It does, because it competes with decarbonizations of things our civilization actually needs. Once that's done, it'll still be ridiculous to try and base the economy on bitcoins, because proof of work scales so badly it'll happily eat any and all energy that's made available.

Thousands of years from now, when humanity builds its first Dyson sphere, I would like to believe the collected energy will be used for purposes like making everyone's life long and prosperous, or propelling great starships across the void - and not just to secure the Bitcoin network.