[throwaway37585]

> You're assuming rationality.

Then explain why the people using bitcoin are being irrational. Are the miners processing transactions and receiving fees in return being irrational? Are the people using bitcoin to send and receive funds being irrational? Please enlighten us (and them, apparently).

> You're also assuming they're actually paying for the electricity.

They are.

> And you're forgetting that they're not paying for the negative externalities of their energy waste.

Classic case of moving the goalposts. The same applies to any economic activity requiring the use of electricity.

> Take the smallest number you can think of. Now, take a number smaller than that.

Dodging the question, I see.