. Even if that was "green" energy, it's still just making heat out of electricity for pretend internet money. Energy that other things could be using.
Bollocks!
Unlike other technologies that are incentivized to become more efficient over time, because of how competition over mining rewards works, this technology has the characteristic of consuming more and more energy the more it succeeds.
It's designed to waste energy. Even if that was "green" energy, it's still just making heat out of electricity for pretend internet money. Energy that other things could be using.