[Guvante]

> Also, energy is a resource like any other and it's generation and price is subject to supply/demand

Actually most municipalities treat electricity like they treat water, more akin to a public utility. The actual cost isn't necessarily related to supply/demand.

Normally this isn't a big deal as historically the electricity use either was minor (homes) or lead to economic growth (businesses) similarly most businesses would make specific deals if they had heavy use.

Now Bitcoin threw a curve ball by allowing electricity -> money in a system not designed to make the cost of electricity support it.

Yes the fundamental idea of Bitcoin is great but the current external cost to support the "investment market" is quite high.

[iainmerrick]

I mostly agree, except that the fundamental idea is bad because it inevitably leads to an arms race between miners. Using more electricity gives you a bigger share of the pie, but doesn’t actually grow the pie. So the electricity is really wasted. And this at a time when our energy demand is contributing to climate change.