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I will admit that is an interesting argument, but it doesn't hold up when applied in the real world.

First off, heating your house directly with electricity is a bad idea. A heat pump could be as much as 4x as efficient as direct heating. Improving the insulation in your house so you don't need as much heating is even better.

After those problems are solved I started to say "If you want to then do the remaining 1/10-as-much-as-before heating by mining bitcoin, then go ahead", but honestly that's still a bad idea because it supports and grows this insanely wasteful industry and that will incentivize other people to build more of these ridiculously wasteful and destructive mining operations.

The nerd part of me thinks bitcoin is super cool. The responsible adult who cares about people other than myself part of me hates it.