Proof of Work is the process by which registered value (an electric bill) is converted to fungible value. It is nearly 100% efficient (depending on how you quan

Proof of Work is the process by which registered value (an electric bill) is converted to fungible value. It is nearly 100% efficient (depending on how you quantify waste). That is not true. The proof of work is the mechanism required to prevent users from casting arbitrarily many (fraudulent) votes on blocks because Bitcoin is anonymous. If Bitcoin were not anonymous, you could just give one vote per block to every user and everything would be fine. But Bitcoin is anonymous and the proof of work essentially only replaces knowing all users by making it hard to cast a vote and in consequence even harder to cast many. So the proof of work is logically the component in Bitcoin establishing some kind of identity for users and has nothing to do with the creation of value.