Isn't there an argument that a lot of the mining is done in places where energy is cheap because it is in abundance and would be unused otherwise? Near hydroelectric sources?
When crypto currency miners poured into the city, the power grid got overloaded and the local authorities had to raise prices drastically. The city finally decided to ban all mining but there are still many rogue miners left, operating from basements around the city. They let the local population foot their costs by mining for cheap and leave when prices need to rise to support the grid.
Mining crypto currencies is morally corrupt and hurts our environment more than anything ever before without generating any value.
https://www.politico.com/magazine/story/2018/03/09/bitcoin-m...
https://www.wenatcheeworld.com/news/2018/feb/23/wenatchee-ba...
https://www.cnbc.com/2018/01/11/wenatchee-washington-and-the...
Seems like a bold claim. Is running an electric space heater morally corrupt? Is mining while using the heat morally corrupt?
Do you think crypto currency mining is worse than meat farming, actual raw material mining and all uses of the combustion engine?
As for value, right or wrong, the markets disagree.
Your comment is like saying you're baffled that shooting someone is immoral because it's just "moving metal around".
I agree with your point about the local issues caused by this. It doesn't refute the idea that miners are using energy that would otherwise be unused.
Slightly related to my question: https://electronics.stackexchange.com/questions/117437/what-...