It's the same situation as gold and gold mining. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange.
I think the case will be the same for Bitcoin. The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste.
Quotable Satoshi
npub1sa…7sfhu
2024-05-17 12:21:02
Author Public Key
npub1satsv3728d65nenvkmzthrge0aduj8088dvwkxk70rydm407cl4s87sfhuPublished at
2024-05-17 12:21:02Event JSON
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"pubkey": "87570647ca3b7549e66cb6c4bb8d197f5bc91de73b58eb1ade78c8ddd5fec7eb",
"created_at": 1715948462,
"kind": 1,
"tags": [],
"content": "It's the same situation as gold and gold mining. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange. \nI think the case will be the same for Bitcoin. The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste.",
"sig": "b1d193a4723eb76e57957982e73826085af3854b517b35327860b982be1617e7f67217a5b47729f2e9594b943780db6c8d477184f27ae44196a0a06224b563f0"
}