[AlexandrB]

Even so bitcoin takes it to its logical extreme. You put valuable resources in one end and get money out the other side. In between, no useful work is done. It's the essence of capitalism without any of the beneficial side effects we've come to expect.

[robocat]

Gold mining is similar, although obviously not to the same extreme. Only 8% of the output is used industrially. https://www.statista.com/statistics/299609/gold-demand-by-in...

So gold mining is only 90% waste, whereas Bitcoin mining gets close to 100% waste.

Then again, perhaps printed dollars could perhaps also be considered highly wasteful?